In the last three issues,
I have clearly shown that hedge betting – using
one bet to offset the negative probabilities of
another bet – is a poor method of wagering
at craps. In short, you can’t take a high house-edge
bet and expect it to make a low house edge bet better.
So,
are all craps hedges such that they invariably increase
house edges? Not at all. Actually, the most popular
bet at craps, Pass Line followed with Odds is a hedge
bet, although not the usual hedge of equal and/or opposites.
If we expand the definition of hedge to include any
multiple bets that work “together” in the
sense that they are made with that “togetherness”
in mind, then surely the Pass Line with Odds fits the
bill.
If you have $25 to
wager and decide to put it all on the Pass Line,
you will face a smallish 1.41 percent house edge
and an expected loss, on average, of 35 cents each
time you make it. However, if you decide to break
the bet up into two different ones, the Pass and
the Odds, then you would put, say $5 on the Pass
Line and, once up on a point number, back it with
$20 in Odds. The Odds bet is a separate bet, albeit
one that can only be made if you have the requisite
Pass Line bet in action. Your expected loss is now
reduced to seven cents each time you use this as
your mode of betting. That’s a healthy hedge!
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Columns By Franki Scoblete
