Odds bets are side bets that do not have a house edge. These bets cannot be placed outright and can only be used when another bet has been made. For example, if you place a pass line or don't pass line bet, you can make an odds bet to complement it. The odds bet is paid at the true odds as this is different from regular bets whose payouts are slightly lower than the true odds except when a vig (commission) is paid.
From a craps strategy perspective, the advantage of the odds bet is that they lower the house edge and give you an advantage. Therefore, when you are making a wager in craps, making huge odds bets helps you to put the win in your favor and increase your payout. Here is a table showing how odds bet reduce the house edge for pass line, come, don't pass, and don't come bets.
| Odds | Pass Line and Come | Don't Pass and Don't Come |
| 0x | 1.41% | 1.36% |
| 1x | 0.848% | 0.682% |
| 2x | 0.848% | 0.683% |
| 2x | 0.606% | 0.455% |
| Full Double Odds | 0.572% | 0.431% |
| 3x | 0.471% | 0.341% |
| 3x-4x-5x | 0.374% | 0.273% |
| 5x | 0.326% | 0.227% |
| 10x | 0.184% | 0.124% |
| 20x | 0.099% | 0.065% |
| 100x | 0.021% | 0.014% |
Using the odds bet table above, players can know how to reduce the house edge based on the bet they want to play. This gives them an advantage over the casinos, and they will receive the true odds payout.
