Craps

Craps (previously known as crabs) is a popular casino gambling game using dice . Players wager money against the casino on the outcome of one roll, or of a series of rolls of two dice. The rules vary slightly from online casinos to real ones, but the expected value of most bets is only slightly negative (the most favorable bets with the most favorable rules offer a house advantage of as little as 0.18%). All bets have a negative expectation, except the "free odds" bet with an expectation of 0, that the player is allowed to make after a point is established on a flat (line) bet. Since there is no correlation between die rolls, there is no possible winning strategy over any given period of time. While experienced blackjack players who learn to count cards can gain a small mathematical advantage over extended playing sessions by diligent study, there is no comparable strategy for craps.

Occasionally, players win several bets in a row, and such players are said to be "on a roll." Those who increase their bets during a winning series can rapidly win substantial sums. On the other hand, money can be lost back just as quickly, as there is no statistical likelihood of a "hot streak" continuing for any given duration. To counter this, experienced players take full advantage of "free odds" -- bets on which there is zero house advantage. Maximizing the size of your odds bet in relation to your line bet will minimize but never eliminate the house edge. Many casinos have limitation on how large the odds bet can be in relation to the flat bet, with single, double, and five times odds common. Some casinos offer 3-4-5 odds, referring to the maximum multiple of the line bet a player can place in odds for the points of 4 and 10, 5 and 9, and 6 and 8, respectively. During promotional periods, a casino may even offer 100x odds bets, which renders the house edge to almost nothing but dramatically increases volatility. Horseshoe Casino founder Benny Binion once quipped that if every player took the 100x odds, the house "wouldn't be able to keep the lights on," referencing the overhead required to run casino games.

Craps can also be played in less formal settings and is said to be popular among soldiers. In such situations side bets are less frequent, with one or several participants covering or "fading" bets against the dice.