Dear Dr. Per Cap:

My uncle says there are smart ways to gamble if you understand the odds.  What’s the best way to win in the casino?   He says craps is the way to go.

Signed,

High Roller

Dear High Roller

First off I never like seeing the words “smart” and “gambling” in the same sentence.  At best gambling should be considered entertainment.  At worst it’s an unhealthy addiction.  Somewhere in the middle is probably where most casino customers lie.

That said this is an easy question.  Best way to win in a casino is to splurge using that complimentary all-you-can-eat buffet coupon and then get the heck out of there.

Ok enough pontificating.  People are going to gamble regardless of what I think so let’s do this.

Almost every casino game has a house edge, the casino’s advantage over the customer or player.  However, your chance of winning is lower with some games than others.

Your worst odds are the slots.  They don’t call them one armed bandits for nothing.  In a typical casino the house edge on a slot machine is about 7%.  This means if you play long enough you’ll end up losing ninety-three cents of every dollar you feed the machine.  That might not sound like much but just like a leaky bathtub, eventually they’ll drain you dry.

You stand a better chance of winning at the table games.  The house edge on a roulette wheel is 5.26%.  Next is black jack where the house edge is 1%.  A card counter can actually get that 1% edge on a blackjack table even lower.  But as soon as a casino catches on to someone counting cards, it reserves the right to show that person the exit.

Your best odds are usually found on the craps table just like your uncle said.  At some casinos there’s no house edge on dice.  That’s right 0%.  You’ve got an even chance against the casino.

But here’s the thing.  This only applies if you bet strictly by the book.  That means sticking only to the pass/don’t pass line and backing those bets with odds behind the line.  In many casinos you can reach true odds, which is another way of saying 0% house edge, when playing craps if you place the maximum odds bets that the house allows.  If you notice, casinos list their maximum odds on a little plaque positioned on the side of the dice table.

While this is the smartest way to play craps it’s not always the most exciting.  It means you have to steer clear of all the prop bets like the horn, hard ways, field, and the granddaddy of all sucker bets – Any 7.  Interestingly, these prop bets actually have the highest house edges and are the worst bets in the whole casino, which is why casinos are able to make money on craps.  Very few players have the discipline to resist prop bets and bet only the pass/don’t pass line during a long grind on a craps table.

So there you have it.  And yes, once upon a time and before I found my calling as a financial skills educator, I considered myself a bit of a high roller too.

Please gamble responsibly and remember the same thing I tell people who invest in cryptocurrencies and meme stocks – don’t gamble more than you can afford to lose.  Also if you ever feel like you’ve got a problem with gambling reach out to the casino staff or call the National Problem Gambling Helpline Network at 1-800-522-4700.Ask Dr. Per Cap is a program funded by First Nations Development Institute with assistance from the FINRA Investor Education Foundation. For more information, visit www.firstnations.org. To send a question to Dr. Per Cap, email askdrpercap@firstnations.org