Alright. This post is going to be dedicated to two things. First, explaining how the Place Bet works, and second, explaining why you shouldn’t do it.
Place bets are bets “placed” on specific numbers. To place this bet, you drop your money on the table and let the dealer know what you would like to place. For instance, put $5 down and say “Five dollar nine please.” The dealer will then position your chip in the appropriate position along the edge of the “9″ box. First lesson of place bets, if you absolutely must do them, is that you should always use increments of $5, except on the 6 and 8, where you should use increments of $6. This is because of the way the bet is paid. A place bet is a bet that the number you placed comes up before a 7.
Now, as we all know, a 7 is the most commonly rolled number. So, the house pays this bet at what I like to call “house odds.” Which is to say they pay more than even money, but less than “true odds.” The bets pay: 9 to 5 on a 4/10, 7 to 5 on a 5/9, and 7 to 6 on a 6/8. If anything other than a 7 or the number you have placed is rolled, this bet is unaffected.
The bet is considered off when the game is off, and working when a point has been established, although you may call it off or working at any roll. This bet is entirely within your control. Even though the dealer keeps track of the bet for you, you can have them pull it back, increase it, or move it to another number entirely at your discretion.
Now, for why you shouldn’t play place bets. First, let me say that this mostly applies with larger bets. The odds, however, are “house” odds, and not true odds. Even though the differences in odds seem small, they are huge. For instance, the hold on a pass line or come bet with double odds is .06%. The hold on a place bet on the 4 is calculated below. There 6 ways to roll a 7 and 3 ways to roll a 4. That’s 2/1, or 10/5. The bet pays 9/5. That’s only a difference of 1/5, right? That’s 20%. That is more than 20 times the hold on a come bet which brings your money to the four. The hold is a little bit different for each pair of numbers, but, it is always significantly higher than the hold on a pass or come bet.
There are three arguments I hear for why to place come bets:
If I put my money on the come, I have to wait for a number to come up twice, not just once. This is true. But, remember that luck is blind and the dice have no memory. Just because the number came up once does not actually decrease its chances of coming up again on the very next roll.
I want to make sure my money goes to a 6 or 8, because they’re more likely to come up. Yes, you are more likely to win money on a 6 or 8 place, pass line, or come bet. But, you’re not winning as much money. On a 4 or 10, you get paid 2 to 1. So yes, you will lose that bet more often, but when you win, instead of winning $30 on a $25 odds bet, you win $50. Mathematically, all of the numbers are equivalent for pass and come bets.
It pays the same, I might as well pick my number. This is true on low limit tables. For example, a $15 place bet on the 4 will pay $27. A $5 come bet with $10 odds will actually only pay $25. An $18 place bet on the 6 will pay $21. A $5 come bet with $10 odds will pay $17 (although it is only a $15 bet). But, what you need to take into account is the first roll on the come or the pass line bet. There are 8 ways to roll a 7 or 11 (winner) and 4 ways to roll a 2, 3, or 12 (loser) on the first roll. It’s not as simple as saying that the odds are 2:1 in your favor, because there’s also 24 ways to get a point. But, this roll significantly affects the odds. On a place bet, you don’t have this boost. Also, with higher odds and/or higher limits, the advantage to odds bets becomes much more clear. For instance, say that you are now allowed to take 5 times odds. A $30 place bet on the 4 pays $54. A $5 come bet with $25 odds will pay $55. At ten times odds, a $55 place bet will pay $99. A $5 come bet with $50 odds will pay $105.
The bottom line is, even though at first glance the place bet may look better than the come bet, mathematically, it is a terrible bet.