A place bet is a bet on a specific number to be rolled before a 7, while a buy bet is a bet on a specific number to be rolled before a 7 at a specific odds payout.
A place bet and a buy bet are both types of bets in the game of craps. While they both involve betting on a specific number to be rolled before a 7, there are important differences between the two.
A place bet is a bet on a specific number (4, 5, 6, 8, 9, or 10) to be rolled before a 7. It can be made at any time during a round of craps. If the chosen number is rolled before a 7, the place bet wins and is paid out according to the specific odds for that number. For example, if a player places a bet on the number 9, and the next roll results in a 9 before a 7, the bet would win and the payout would depend on the casino’s odds for a place bet on 9.
On the other hand, a buy bet is also a bet on a specific number to be rolled before a 7, but it offers slightly better odds than a place bet. The catch is that a buy bet comes with a 5% commission, which is paid upfront when the bet is placed. This commission is based on the potential payout and ensures that the house maintains its edge. The payout for a winning buy bet is also higher than that of a place bet due to the better odds.
To further understand these differences, let’s take a look at a table:
| Bet Type | Number | Payout Odds | House Edge |
|---|---|---|---|
| Place Bet | 6 | 7:6 | 1.52% |
| Buy Bet | 6 | 6:5 | 4.76% |
Here, we see that for a place bet on the number 6, the payout odds are 7:6, meaning that for every $6 bet, the player would win $7 if the 6 is rolled before a 7. This corresponds to a house edge of 1.52%. On the other hand, a buy bet on the number 6 offers better odds with a payout of 6:5, meaning for every $5 bet, the player would win $6 if the 6 is rolled before a 7. However, the 5% commission is paid upfront, resulting in a higher house edge of 4.76%.
As for a quote on the topic, John Scarne, a renowned expert in gambling, said, “Craps is a game that originated in the gambling dens of Europe and has become one of the most popular games of chance in the world. Understanding the differences between various bet types, such as place bets and buy bets, can help players make more informed decisions and potentially increase their chances of winning.”
Interesting facts about craps betting:
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In craps, the number 7 is considered the most common number to roll, which is why it plays a significant role in these bets. Rolling a 7 before the chosen number results in the bet losing.
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The odds and payouts for place bets and buy bets vary depending on the chosen number. Generally, place bets offer lower payouts but have a lower house edge, while buy bets offer higher payouts but have a higher house edge.
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Place bets and buy bets can be made in multiples of the table minimum, allowing players to adjust their bet sizes to their preferences and strategies.
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The 5% commission on buy bets may seem disadvantageous, but it can be offset by placing larger bets, as the commission remains the same regardless of the bet size.
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Craps is known for having a wide variety of betting options with different odds, making it a game that requires strategy and careful decision-making.
In conclusion, a place bet and a buy bet in craps both involve betting on a specific number to be rolled before a 7, but the buy bet offers better odds at the cost of a 5% commission. Understanding the differences between these two bet types can help players make more informed decisions and potentially improve their chances of winning.
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Buy bets are exactly the same as place bets only the player gets paid true odds. If a 4 or 10 wins, then the odds will be paid 2 to 1, if a 5 or 9 hit, then the odds will be paid 3 to 2, and if a 6 or 8 are rolled, then the odds will be paid 6 to 5. However, the player must pay a 5% commission, or vigorish, on the bet.
Buying and place betting are two ways of betting on specific numbers to be rolled before a 7 in craps. The difference is that buy bets pay true odds, but require a 5% commission, while place bets pay less than true odds, but have no commission. Buy bets are marked with a BUY button and go inside the square point boxes, while place bets go in the small rectangles above and below the point boxes.
A buy bet is largely the same as a place win in that you are betting on a specific number to be rolled before a 7. The difference is that the payouts are higher, with the trade-off that you have to pay a 5% commission. At some casinos, this commission is payable when you place your stake, and at others it’s only payable if you win.
Place bets go in the small rectangles above and below the point boxes, whereas Buy bets go inside the square point boxes. Sometimes a messy dealer allows the chips to creep on top of the lines so the BUY button prevents the chips from being confused with Place bets. Notice how the Buy bet locations correspond to player positions.
Buy bets are exactly the same as place bets only the player gets paid true odds. If a 4 or 10 wins, then the odds will be paid 2 to 1, if a 5 or 9 hit, then the odds will be paid 3 to 2, and if a 6 or 8 are rolled, then the odds will be paid 6 to 5. However, the player must pay a 5% commission, or vigorish, on the bet.
Video answer to your question
The video provides an explanation of the lay bet, place bet, and buy bet in craps. It states that the lay bet is betting on the number seven before another specific number, the place bet is betting that a specific number will be rolled before a seven, and the buy bet is betting on specific numbers with a higher payout if won. The video advises against buying anything inside and mentions the presence of a tax or vig on these bets, which can be paid either at the end of a win or upfront. It concludes by reassuring viewers that craps is not as complicated as it may appear.
More interesting on the topic
Don’t bettors can choose their number with lay bets. Lay bets in craps are the opposite of place bets for the “right” bettors who bet with the shooter.