Online Craps Tournaments are becoming increasingly popular thanks to the fact that they offer skilled craps players the opportunity to make some decent money. Online casinos offer craps tournaments as part of their promotional line-ups and these have either a Freeroll or buy-in format with prices ranging from a few dollars into the hundreds of dollar ranges, depending on the casino and prize money up for grabs.
Promotional free-roll craps tournaments are great events for both skilled and novice players alike as they allow experienced players to win money while putting their superior skills to the test while beginners can practice their own skills and get a feel for the tournament setting without it costing a cent.
In buy-in craps tournaments all players are required to "buy-in" to play by paying a predetermined fee (generally this ranges from $1 up to $200). At the beginning of the tournament each player receives the same number of chips to start with and at the end of the tournament period, each players chips are counted and the one with the highest value of chips wins. Prizes are awarded according to the tournament's payout structure, usually with the top 3 players walking away with their share of 50% of the prize pool.
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The objective in Craps Tournaments is to finish with the most chips within the restricted time or number of bets. This means that you will need to know the rules of the game completely and be aware of the house edge that each craps bet carries so that you can make optimal bets at all times to ensure the best possible returns.
In Craps tournaments you need to continually be aware of what other players are doing and how they are betting so that you can tailor your gameplay around their chip stacks. For example, if you're playing against someone with 50,000 in chips and you only have 10,000 remaining, then you will need to try to increase your chip stack as rapidly as possible. In this scenario, you will have to adopt an aggressive strategy and double your bets or take risks by placing riskier bets with large payout potential.
You will be able to identify whether you are playing against aggressive or conservative players by the way they bet. Generally, you'll find that aggressive players tend to place high odds wagers like High, Field and Prop bets, risking large amounts of chips on fewer bets. The thing to keep in mind though is that even though these players can increase their chip stacks quick dramatically with a little luck, they can't always maintain this kind of gameplay over the long term but may just have variance on their side for the short term that the tournament runs for.
Conservative players, on the other hand, will generally stick to safe bets in order to conserve their bankrolls. They will play optimal bets with the lowest house edge possible like Pass Line/Don't Pass, Free Odd/Lay bets etc. in an attempt to lower the house edge as far as possible. This will mean they lose less and can win smaller amounts more often.
In order to maximise your own winning potential, it is advisable to mix both conservative and aggressive craps betting strategies and adjust these to your opponents games in order to find the optimal balance that will put you ahead of the pack and keep you there until the tournament ends.