Gambling/Craps

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QUESTION: hey there whats the best strategy for craps?i hear of people making big money but what do you think of the concept of setting a stop loss and stop win goal i mean it just seems realistic to try and win 10-30 percent and STOP before the craps gods get you real good.I know you may not reveal to me your strategies but does this sound like something that would lead to being a bit more successful?i dont know it seems like you have to know if a table is hot semi hot cold etc.What constitutes that?

ANSWER: "Stop Losses" and "Stop Wins" are entirely meaningless.

They have no effect whatsoever upon your long term results.

There is no such thing as a hot or a cold table.

Those are merely labels that we apply AFTER the FACT.

The same goes for "LUCK".

If I win $10,000 I am called "lucky."

If I get robbed of it I am called "unlucky."

The terms are only applied after the fact.

That means that the words have NO meaning.

It is a human fallacy to think in such terms.

That kind of thinking provides millions of people (and their money) to enrich the casinos.

The best that you can ever do is to limit the House Advantage to the minimum.

The only way to do that is to bet either the Pass Line or the Don't Pass Line

and always take FULL ODDS .

Find a casino that gives at least 10X Odds.

That reduces the House Advantage from 1.4%  to about  0.2%

That is how I play.  That is the only way to play.

I do not accept less than 10X

There are several American Casinos that will give you 100 X Odds.

---------- FOLLOW-UP ----------

QUESTION: But wouldnt that require a huge.bankroll?Whats a good bankroll to start with if your going to always take full odds?

Answer
Answer to "Follow-Up" question:

But wouldnt that require a huge.bankroll?Whats a good bankroll to start with if your going to always take full odds?

Yes it does require a large bankroll.

Taking Full Odds indicates that you will not be betting more than the minimum,
although if one is well-capitalized, then they may choose to increase their bets.
That is not a good idea.  MUCH less risky is betting to "Come", with as many
come bets as one wants.  If doing well, one might want to start that phase of
betting by taking ONE (1) "Come" bets with full odds, so that frequently there are
two numbers alive. If one's chips continue to spawn more chips, a 2nd "Come"
bet may be made, then a 3rd, 4th, etc.

I ONLY bet the "DON'TS" and the "DON'T PASS"

That requires an even larger bankroll; but in return you get a significant
lower House Edge.

When comparing the "PASS LINE"" and the "DON'T PASS" the difference
between the two sides is minimal.

BUT the greater the odds (e.g. 5X, 10X, 100X) the greater the difference becomes.

5X is easy to find. There are numerous casinos throughout the U.S.A. offering 10X odds
Very few casinos offer 20X, but I have played at several casinos that offer 100X odds -
in MS, NV, (and until last year), NJ.

At 100X the casino edge is a virtual ZERO.

Here are the actual figures:

Your Pass Line bets cost you 1.4% of all the wagers you make.
Your Don't Pass bets are just slightly better at 1.39%
The House Edge is so high on all of the bets in the center
of the table, that it isd the real reason why few countries offer craps in their casinos.

Pass Line: 5X     10X     100X

         0.32%          0.18%          0.02%

Don't Pass Line: 5X     10X     100X

         0.23%          0.12%         0.01%

Double check with the ultimate resource --   http://wizardofodds.com/games/craps/

I am hoping that these figures are understandable as it is hard to make it simpler.  

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The Count

Expertise

I have considerable expertise in all casino games as well as horse race wagering. My strongest area of knowledge is in Blackjack. VideoPoker questions are also welcome as are the areas of Craps and Baccarat. No sport-betting queries. I was a professional gambler for decades, now semi-retired.

Experience

I am a semi-retired professional gambler with a graduate education. An accomplished "card-counter", I am very much unwelcome in most American casinos and some abroad.

Publications
"Blackjack Forum" (under a pseudonym) and several backgammon newsletters (also psudonomously)

Education/Credentials
B.S. M.A.

Past/Present clients
Tournament Backgammon, Gourmet Asian Cooking, Macintosh Computing, Cinema, Literature, photography

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