The odds bet is the best wager you can make in the game of craps, because the house has no built-in advantage. Some casinos permit players to make double odds, and even greater odds wagers. The odds bet not only has no house edge associated with it, but has no official designated space on the craps table. to take the odds, you must place the appropriate amount of chips behind your pass line bet in the open area of the craps layout.

The correct payoff for odds bets varies from point number to point number, depending on the odds of a 7 being rolled before a particular point is repeated. The payoff formula is the same whether you take single odds, double odds, or more. Correct odds payoffs are as follows: Points 4 and 10 pay 2-to-1 Points 5 and 9 pay 3-to-2 Points 6 and 8 pay 6-to-5 As an example, suppose you bet $1.00 on the pass line and establish a point of 4 in a casino that offers double odds. You now have the option of taking the adds for an additional $2.00. (You can wager a lesser amount or choose not to take any odds at all)

In this system, you raise your bet one unit if you lose and lower it one unit if you win, which means your winning bets will be higher than your losing bets. It would look like this in practice: 1, lose and go to 2, lose and go to 3, win and drop to 2, lose and go to 3, lose again, bet 4, win, bet 3 ad infinitum. It looks attractive, but the end result is the same: you will eventually lose your money. A ten loss series would have you down 55 units and you would have a helluva time getting out of that hole.