- One of the bets that exists in craps, but is not very commonly or frequently used, is the Place to Lose bet. The Place to Lose bet in craps is the exact opposite of the Place bet in craps, also called the craps Place to Win bet. This bet enables you to win if the shooter rolls the number 7 ahead of the number you bet on.
- WoO Craps page has the following: 6 and 8: Place bet always better. 5 and 9: Place bet always better, unless commission on Buy is on win only. 4 and 10: Buy bet always better.
A lay bet is the opposite of a buy bet, and also comes with a 5% commission. With this wager, you are betting on a 7 being rolled before a specific number, in the same way as a place lose. It offers higher payouts than a place lose, which vary depending on the number chosen. The term ‘Buy bets’ refers to a number of betting options on the craps table which bear a slight resemblance to the place bets, which we cover in a different article. However, where the two bet types differ makes all the difference.
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From Chapter 2
Craps Buy Bet
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In This Chapter
- Craps Personnel
- Flow of the Craps game
- Dice totals and their frequencies, probabilities and odds
- Craps Bets
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Buy Bets
The Buy bets are another way for a right bettor to cover the point numbers. These Craps bets can be made at any time. Buy bets can be pressed (increased), reduced or taken down (removed) at any moment prior to a roll. They work the same way the Place bets do, but the payoffs for the Buy bets are made at the correct odds. For that increase in the payoff ratio a player has to pay the house a 5% commission on the amount of his bet.
Suppose a player wants to make a $20 Buy bet on the number 6. A 5% commission, which is also called the “vig”, the “vigorish” or the “juice”, will be $20 x 5% = $1. A player places $21 on the layout and tells the dealer that he wants to buy a 6. A dealer collects $1 vig and puts $20 in an appropriately numbered box on the layout. He also puts a small “Buy” button atop the chips to distinguish them from the Come bets. If the 6 repeats before a 7 is thrown, a player is paid at correct odds of 6 to 5 – $24.
How big is the house advantage when a player makes the Buy bets? If the house did not charge a 5% commission, the Buy bets would be the even proposition bets without any advantage for the house or the player. Thus, if we’ll use our example above, all we’ll have to do to calculate the house advantage is to divide that $1 commission charge by the amount wagered, which is $21. The result is 4.76%. We can see now, that it is cheaper to buy a 4 or 10 than to place them, because the Place bets on a 4 or 10 carry a 6.67% advantage for the house. On the other hand, it is better to place a 5,6,8 or 9 than to buy them due to a smaller house edge on the Place bets for these numbers.
If you want to buy bets you have to make at least $20 bets. If your bet is only $10, than the 5% commission on that bet is equal 50 cents, but the house will charge you $1 anyway, because $1 chips are the smallest chips on the craps table. In this case, the house advantage against you will sharply increase to 9.09%.
The Buy bets are off on a come out roll, unless you instruct the dealer to make them work.
Copyright Progress Publishing 1998
Buy Bets allow a gambler to be paid true odds. To receive those odds, the gambler pays a 5% commission on winning bets. Buy Bets are made on one of the “point” numbers: 4,5,6,8,9, and 10.
That means there are six different buy bets: The Buy 4, Buy 5, Buy 6, Buy 8, Buy 9, and Buy 10 wagers. As an example, to win a Buy 8 bet, the shooter needs to roll an 8 before they roll a 7.
Inside Place Bet In Craps
Different buy bets have disparate payoffs. The Buy 6 and Buy 8 bets pay out 23 to 21, while they have a house edge of 4.76%. The Buy 5 and Buy 8 bets pay out 29 to 21, while they have a house edge of 4.76%. The Buy 4 and Buy 10 bets pay 39 to 21 and have a house edge of 4.76%.
Craps Buy Bets Vs Place Bets
Craps Place Bet Strategy
Players might wonder why the house edge on these wagers is 4.76%, if we said earlier that these wagers pay true odds. That has to do with the 5% commission paid on these bets, which produces a house edge for the casino.