Free Odds At The Craps Table
Pass line bets carry a house advantage of 1.4%. If you wager, say, $10 on the pass line at the craps table, you will be paid off at even money if you win. The edge is built-in. However, there is a way you can win additional money at the table, while getting paid off at true odds as well.
The online casino will let you back up your pass line bet with additional bets of equal value. This is what is referred to as "free odds," and they are taken with bets that add up to a multiple of the original wager. With "free odds," the casino doesn't really make anything on the "odds portion" of the bet - meaning the additional money that you put on the table.
For example, you may be at a casino that offers two times odds (2x odds). This means you can offer up to twice the amount of your original wager behind your wager. so if you have a $10 wager out there, you can put two more $10 chips behind it. The original $10 wager pays flat. But the two odds wagers behind it pay off at the true odds of the number that comes out. So let's say the point is 6, and you put a total of $20 behind the $10. If the six gets rolled again before the seven you will be paid at 6:5, rather than the customary 7:6 you would be paid from a "place bet," in addition to $10 on the original wager. That's a total win of $34 as opposed to the win of $30 if you played these separately, or just $10 if you didn't take odds at all.
To further illustrate, in the case of the 4 being the point, your $20 odds bet will be paid off at 2-1 odds, which will return a total of $50 if the four is rolled again before the shooter rolls a seven.
When you grab free odds, in effect you are making a bet for "free," with no commission (or "vigorish") going to the house. Implementing this option is also the only way you are going to get true odds on any of the four basic bets - Pass, Don't Pass, Come or Don't Come.