Should you take max odds in craps?
Yes, if your bankroll can handle the swings. The odds bet has no house edge, so it lowers the edge on the money you bet without raising what you lose on average per pass line bet.
The pass line alone has a 1.41% house edge. With 3-4-5x odds the edge on everything you bet falls to 0.37%, and with 10x odds to 0.18%. Either way you lose 0.14 chips on average per 10-chip pass line bet.
Pass line with odds, at every odds limit
| Odds allowed | Edge on all money bet | Average chips bet | Average chips lost | Don’t pass, laying odds |
|---|---|---|---|---|
| No odds | 1.41% | 10.00 | 0.14 | 1.36% |
| 1x odds | 0.85% | 16.67 | 0.14 | 0.68% |
| 2x odds | 0.61% | 23.33 | 0.14 | 0.45% |
| 3x odds | 0.47% | 30.00 | 0.14 | 0.34% |
| 3-4-5x odds | 0.37% | 37.78 | 0.14 | 0.27% |
| 5x odds | 0.33% | 43.33 | 0.14 | 0.23% |
| 10x odds | 0.18% | 76.67 | 0.14 | 0.12% |
| 20x odds | 0.10% | 143.33 | 0.14 | 0.06% |
| 100x odds | 0.02% | 676.67 | 0.14 | 0.01% |
Per 10-chip pass line bet, taking the full odds when a point is set. Chips bet counts the odds added at the point; the average loss doesn’t change with the odds.
Why
Once a point is set you can back your pass or come bet with odds, which pay exactly what the point is worth: 2 to 1 on the 4 and 10, 3 to 2 on the 5 and 9, 6 to 5 on the 6 and 8. On average that money breaks even. Your expected loss stays where the flat bet put it, while more of your action goes into a fair bet. The catch is variance: with full odds a lost point costs several times your flat bet.