Craps odds involve understanding what the payout odds are and what the chances of a number rolling are. There are good bets and bad bets in craps and knowing craps odds will help you avoid placing bad bets. Knowing the odds is a good way to create a sound strategy for playing craps.
Understanding the odds of a certain number being rolled is the first step of learning craps odds. There are 36 different possible combinations that can happen at the roll of the dice. For instance a seven has the highest odds of coming up with a 6/36 chance of being rolled. A two or twelve have the lowest chance of being rolled with a 1/36 chance each. A three and eleven have a 2/36 chance, a four and ten have a 3/36 chance, a five and nine have a 4/36 chance and a six and eight have a 5/36 chance of rolling. You can see how betting on a six or eight has a higher chance of success than betting on a two or 12.
Understanding the house edge on the variety of different bets will allow for you to place smarter bets. Buying the odds is the best bet on the table, as the house has no edge as long as you bet the pass line first. Buying the odds involves placing a bet on the pass line prior to the come out roll. Once a "point" is established, buying the odds bets that the point is rolled again before a seven.
Of all the bets on the table the worst bets available are the hard way bets. A hard way bet is located in the middle of the table and wins if a number is hit by a pair. For example a hard eight is a pair of fours and a hard six is a pair of threes. A hard bet wins if a pair is rolled before either a seven or any other combination of the number is rolled. Hard numbers only have a 1 in 36 chance of being hit compared to a 6 in 36 chance for a seven. Casinos entice players to play these bets by offering higher payout ratios but the house has a major advantage.

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