Craps Strategy Video Information:
The craps field bet pays 2X when 2 is thrown or 3X when 12 is thrown, house edge 2.78%. Watch the winning and losing streaks under various payoff schemes. Some stingy casinos pay only 2X on 12; then the house edge is twice as big, 5.56%. One extremely generous casino pays 3X on both 2 and 12; their house edge is zero.
The best craps strategy is to make only the bets with the smallest house edge. Usually this means playing only the Pass, Don’t Pass, and related taking or laying the odds bets, NOT the field bet or other bets in the middle of the table. If the action is too slow for you, try the Come and Don’t Come bets and the related odds bets. Don’t make hedging bets in the middle of the table, as this will only make you lose more, and lose faster. If you MUST play the field bet, make sure that it pays 3X on either 2 or 12.
If you want to set up the field bet simulation yourself in Excel, first watch my other video, Craps Pass Bet With Odds Bet Simulation, Setup in Excel Spreadsheet:
Here are the formulas to set up the simulation for the field bet:
A1: 5 (bet size)
E3: 1 (payoff on 3 4 9 10 11)
F3: 2 (payoff on 2, double)
G3: 3 (payoff on 3, triple)
H3: -1 (payoff on 5, 6, 7, 8)
K3: 300 (starting bankroll)
N4: =M4*(-1/36)+$K$3 (house edge on triple for 12)
O4: =M4*(-1/18)+$K$3 (house edge on double for 12)
Select the cells in row 4, drag down green dot to row 403 (see other video for details)
For instructions on making graphs, see other video: https://youtu.be/Yay7TCwJI6o
The horizontal grey lines in the graph represent intervals of one standard deviation for an even-money bet that pays 1 to 1. The field bet is NOT an even-money bet. It loses 5/9 of the time and has larger wins when 2 or 12 is thrown. Therefore, it has a higher standard deviation than an even-money bet and has more extreme winning and losing sessions.