Ask the Wizard #81
Edition Date: May 5, 2003
I do not understand why you should lay the odds on the don’t pass or don’t come bets. It seems that you have already dodged the 7 and ll bullet, so the bet is now in your favor. Why would you dilute a bet that is already heavily in your favor with a large (relative speaking)bet at true odds? It seems that you are working in the houses favor by reducing the house edge on the entire bet.
I understand that taking the odds on the pass side reduces the overall house edge, however I don’t understand how laying the odds can reduce the house edge on the don’t side. I’m very curious? By the way, I discussed this with several casino bosses and dealers yesterday and they all had opinions, but not reasons for these opinions. Thanks for your time.
Let’s say you have a $10 don’t pass bet and the point is a 4. You have a 2/3 chance of winning the bet, so the expected value is (2/3)*$10 + (1/3)*-$10 =$ 10/3 = $3.33. Now consider adding a $40 odds bet on top of it. Now you have a 2/3 chance of winning $30 and a 1/3 chance of losing $50. The expected value of both bets combined is (2/3)*$30 + (1/3)*-$50 = $10/3 = $3.33. So either way your expected gain is 3 dollars and 33 cents. With the don’t pass alone the player edge is $3.33/$10 = 33.33%. With the don’t pass and odds the player edge is $3.33/$50 = 6.67%. So, yes, the player edge as a percentage drops by making the odds bet. However that player edge is effective over more money. The way I think gamblers should view the house edge is as the price to pay for entertainment. If you want to pay as little as possible then taking or laying the odds is getting entertainment for free.
After performing my own infinite deck analysis for Blackjack with the same rules as yours (dealer stands all 17s, re-splitting allowed to 4 hands except Aces, which can only be split once, doubling after splitting, draw only one card to split Aces), I came across your site. In comparing expected values, I obtained the same numbers as you in all cases, except for pair splitting, which were slightly different. So I’m wondering how you went about your calculation of expected values for splitting?
Reason #1 why the Wizard likes Bovada:
Excellent customer support
The thing that separates Bovada from the rest is its customer support. Many other online gaming companies outsource their support. It can be difficult getting a response from them, and if you do it is often slow and handled by somebody with little understanding of gambling or even of English. But Bovada’s support is handled by Bovada, and their support staff is actually knowledgeable and helpful.
I’m so confident that you’ll have a good experience with Bovada that if you have a problem getting paid and you can’t resolve it with them on your own, I’ll talk to them myself. I personally have known the Bovada management for about three years and always found them to be professional, friendly, and knowledgeable. I have also personally visited one of their call centers so I could see first-hand how they handle customer issues. (More on my mediation service.)
If you have a problem with any other casino besides Bovada, I can’t help you. I get complaints from players of other online casinos every day who have difficulty getting paid. However that isn’t my job nor my problem. If you play at Bovada after clicking through my site I’ll stand behind you 100%. Any place else and you’re on your own.