Since the Peppermill video, I’ve been asked about buy bets and whether they’re better than place bets.

The place bet is made by giving one's chips to the dealer and verbally declaring this craps bet. The 6 and 8 can also be wagered on in the big bets. Big Bets: Big 6 and Big 8 On the craps table you will see the numbers 8 and 6 with the word 'BIG' above each of them. These are the big bets, big 8 and big 6. The Place bettor will Place the 6/8 for $60, 5/9 for $50, and Buy the 4/10 for $35. Each bettor can take down their bets at any time, following craps rules (ie. Base CB cannot be taken down) - Each bettor can work their bets on the Come Out roll. Pressing is a key component of the Place/Buy play. Of course, if a player really wants to squeeze the house, then the best strategy is to avoid place, buy, and lay bets altogether. Some craps enthusiasts would argue that they’re not “bad” bets when compared to slots and roulette. The term ‘Buy bets’ refers to a number of betting options on the craps table which bear a slight resemblance to the place bets, which we cover in a different article. However, where the two bet types differ makes all the difference.

Let’s talk about buy bets.

WHAT ARE BUY BETS?

In a standard game of craps, a buy bet is a bet on a box number of 4, 5, 6, 8, 9, or 10. You can buy one, select a number, or all.

How to Identify the Buy Bet and Place Bets on a Layout

In the picture below, the ‘box’ numbers of 4, 5, 6, 8, 9, and 10 all have bets on them.

A place bet is indicated by one or more chips in a bet that straddle the line. In the picture below, the blue arrow is pointing to a place bet. Notice how the chip straddles the line.

The red arrow is pointing to the position of the buy bet on the 4. On a buy bet, the chips are located inside the box and do not touch the line. Also, there is a button that says ‘buy’ on the chip. There is also a buy bet on the 10.

On an unrelated issue, the yellow arrow is pointing to a Don’t Pass bet with odds.

Most players prefer to place the numbers. If you’re not familiar with place bets, then go here for a refresher: place bets.

A buy bet is like a place bet, but with the difference that the player is paid true odds. For example, if the player makes a place on the 4 or 10, the casino will pay 9 to 5 if the number rolls. That means a $5 place bet pays $9, $10 place bet pays $18, $20 place bet pays $36, etc.

Compare this to the buy bet. If the player buys the same 4 or 10, the house pays true odds. $5 buy bet pays $10,$10 buy bet pays $20, and $20 buy bet pays $40.

Sounds like the buy bet is a better deal, right? I mean, a 4 or 10 place bet of $20 pays $36, while the same amount wagered made as a buy bet pays $40. That’s an extra $4.

Win-loss conditions for the place bet and buy bet are exactly the same: If the 7 rolls before the number, then you lose; if the number rolls, then you win.

What’s the catch on the buy bet? The catch is that the player must pay a 5% commission on the buy bet. That’s how the house makes a profit.

With the commission in mind, is the buy bet a better deal than the place bet? It depends.

COMMISSION

There are two types of commissions when it comes to buy bets: commission paid upfront, and commission paid after the win.

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Commission Paid Upfront

The commission paid upfront is more advantageous for the house, and less for the player. Most Las Vegas strip casinos charge the commission upfront. This means that the moment you make the bet, you must pay the commission, win or lose.

Let’s say you decide to buy the 4 for $20. That would require you to outlay $21. $20 goes to the bet, and the house keeps $1 as the commission.

If the buy bet wins, you have to pay an additional $1 for the next. Some players mistake this second commission as a commission on the win. It’s not. It’s a commission for the next bet that hasn’t yet been determined.

Commission Paid on the Win

This is the better form of commission for the player. On commissions paid after the win, the player doesn’t pay the commission if he or she loses.

Let’s take the same buy bet on the 4 for $20. The player only needs to outlay $20 to make the bet. Only if the player wins does he or she need to pay the commission.

House Edge on Commissions

The following are the house edges…

Commissions paid upfront

• 6 and 8
  • House edge of 4.76%
• 5 and 9
  • House edge of 4.76%
• 4 and 10
  • House edge of 4.76%

Commissions paid on wins

Live Craps Games

• 6 and 8
  • House edge of 2.27%
• 5 and 9
  • House edge of 2.0%
• 4 and 10
  • House edge of 1.67%

From the numbers above, it’s clear that the commissions paid on wins is the better deal for the player. The problem is that most casinos charge commissions upfront. Most players don’t care, so the casino will make a profit wherever it can. Usually, it’s casinos that market themselves as gambler friendly casinos that offer the commission paid after the win.

