Today's lesson is paying a 3 way bet.
There are several forms of a 3 way bet and the most common is the 3 way craps. Under most circumstances someone will toss the stick-man $3 and say Tree Dolla Tree Way Craps (well, maybe only people who leave near Josie will actually say it like that).
A "crap" is defined as the 2, 3 and 12. So a $3 three way crap is essentially placing $1 on the 2, $1 on the 3 and $1 on the 12.
Now we have to look at the odds of each bet. Not the true odds, but the odds that the Casino will be paying out.
The 2 and the 12 can only be hit one way (both numbers identical) and as such they have a higher payout. $31-for-1.
The 3 can be hit 2 different ways (die 1 rolls a 2 and Die 2 rolls a 1, or Die 1 rolls a 1 and die 2 rolls a 2). The payout for a 3 is 16-for-1.
So, one of our players tosses in a $3 three way crap and the dice are rolled:
If a 2 or a 12 hits we will pay $31-for-1 minus the original bet, or $28. The reason you subtract the original bet is because a "crap" bet is a 1 roll bet. If you pay the full amount of $31 the players bets will come down. The house doesn't particularly like that so you pay $28 and keep the players money working for one more roll.
If a 3 ends up hitting then you pay $16 minus $3 or $13. (once again subtracting the original bet in order to keep the bet active for one more roll).
Well, what about when people start making larger, crazier bets?
If you can do the math in your head then more power to you, but other people need to be able to have formula's to reach the conclusion once the bets start to get larger.
A $15 3-way-crap is going to have a payout of $140 on the "hard" side (2 or 12).
Both those numbers pay 31-for-1 and all 3 of the crap numbers essentially have $5 on them.
$5x31 minus your original bet ($15 in this case).
$5 x 31 = $155. $155 - 15 = $140.
Easier way to do it.
Take your total original bet and add a zero to the end of it. Then subtract your losing bets (only the number that hits wins, the other two bets are your losing bets.).
so, $15 and add a zero = $150, then subtract your two losing bets of $5 each (or $10 total) and you get $150-10 = $140.
So much easier and quicker than doing multiplication.
How about on a $9 bet and the number lands on 2?
$9 and add a zero for $90 and subtract $6 - $84 payout.
Will be once I have that formula memorized like I do the payouts on the place bets.
Now what if the 3 hits instead of the 2 or 12.
Well, payout on the 3 is 16-to-1.
So for the $15 bet you get $5x 16 and subtract out your action.
$5 x 16 = $80. $80 minus $15 = $65.
Or we have a key of 1/3rd of our bet. Add a zero and then add your total bet back in.
$15 3-way-crap would then look like this.
$5 and add a zero. $50 + original bet of $15. $50 + 15 = $65.
On a $9 bet where it lands on the 3.
$3 and add zero for $30 plus our bet of $9.
keys are a great way to simplify the game and make things easier for you as a stick-man paying out horn bets, World bets, 3-way crap bets and hop bets. Once you memorize and know them inside and out your life becomes so much easier than it really looks.
One last thing.
3 way bets are not limited to a 3-way-craps.
Someone wants to hop either the 6, 7 or 8 - that is also a 3 way bet because there are 3 different ways to make each of those numbers.
For the 6 - 4/2, 3/3, 5/1
For the 7 - 4/3, 5/2, 6/1
For the 8 - 4/4, 5/3, 6/2
In the case of the 7 - a 3 way hop is always going to pay out the low side because there is no "hard" way to make the 7.
However the 6 and the 8 each have two "lows" and one "hard"
Just like with your 3-way-craps the "hard" is going to pay 31-for-1 and the "low" is going to pay 16-for-1.
The only thing that changed is the numbers you are betting on.
Hell yeah it is :)
May all your 7's appear on the come-out and hopefully someone at least read all the words above.
(I only write to help myself learn - I realize that I'll get a lot fewer hits on this type of post and a hell of a lot less comments, but if it helps me learn then screw you guys :)