In the game of Craps, a “lay bet” is a type of bet that players can make after a point has been established. It is essentially the opposite of a “buy bet.” When you make a lay bet, you are betting that the shooter will roll a 7 before rolling the point number again.
Here’s how it works:
1. **Establishing the Point**: After the come-out roll, if the shooter rolls a 4, 5, 6, 8, 9, or 10, that number becomes the ‘point.’ Once the point is established, players can place lay bets.
2. **Making the Lay Bet**: When you make a lay bet, you are predicting that a 7 will be rolled before the point number. For example, if the point is 6, you would win your lay bet if a 7 is rolled before another 6.
3. **Odds**: Like buy bets, lay bets are paid off at true odds. This means the payouts are fair and reflect the actual probability of rolling a 7 versus the point number. The house charges a 5% commission on the amount of the lay bet, which is collected when the bet wins.
4. **Winning the Bet**: If a 7 is rolled before the point, the lay bet wins. If the point is rolled before a 7, the lay bet loses.
5. **Payouts**: When you win a lay bet, you are paid at the true odds, minus the 5% commission. The odds for each point number are as follows:
– Point of 4 or 10: 1 to 2 odds
– Point of 5 or 9: 2 to 3 odds
– Point of 6 or 8: 5 to 6 odds
6. **Taking Down the Bet**: You can take down your lay bet at any time before the point is made or a 7 is rolled.
Lay bets are less common than buy bets because most players prefer to bet with the shooter (pass line bets) rather than against them. However, they can be a useful part of a betting strategy for experienced players looking to diversify their wagers.