Craps is one of the most exciting casino games and there are a lot of different bets on offer, all of which are not created equal, so it is essential to know what the house edge is on each bet so that you can make the most rational wagers possible and give yourself the best possible winning chances.
The house edge or advantage refers to the amount that the casino will earn with every wager you make. To calculate the house edge for craps you will need to determine what the odds of winning on a particular bet are and compare these to the actual payout rates.
So if you are placing a bet that carries a house advantage of 1% then for every $100 you bet you will lose an average over $1 over the long term. Here we'll look at the house edge on each craps betting option so that you can determine which wagers will give you a decent chance of winning and which are sucker bets and should be avoided.
The most common wagers (probably because they are the most simple to understand) in Craps are the Pass Line and Don't Pass Line as well as the Come and Don't Come bets. For Pass line and Come Bets the house edge is 1.41% and the Don't Pass and Don't Come wagers carry a 1.40% advantage. In order to decrease this advantage, you can opt for the free odds bet which does not carry an edge and if you do so (assuming the game offers 2x odds) you can reduce your Pass and Come wagers to 0.85% and your Don't Pass and Don't Come to 0.83%. Restricting your gameplay to these types of bets gives you the best possible chance of winning.
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If you want to preserve and extend your casino bankroll it is best to avoid these bets as they have lower odds of winning even though they have higher payouts. You may think that it is worth the risk given the chance to win bigger amounts but over the long run, you'll find that you lose way more than you win and get to play for a much shorter time as you plough through your bankroll.