SO PLACE IT OR BUY IT?

These are the house edges for place bets…

• Place 6 or 8
  • House edge of 1.52%
• Place 5 or 9
  • House edge of 4.00%
• Place 4 or 10
  • The whopping house edge of 6.67%
  • Don’t ever place the 4 or 10

So the answer on whether to place or buy depends on which number you pick.

Guideline On Whether to Place or Buy

6 and/or 8

• ALWAYS place bet.
  • Under no circumstances is a buy bet of 6 or 8 better than the 1.52% house edge of a place bet.

5 and/or 9

• Depends on whether commission is paid upfront or on wins.
  • Place bet if commission is paid upfront.
  • Buy if commission is paid after the win.

4 and/or 10

• ALWAYS buy

ADVICE ON BUY BETS

The Easy to Remember Advice

Given a choice between place bets or buy bets, never buy the 6 or 8.

Given a choice between place bets or buy bets, only buy the 5 or 9 if commission is paid after the win. If commission is paid upfront, place the 5 or 9.

Always buy the 4 or 10, regardless of how commission is paid.

Always buy in increments of at least $20. Do not buy increments of less than $20. If you buy in increments less than $20, you increase the house edge.

The Better Advice

If you are willing to commit this to memory, this is the optimum buying strategy with regards to the proper amount bet. You may face some resistance from dealers who are not aware of the rules, but if you obtain the proper amount to bet, you will lower the house edge more than the published numbers.

Proper Increments

Always bet in proper increments. The proper increments for each bet vary from casino to casino, and even crew to crew. The idea behind the proper increment is that you want to bet as much as possible for a single $1 commission.

The house edge numbers I presented above are for $20 increments. You can lower the house edge even more by finding out how much you can bet the same commission. The reason this works is that casinos will typically round down the commission. For example, on $24 buy bet on the 4 and 10, the commission is $1.20. The casino will typically round down and charge you $1.

The proper amount varies. I’ve been to casinos where the casino rounds up if the commission is 50 cents or higher. For example, if the buy bet is $30, the 5% commission comes out to $1.50, which is then rounded up to $2. If that’s the case, then the proper bet is $29 increments on the 4 and 10.

I’ve also been to casinos what allow a player to bet $39 because they do not ever round up. $39 at 5% would be$1.95, whereas $40 would be $2.

To find out the optimum amount of the buy, ask the dealer this question:

‘How much can I bet and still only pay $1 commission?’

Once you obtain that answer, bet in those increments. Be aware that you may run into some dealers who are inconsistent in applying their answers. At one casino, I was told that I could bet $39 for $1, but the same dealer charged me $3 to bet $59.

An Exception to the minimum $20 Increment Rule

I’ve advised you to not buy the 4 and 10 unless you bet in increments of at least $20. However, this is not always true. Even if you only bet $10, you are better off buying the 4 or 10. The problem is that sometimes, dealers will incorrectly tell you that you must bet $20 to buy the 4 and 10. So be prepared to face some occasional resistance if you try to buy the 4 and 10 for $10.

FINAL THOUGHTS

The vast majority of craps players love the place bets or buy bets. Most players hate the idea of seeing a box number roll and not getting paid. That’s the reason why place bets and buy bets are more popular than come bets.

Another reason for the popularity of place bets and come bets is that the player is able to control which number to bet. That’s a common sentiment, although, to be frank, this idea is complete bullshit. There is no way to know if a number will continue to roll just because it has already rolled in the past.

The downside of place bets and buy bets, as I’ve discussed and demonstrated before, is that the moment the player makes the place bet or buy bet, the player can immediately lose his or her bet. This is what balances out the idea that the player didn’t win anything the first time that the number rolled. In short, the come bet + odds bet is significantly better, from a mathematical perspective than either the place or buy bet.

However, I’m not here to tell you how to bet. I’m also not here to change your mind. There are some subtle differences in the place bets and buy bets compared to come + odds. I understand why the vast majority of players prefer place or buy bets; after all, the win-loss conditions are different for the come + odds bet compared to the former bets.

