To gain a better understanding about your betting possibilities when playing craps, the following acts as a summary of the options that are available to you.
Place bets are wagers you can place at any time during the game, whether it's a come out roll or a third roll-over box number-hunt. A place bet means you invest a sum of chips on a specific number that you think the shooter will roll. If a shooter repeatedly makes a specific roll, it can be a wise move to test a place bet on the box number.
You make a place bet by placing your chips on the table and then calling the dealer's attention, informing him of how you want to bet. The dealer will then place your bet on the desired box. It's important that you do not 'invade' the field of play yourself, as that is not allowed.
When the shooter then rolls and your number is reached before seven is scored, you win. You will receive your winnings, but if you no longer wish your place bet to be active you must tell the dealer, who will return you your stake.
When the come-out roll has passed and the pass-line bet is in place, anyone can add another bet called an 'odds bet'. This is the only option at a casino to place a bet that the house does not have rules for. An odds bet is based entirely on the theory of probability for something to happen. Some craps tables do not allow this option, and an odds bet cannot be placed if you have not placed a pass-line bet, as that would mean the house has no chance of winning.
An odds bet works when you have placed a pass-line bet, and you can place an additional bet. Should the shooter successfully make his point, then you get back your investment and the profit gained by the odds offered by your bet. If the point is four or ten then you get back 2:1. If it is five or nine you get back 3:2, or if it is six or eight then you get back 6:5.
A proposition bet is the simplest bet to explain. All you are really betting on is the total of the dice on the next throw. This is, however a bet that most craps players choose to stay away from, as the advantage to the house is between eleven and sixteen percent, which are by far and away the most unfavourable odds in the entire game.