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If you've done any research or read craps advice by professional players at all, you'll probably be under the impression that you should avoid proposition bets (prop bets) at all costs. There is some sound thinking behind this advice because some prop bets feature ridiculously high house edges. A good example of one of these would be the "Any 7" bet with a massive 16.67% house edge amongst others which carry anything between 9.09% and 13.89%.
Due to the fact that some prop bets carry such high house edges, many craps experts advise that players stick to the more lucrative Pass and Don't Pass, Come and Don't Come bets, which most do. This, however, doesn't mean that you can't play any other bets without facing an overwhelming house advantage. There are some prop bets that are a good option if you're looking to add variety to your next craps game. Let's take a look at these:
The Place 6 and Place 8 proposition bets have the best odds of all prop bets with a mere 1.52% house advantage. The object of these bets is to have the number that you've bet on be rolled before the shooter is able to roll a seven in the game. This means that if you make a Place 6 wager and a 6 is rolled you'll win unless the shooter first rolls a seven. The odds are 6 to 5 with the payout rate at 7:6.
Buy bets are quite similar to Place bets, only winning wagers are paid off at true odds which means that these types of bets have no house edge. Rather the casino will claim a 5% vig on winning bets to cover their costs and maintain long-term profitability.
When it comes to Buy 4 and Buy 10 bets, the true odds are 2 to 1 less the standard 5% commission rate on winning bets. With these bets, the objective is to have the number that you buy be rolled before a 7 is. The house edge on these bets is also quite low at just 1.67%.
Lay bets work in the opposite way to the aforementioned Place and Buy wagers as you are betting that the shooter will roll a 7 before the number you have selected. So if you bet on a Lay 4, you will be hoping that a 7 will be rolled before a 4. Like Buy bets, these wagers are paid at true odds which on Lay 4 and 10 is 1:2. The casino will also take a 5% commission on all winning bets, yet the house edge remains relatively low at 2.44%.
When making a Lay 5 or Lay 9 bet you are betting that a 7 will be rolled before a five or nine (depending on which one you selected). The chances of a 7 being rolled before these is 2:3 and again the casino will take a 5% commission from all winning bets. Overall the casino's advantage on these wagers is 3.23%.
Field bets are always fun ones to make in craps as you are wagering that 2, 3, 4, 9, 10, 11 or 12 will come up before any other possible number. This means that if 5, 6, 7 or 8 are rolled you'll lose, but you'll win on all other numbers. Payouts are determined by which number is rolled and generally you'll earn a 1:1 payout if 3,4, 9, 10 or 11 are rolled, a 2 to 1 payout if a 2 comes up and a 3 to 1 payout if 12 appears. The true odds of any Field bet numbers appearing is 5 to 4 and the overall house advantage on these bets is 2.78%.
As you can see from the above discussion, if you are well informed there are a number of bets you can make and still have pretty decent odds of walking away with some solid wins over the long term.