If you insist on making a place bet or buy bet, follow this guide. The win and loss conditions for both the place bets and buy bets are exactly the same (that’s not true for the come + odds). By following this guide, you will win more money for doing nothing other than understanding the game.

Good luck and may fortune be with you always.

Posted in: Craps

The game of craps is one of the most diverse and versatile that you will find on the casino floor. You can often guess the craps table simply by the sheer number of spectators, which often outnumber the players themselves. Indeed, craps is one of the most popular casino games out there and one of its advantages are the multiple betting options at your disposal. This allows you to experience craps in several different ways since each bet type offers its own unique payout ratios and odds.

In this guide, we would like to bring to your attention the so-called Buy bets that you can place. Below, you will find detailed explanations about the bets themselves, the house edge and odds, as well as, our recommendation regarding this bet type.

Buy Bets Explained

The term ‘Buy bets’ refers to a number of betting options on the craps table which bear a slight resemblance to the place bets, which we cover in a different article. However, where the two bet types differ makes all the difference. The main difference between place and Buy bets lies in the amount of money that you receive at the end of the roll. A typical place bet will feature house odds very close to the true odds, with a small difference. On the other hand, Buy bets pay the true casino odds with no house edge. But there is a twist. For every winning Buy bet, you have to pay a commission of 5% on the amount wagered.

This is referred to as ‘vig’ or ‘vigorish’ in the world of casino gambling. Essentially, but bets are called such since you are paying for the privilege of receiving a true odds payout. While that might sound somewhat contradictory it is the way of things and Buy bets are by far the best wagers featured at the craps table, where odds are concerned.

At land-based casinos, you announce that you wish to place a Buy bet. You place your chips where the stickman tells you to, after which they will pull them closer and place a ‘Buy’ marker on them. Once the bet is concluded and you have won it, the stickman will give you your winnings and ask for the house commission. Typically, most casinos do not have chip denominations worth less than a dollar, so it will be rounded to the nearest whole number. Therefore, you are expecting to pay a minimum of $1 in commission. At online casinos, the process is much more streamlined since the software handles everything for you and all you have to do is sit back and enjoy the game.

As far as what the Buy bets in particular are, you will have multiple numbers to bet on. Specifically, 4, 5, 6, 8, 9 and 10, though betting on certain numbers will pay more than on others. Much like place bets, Buy bets are ‘standing bets’ and as such, they are not automatically lost on the first roll of the dice. Buy bets can remain on the table until the bet is won or until a roll has a total of 7. Keep in that Buy bets can have a minimum value, though this is more dependant on the establishment or the software provider – in the case of online casinos – more than anything else.

Buying the 4 and the 10

Buying the 4 and/or the 10 is the most worthwhile Buy bet on the craps table, both in terms of odds and payout. Whenever you make such a wager, you are betting on whether or not the next roll of the dice will result in a 4 or a 10. A winning 10 or 4 Buy bet will pay even money (2:1), whereas a place bet on the same numbers will pay 9:5. As a result, Buy bets are the way to go when wagering on these numbers.

Buying the 5 and the 9

Buy bets on 5 and 9 come with the same odds of winning of 3:2 and the payout odds are the same. Generally speaking, this is the middle of the road wager where Buy bets are concerned, worse than 4 and 10, but better than 6 and 8. As far as how worthwhile this bet is, one has to look at how the casino applies the commission. If it is charged only on winning bets, then this bet is worth it. We will go more into that later.

Buying the 6 and the 8

The 6 and 8 Buy bets are the third and final Buy bet type that you will find on the craps table. As it happens, this bet is the one that gets the short end of the stick in terms of odds and payouts. Unlike the previous two, the 6/8 Buy pays only 6:5, meaning that for every $10 that you wager, you stand to win $12 before the commission is charged. As far as its Place equivalent is concerned, the 6/8 Buy features worse odds and a lower payout ratio in all circumstances.

Buy Bets Odds and House Edge

As mentioned previously, Buy bets are some of the most favorable in craps where odds are concerned. Unlike many of the other betting options, Buy wagers pay true odds, meaning that you receive a payment equal to the probability of winning the bet. This is the best possible ratio that you can get at any casino game. Though there is also the commission to consider, so in this point, we will discuss everything you need to know about the mathematical aspect of Buy bets.

