CasinoCityTimes.com

Gurus
News
Newsletter
Author Home Author Archives Author Books Send to a Friend Search Articles Subscribe
Stay informed with the
NEW Casino City Times newsletter!
Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter!
Recent Articles
Best of Larry Edell

Gaming Guru

author's picture
 

Craps Edge Calculations

8 April 2001

The Crapshooter © 2001 by Larry Edell

My wife Andrea and I were supposed to meet some friends of ours, Dave and Dena, in Las Vegas for a marketing conference, but they arrived a day late. They were bringing their fifth wheel but their trailer hitch broke in Baker and was still there, waiting for repairs. We found a hotel for them, finished the conference, and then took the next three days off for a mini-vacation and to play craps. We had a lot of fun playing and made a little money as well.

At dinner on our last day in Las Vegas, Dave regaled us with some very interesting trailer hitch stories, again, when suddenly Dena asked, "How do you really know the casino edge is say, 1.5% for the 6 and 8 bet?"

"Huh?" I asked. "How did we get to place bets from trailer hitches?"

Well, she told me. Something reminded her of something else, and so on. It was very complicated, something only a woman could reproduce accurately on these pages.

"I'm not exactly sure about the calculations," I replied. "But I'm sure we can figure it out."

Trailer hitch now forgotten, Dena got out her ever-present mini-calculator and a pen and paper.

"Now I'm ready," she said. "Let's figure out the edge."

I took the pen and paper. "OK. Let's just take one number, the six. In 36 rolls, how many times does it win?"

She knew this. "Five."

"And how many times does it lose?"

"If you mean how many sevens in 36 rolls, there are six."

"OK, so we have five wins and six losses, right?"

"Yes. A total of eleven wins or losses."

"Now we're getting somewhere. Let's say we bet $6 on all eleven events, so we have a total investment of $66 (11 x $6). Of that, we will win $35 ($7 x 5) plus get our $6 back each time ($6 x 5 = $30) for a total of $65. So we invested $66, and after 36 rolls are left with $65, so we're down only $1."

Dena smiled. "Hey, not a bad deal, after all that playing and the casino only gets a dollar."

"Yes, but that's how they make all their money, just a little bit from every winner and every loser. That one dollar is very important. It's how they build their waterfalls, volcanoes, theme parks, and other things that are vitally important to us gamblers."

She frowned. "Ha. But how does that sacred dollar relate to the casino edge?"

"Divide the casino's win ($1) by the total investment ($66) and what do you get?"

"Well, I'll be. 1.5% - The casino edge for the six or eight."

"Want to try another number? How about the four?"

She smiled. "I can do this. The four (or ten) rolls three times in 36 rolls and there are, unfortunately, still six sevens so we have a total of nine events. If I bet $5 on each bet, I get a total of $45 ($5 x 9). Of that we win $27 ($9 x 3) plus we get the $5 back each time ($5 x 3 = $15) so we have a total on hand of $42. So now the casino's cut is $3 ($45 - $42)."

"So far, so good," I replied. "Since the casino wins $3 on the 4 (or 10), and only $1 on the 6 or 8, you know the edge has to be higher than the 1.5% on the six or eight."

Dena picked up the calculator again. "Uh, right. Let's see now, $3 divided by the initial investment of $45 is 6.6% - the casino edge for the 4 or 10."

We all stood up to go. "It's a fitting end to our vacation. We had a lot of fun, made a little money and found out something new about place bets. What a terrific vacation."

"What about our trailer, " Dave asked, "That's not so terrific."

I smiled. "Well, at least your vacation went off without a hitch!"


For more information about craps, we recommend:

How To Make Your Living Playing Craps by Larry Edell
Tina Trapp's Guide to Craps by Tina Trapp
Beat the Craps Out of the Casinos: How to Play Craps and Win! by Frank Scoblete
Forever Craps by Frank Scoblete
The Captain's Craps Revolution! by Frank Scoblete
Sharpshooter Craps Audio Cassette Tape (60 minutes) with Frank Scoblete
Winning Strategies at Craps! Video tape hosted by Academy Award Winner James Coburn, Written by Frank Scoblete
Larry Edell

If you would like a free copy of "The Crapshooter", the only newsletter devoted exclusively to casino craps, just send a stamped envelope to The Crapshooter, Dept. RGT., Box 421440, San Diego CA 92142. We'll also send info on our books "Make Your Living Playing Craps" and, "Tina Trapp's Guide to Craps", as well as a free catalog, and a special free offer!

Purchase Larry's book, "Make Your Living Playing Craps" available online here.

Larry Edell Websites:

www.TheCrapShooter.com
Larry Edell
If you would like a free copy of "The Crapshooter", the only newsletter devoted exclusively to casino craps, just send a stamped envelope to The Crapshooter, Dept. RGT., Box 421440, San Diego CA 92142. We'll also send info on our books "Make Your Living Playing Craps" and, "Tina Trapp's Guide to Craps", as well as a free catalog, and a special free offer!

Purchase Larry's book, "Make Your Living Playing Craps" available online here.

Larry Edell Websites:

www.TheCrapShooter.com