The "Free Odds" Bet
The Free Odds bets are among the most important bets to learn in craps, outside of the basic bets. Odds Bets have a house edge of 0%, though their use is limited and the wager can be made only in certain circumstances. Because the house edge on this side bet is 0%, it means that gamblers can one's losses on their original wagers by either taking or laying the odds.
"Taking the Odds" means you are placing a bet on the point winning, after a point has been established. To take odds, you must have wagered on the Pass Line Bet before the come-out roll. It's an encouragement to make the Pass Line Bet, because you can lower your losses by making these wagers later in the round of dice. Taking the Odds does not lower the house edge.
Odds has a payoff of 2 to 1 when the point is either 4 or 10. The payoff is 3 to 2 when the point is either a 5 or a 9. The Odds payoff is 6 to 5 when the point established is either a 6 and or an 8.
"Laying the Odds" means you are a placing a bet on the shooter losing, or betting on the 7 after a point has been established. To take odds, you had to have wagered on the Don't Pass Bet on the come-out roll.
A Lay 4 or Lay 10 bet pays 1 to 2. A Lay 5 or Lay 9 bet pays 2 to 3 on a win. A Lay 6 or Lay 8 bet pays 5 to 6. If you have trouble remembering these odds, simply remember that they are the opposite of the Take 4, Take 10, Take 5, Take 9, Take 6, and Take 8 bets.