Basic Line Bets
The Basic Line Bets in craps are the Pass Line Bet and the Don't Pass Bet. Two similar wagers, the Come Bet and the Don't Come Bet, are closely related to the Pass/Don't Pass Bets. These are the basic wagers in craps, which any new craps player should learn first. Also, the basic line bets have the best house edge of any wagers at the craps table, which means it's doubly-important to learn these bets first.
The Pass Line Bet is a wager on the dice shooter winning. Most players at the table make this wager. It has a house edge of 1.41%. On the come-out roll, the Pass Line Bet wins is you roll a 7 or an 11. If either number is rolled, it is called "the natural". If you instead roll 2, 3, or 12, this is a loss for the shooter and called rolling craps or crapping out.
A third option exists on the come-out roll: the shooter establishes a point. In this case, the 4,5,6,8,9, or 10 was rolled. The number rolled becomes the point and the shooter (in order to win) needs to roll this number a second time before rolling a 7. If the seven is rolled first, then the shooter loses.
The Don't Pass Bet is wagering on the dice shooter to lose on the come-out roll. The house edge is 1.35% for the Don't Pass Bet, making this the best wager at a craps table. The Don't Come Bet wins if the 2, 3, or 12 are rolled on the come-out roll. You lose if the 7 or 11 is rolled. If the 4-6 or 8-10 are rolled, this establishes a point. In this case, you'll win if the 7 is rolled before the point is re-rolled. Placing a Don't Pass Bet is called "wrong betting", because you are wagering against the shooter (and most gamblers at the table).
The Come Bet is similar to the Pass Line Bet, except it is made after the come-out roll and once the point is established. Otherwise, it is exactly the same as the Pass Line Bet and has a house edge of 1.41%.
The Don't Come Bet is similar to the Don't Pass Bet, except it is made after the come-out roll and once the point is established. Otherwise, it plays-out exactly the same as the Don't Pass Bet and has a house edge of 1.35%.
Once again, players should always learn how to make these four bets before any others on the table. They have the best expected return in craps.