The expected value of all bets is negative, such that the average player will always lose money. This is because the house always sets the paid odds to below the actual odds. All bets have a negative expectation except for the “odds” bet that the player is allowed to make after a point is established on a pass/come don’t pass/don’t come bet (the odds portion of the bet has a long-term expected value of 0). However, the “free odds” bet cannot be made independently, so the expected value of the entire bet, including odds, is still negative. Since there is no correlation between die rolls, there is no possible long-term winning strategy in craps.

Maximizing the size of your odds bet in relation to your line bet will reduce, but never eliminate the house edge, and will increase variance. Many casinos have a limit 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 reduces the house edge to almost nothing, but dramatically increases variance, as the player will be betting in large betting units.

Since several of the multiple roll bets pay off in ratios of fractions on the dollar, it is important that the player bets in multiples that will allow a correct payoff in complete dollars. Normally, payoffs will be rounded down to the nearest dollar, resulting in a higher house advantage. These bets include all place bets, taking odds, and buying on numbers 6, 8, 5, and 9, as well as laying all numbers.