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The Orleans Hotel and Casino introduced a new Craps bet on Friday, September 19th. The bet is called 7 Point 7 and was developed by Casino Gaming, LLC. Here is how it is played.
The player can place the 7 Point 7 bet on the come-out roll. If a 7 is rolled on the come-out the 7 Point 7 bet wins 2 to 1. If 2, 3, 11, or 12 are rolled on the come-out, the 7 Point 7 loses. Otherwise a point is established and the 7 Point 7 bet remains in action. Once the point is established the very next roll determines whether the bet wins or loses. If a 7 is rolled on the next roll the 7 Point 7 bet wins 3 to 1; otherwise the wager loses.
The house edge can be determined as follows. The probability of rolling a 7 on any roll is 1/6. Similarly the probability of rolling a 2, 3, 11, or 12 is 1/6. This means there is a 2/3 chance of rolling a point. Once a point is established there is a 1/6 chance of rolling the 7. Since the come-out and the next roll are independent events, the probability of establishing a point and then rolling a 7 is 2/3 x 1/6 or 2/18. This is the same as 1/9. There is a 5/6 chance of not rolling a 7, so the chance of establishing a point and then rolling a non 7 is 2/3 x 5/6 or 10/18. This is the same as 5/9. With these probabilities in hand, it is easy too calculate the house edge using the following table:
The player's expected return is -1/18 or -5.5555…%. Thus the house edge for the 7 Point 7 wager is approximately 5.56%. See you next month with a super proposition bet.
Don Catlin can be reached at email@example.com
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