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As I explained in my last chapter, the odds associated with the game of craps and what actually happens over a couple hours of playing are completely different. Sure, the odds of rolling the bad number are one in six, but I have been at tables and have rolled over 60 times without that number […]
Craps has declined remarkably as a money-maker for casinos. In 1985, it generated nearly 27 percent of all table win. In 2015, it contributed less than 9 percent to total table win. Roulette has increased both its revenue share and unit share by about 50 percent since then. (UNLV gaming research -2015) Through research and […]
Conventional casino canon claims the best bets maximize expected win. Similarly in business, the best options ostensibly maximize expected profits, stock prices, executive pay, or other monetary value. Maximum expectation is an objective criterion, which can be readily analyzed using run-of-the-mill college math. Here’s how it works in gambling. Which is better — $10 to […]
Progressive slot machine jackpots start at respectable levels and rise from there, in proportion to the money played before some solid citizen hits a grand slam. After such a win, values are reset to the base figures and the procedure is repeated. Some progressive jackpots are gigantic. Others merely magnificent. Either way, they’re easy to […]
Most craps players wisely “buy” rather than “place” fours and 10s when they’re betting big bucks on the numbers. If not, dealers usually – and rightly – suggest it. Few solid citizens use this option on the five or nine. Fewer dealers recommend it. But it’s legal. Sometimes it’s even smart. I’ll review place and […]
Longshots are bets with high payoffs – counterbalanced by correspondingly low probabilities of being won. Seasoned gamblers often smirk at them as “sucker bets.” For two reasons. First, solid citizens can be seduced by the thought they’re only one wager away from big bucks; they don’t realize that’s like saying Earth is only one rocket […]
I have always been a skeptic about what is known in casino circles as “dice control.” This expression refers to the theory that it is possible for craps players to alter the random probability of the numerical combination of rolls of the dice. How is it possible, you ask, to make a science out of a […]
Gamblers believe in streaks. A machine or table or dealer is hot or cold. Not “has been” hot or cold, “is” hot or cold. Meaning the past should continue into the future. Implying a cause — an inexplicable force, a mystical power, someone in the back room pushing the right buttons, that kind of thing.
Everyone who knows the way to a casino wants badly to believe in the magic of money management. Why the elevation to an element of faith? It’s common knowledge that the house has an edge at every machine or table. Folks who willfully wager with negative expectation need an escape hatch. To balance the scales. Just as in Judeo-Christian tradition, sin is unavoidable so Catholics have confession, Jews Yom Kippur, and Protestants grace.
Craps players with money on pass, come, don’t pass, or don’t come can augment their wagers after the shooter has established a point for the primary bet. The auxiliary bet is known as “free odds” or, more simply, “odds.” Most dice devotees bet the odds because they’ve been told it’s the correct thing to do… […]