Above, we stated that the commission is charged on Buy bets but what we did not mention was that land-based casinos choose to implement on their own discretion. Certain establishments charge commission on the bet regardless of the outcome, a few even charge it on the end sum, while there are even some that choose to forgo it on particular bets. However, it is becoming common practice to apply the commission only on the initial bet and only if it wins. We will use the last metric for the purposes of this guide, as it is the common form of commission that you will experience.

For comparison, the Place bet equivalent would feature a payout of 9/5 and on a $10 bet, our net balance would be $18. While a $1 difference may not seem to much too you, this is because we are dealing with smaller numbers. As soon as you start placing higher bets, the difference will be much more pronounced. In terms of casino advantage, the Place 4/10 bet has a 6.67% house edge, much higher than the Buy bet with its mere 1.67%.

The 5/9 Buy bet is where things start to become interesting. This bet has a payout ratio of 3:2 and still comes with a 5% on winning bets. So for a $100 bet, we stand to win $150 without the commission. When it is applied, we pay $5 to the casino and come out with a net balance of $145. This translates into 1.96% casino advantage as long as the commission is charged only on wins. The 5/9 Place bet, on the other hand, offers a payout of 7:5, which is somewhat lower than its Buy counterpart. For a winning $100 Place bet on 5/9, we will have a net balance of $140. As a result, the house edge of the Place bet is 4%. What you should take from this is that the Buy 5/9 bet is worthwhile if the casino charges the commission only on winning bets and in all other cases, you should take the Place option instead.

Finally, the 6/8 Buy bet comes with a payout ratio of 6:5. So if we take a $100 Buy bet on 6 and 8 and we win, then we will bring in $120 before the commission. After the commission is charged, we will be left with a net balance of $115. This makes for a house edge of 2.22%, provided that the commission is only charged on winning bets. For comparison, the 6/8 Place bet has a payout ratio of 7/6, so a $100 Place bet would bring in $116, resulting in a house edge of 1.52%. This makes the Place 6/8 bet more worthwhile than the Buy 6/8 counterpart. The odds shift even further in the favor of the Place bet, if the casino charges commission on all Buy wagers, regardless of the outcome.

Are Buy Bets Worth It?

Buy bets are certainly some of the better ones that you can place on the craps table. You have several different options when it comes to choosing, though you should always keep the commission in mind. While the idea of Buy bets are sold to the public as offering true odds, this is only half-way true. The vig will take a small percentage of your winnings and it, in turn, serves as the house edge in this sense. Even after the commission is charged, however, the difference is not too big.

Additionally, the commission also makes serves to disincentivize small-scale betting. A 5% vigorish does not sound too much, and it really is not, but once you factor in that the minimum commission stands at $1.00 you will have a different outlook. Since land-based casinos do not offer chips in lower denominations than $1, the commission is rounded up to the nearest full number. Moreover, the commission has to be paid, so by default, it is $1. This means that for bets of $50 and lower, the commission will always be $1.

Another thing you also need to take into account is that certain Buy bets have higher house edge values than particular Place bets. Namely, the Place 6/8 will always have a lower casino advantage than the Buy 6/8, albeit the difference is small. The Buy 5/9 will have worse odds than the Place 5/9, IF the commission is charged on all bets, rather than only on winning ones. However, the Buy 4/10 will always be a better choice than the Place 4/10, with a difference of ~2-4%, depending on how commission is charged.

Of course, you should do your research and look over the other possible betting options available at the craps table. On our website, we have guides for every aspect of craps that you need to concern yourself with, so be sure to check out the other craps bets.

Conclusion

Overall, the Buy bets at craps are some of the simplest out there. This game really lends itself to all kinds of players and the variety of betting options makes it worth the trouble. As far as the Buy bets are concerned, they certainly have their uses. Based on our descriptions above, you should now understand that certain bets are more appropriate than others, taking into account payout ratios and house edge values. Therefore, you need to carefully consider where you will place your stack of chips. Truth be told, you can do a lot worse than Buy bets and even if you do not play at the best possible way, you should not see much in the way of consequences.