Craps Money Management - Increase Your Craps Bankroll
Few casino games require such an emphasis on money management more than craps. The sheer number of bets combined with the speedy-gonazalez-like pace of the game may leave a number of players with significantly less in their pockets than when they first started, which is why craps money management is so essential to know and to get a handle on.
Developing a good craps money management strategy and remaining focused on your strategy and bankroll will end up saving you your hard earn cash – you’ll be able to enjoy the game without forgetting the reality of the figure in your bank account!
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The first craps money management strategy is to keep your craps bankroll separate from money earmarked for other things, other more important things like your rent, your kid’s school fees, and food for your ultimate survival on this planet. If you’re not careful you could even get to a point where you can’t afford toilet paper anymore – best not to go there. It's always tempting to pull out more money to bet on a hot shooter, but that one inopportune seven could wipe the board clean. If you are foolish enough to mingle personal finances with gambling funds, this may leave you eating stale bread (without butter as you won’t be able to afford it) for breakfast, lunch, and dinner until your next pay.
How to Manage your Craps Bankroll
Once your gambling money is separate from your life money you need to spend it wisely. In order to protect your bankroll, you should decide how much you are going to bet on each shooter and how much you are willing to lose in one betting round of craps. When you put a few hundred dollars into a game all at once, and then you lose it all within a few rounds, you’re more likely to want to put even more money into the game as you won’t be happy with the outcome.
Ask yourself if you are willing to lose all your gambling money on one round, or a fifth of one round, or only a tenth of a round for example. It’s smarter to bet only a fraction in one hand in order to extend the time you spend at the table and to minimize your losses. If you put all your money down in the first round you could lose everything within minutes if a shooter seven outs quickly. If you lose your stake, leave. The casino will still be there when you have the funds to play again.
Wise craps money management is the same as sound money management for gambling in general. Always gamble responsibly and only bet what you can afford to lose. Try to bring only your gambling money (plus travel/food expenses) to the casino. Leave your credit and debit cards at home and don't get any casino credit.
In craps, there's always something to bet on. Even if you avoid the risky proposition bets, you can always put down a come bet, place bet, don’t come or don’t place bet, lay odds, take odds, and many others. Furthermore, unlike other casino games, the rounds in craps are indefinite. The action continues until the shooter sevens out and then a new round begins. As always, good money management starts with learning all the betting possibilities and deciding upon an optimal strategy around your playing motivations and limitations.
Best Craps Bets
Some craps bets have the lowest house edge out of all the casino games combined, and it would be foolish not to play them! These bets are the pass, come, don’t pass and don’t come bets. Read through the craps rules and craps strategy guide if you are unsure how to place these bets. If you really want to maximise your winnings and lower the house edge even further, you should either take odds on the pass and come bets, or lay odds on the don’t pass and don’t come bets, and you should take/lay odds the maximum amount of times allowed. For example if the maximum amount is 5, then bet 5 times your original bet on the odds bet. However only do this if your bankroll allows it, if not just stick to double odds. Another multi-roll bet which has a higher house edge but is not too terrible is the hardway bet, just don’t go too crazy with this one.
Worst Craps Bets
The best way not to lose all your craps gambling money within the blink of an eye is to stay clear of all proposition bets. If you have a craps bankroll of around half a million dollars, then sure, by all means wager away on these high risk bets with notoriously high house advantages. However for most mortals this isn’t the case, so to put your money on these bets is ludicrous, at best. If you feel like doing some more adventurous one-roll bets, stick to the place 6 and place 8 which have a better house edge than the big 6 or big 8 bets.
Craps money management is about having a plan before starting the game. For some this may simply mean walking away after they have lost X amount of money. However there are many players who prefer to play craps with a particular betting system in order to manage how, when, and how much they bet, and when to stop playing all together.
Paroli Betting System
This is a progressive betting system, meaning when you win a bet you then increase the amount of your bet on the next bet. If you lose a bet, you decrease the amount of your bet the next time you bet. You won’t need a large craps bankroll in order to play with this betting system, however you will need to know in advance how much you’re going to let the bet increase before removing the bet from the table, and exactly how much you need to increase when you win your wager. Read through our article on the Paroli Betting System in order to understand how it works in more detail.
Martingale Betting System
If you want to lose a lot of money, you can use the martingale betting system in craps. You need to place equal bets on the pass/don’t pass and come/don’t come bets. This strategy only works with the bets that pay even money, check out our craps strategy page for a list of all the craps bets and payouts. When you lose, you double your bet in the next hand. The thinking behind this one is that eventually you will win, and get back all your losses plus more. The dangers of this system are quite obvious in that you may never win your money back, and you could lose all your betting money relatively quickly. If you choose this method make sure you stick to using only the money in your craps bankroll and not your retirement fund.
5-Count Craps Betting System
You can also use a strategy devised solely for craps and is meant for you to find winning shooters and not waste your money on shooters who seven out quickly. You need to be able to reach five points before placing your money on a bet to eliminate the chances of you wagering on a bad shooter. If you want to learn the rules of counting the points and understanding this strategy more in depth you can read it on our craps strategy page.
These are only an example of the most popular strategies, however there are quite a number of different ones to choose one. Read through all the various betting strategies available to decide which one is best for you.
- Buy chips in small batches: If you want to play for a few hours don’t buy all your chips in one massive lump. Decide how much you want to spend, and then buy a smaller amount of chips every hour or so. This way you won’t spend all your craps money in the first fifteen minutes of playing!
- Set a limit for losses: Decide how much you are willing to lose overall and stop playing once you reach this figure.
- Have a pre-determined amount of lost bets: Have a pre-determined amount of lost bets and stop playing if you reach this amount of bets.
- Take a break! Don’t get hypnotised by the action as you’re more likely to wager all your money too quickly. Get up, have a stretch, and re-assess your monetary situation.
- Determine after how many wins you will stop playing: It’s quite obvious that after a certain amount of losses you need to control yourself and stop playing in attempt to win back the money you lost. But you also need to stop yourself from not only losing all your winnings, but then betting even more, to try to win more, and end up losing your winnings and all your craps bankroll. Establish beforehand at what point you’ll be happy to collect your earnings and buy yourself a drink and enjoy the rest of the day or night.
- Avoid all proposition bets: Simply don’t put down any money on the any craps, any seven, any eleven, any 12, or any other proposition bets.
- Take or lay odds on the place/come/don’t pass/don’t come bets: These are the best bets in all casino games with a house edge of roughly 1.41% between them, which is reduced even further when you take or lay odds on them.
- Stay alert and concentrate: Not only does the action in craps moves incredibly quickly, but you can have multiple bets active on the table at once. Make sure you have all your bets under your watchful eye and remove the bet from the table if you don’t want it active anymore. If you forget about an active bet you could lose a lot more than you bargained for!
- Follow a betting strategy: Although not for everyone, for some players it helps a lot to follow a strategy such as paroli, martingale, or 5-count craps in order to determine when to bet. We have explained all the different betting strategies for you so you can choose which one works best for you.
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