Lay Bets – Why are they so Popular?
In simple terms, Lay Bets are the polar opposite of Buy Bets. The Lay Bet will actually win when the craps shooter rolls a 7 before a point number comes up. But on the other hand, a Lay Bet is a losing bet if a point number (4, 5, 6 ,8 , 9 or 10) repeats before a 7 is rolled. Working out the actual numbers in a game of craps can be quite complex. A simple example will explain in greater detail how players actually make money off of craps betting.
Here’s how it’s done:
You have to lay the true odds against any particular point number. For example if you’re laying against a 4 or even a 10, you’d have to lay €40 to win €20 with the true odds of 2 to 1. If you’re about to wager a Lay Bet against a 5 or 9 then you’d wager €30 to win €20. For Lay Bets against either a 6 or 8 are actually 6/5. In the aforementioned case, a €24 wager would win you €20.
The Lay Bets are paid off at correct punting odds. And the house usually collects a commission to the tune of 5%. What actually happens with these Lay Bets and the 5% house fee is that there is a 2.44% advantage on these bets on a 4 or 10 number combo. On a 5 or a 9 combination your house advantage is sitting at 3.23% and for a 6 or 8 Lay Bet the edge is hovering at 4%.
Lay Bets in Action: How They Work?
Lay Bets or No Bets as they are sometimes known, are the extreme opposite of buy-bets. These bets essentially pay the craps shooter the true odds when a 7 is rolled before the number. The important thing to bear in mind with these Lay Bets is that they’re essentially the same as laying odds with one big caveat: a 5% vigorish is charged on the expected amount to be won.
Example of a €40 Lay Betting Sheet
| Lay Bet Number | True Odds - against | €40 Bet Pays | Standard Lay Bet House Edge | Lay Bet House Edge |
| 4 | 1:2 | €20 | 2.4% | 1.6% |
| 5 | 2:3 | €26.67 | 3.2% | 1.9% |
| 6 | 5:6 | €33.33 | 4.0% | 2.2% |
| 8 | 5:6 | €33.33 | 4.0% | 2.2% |
| 9 | 2:3 | €26.67 | 3.2% | 1.9% |
Hitting it Big in Craps with Lay Bets
Remember that to win a Lay Bet you need to roll a 7 before the chosen number. If you hit any other number then the Lay Bet stays. This is a reversed buy bet and you get great odds of 1:2 for 10 and 4 and when you wager on 5 and 9 you get 2:3. For 6 and 8 you get odds of 5:6. Remember though that the house always take a vig on the bets. It’s at 5% – so when the vig is calculated it is based on the winnings. Recall that when you win, it’s your winnings and the original wager that you receive.
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