Originally Posted by
Dan Druff
It is impossible to beat craps in the long run.
However, if you want to reduce the house edge, do the following:
Lay a bet on Pass or Don't Pass (or Come/Don't Come). The "Don't" bet has slightly better odds for the player, but they're very close, and you might want to just do the Pass bet for social reasons (or the table may get pissed at you).
After a "point" is established, bet the maximum odds on the point. This bet is zero EV. In the long run, it will break even.
So if you are playing in a house with 100x odds, you can place a $1 bet on Pass (1.41% house edge) and then a $100 bet on a point (0% house edge). Since you will only get the opportunity to place an odds bet only 2/3 of the time (since a 2-3-7-11-or-12 will hit 1/3 of the time on the initial throw), that means on average you will be betting $100 twice ($200 total) at even money for every three $1 bets you make with a 1.41% house edge.
This means you would lose, on average, 4.23 cents on every $203 bet -- meaning a tiny house edge of just 0.02%!
Of course, this betting method would have large variance, so you would want to keep to a low base bet (as I said, 50 cents or a dollar on the pass line), and even then you could easily swing thousands of dollars.
Anyway, that's the optimal way of doing things.