The craps odds bets can be placed on either the Pass Line bet, the Don't Pass Line bet, the Don't Come Bet as well as the Come Bet.

The craps odds bets can be placed on either the Pass Line bet, the Don't Pass Line bet, the Don't Come Bet as well as the Come Bet.  The point of the Odds bet is to backup the bet you already made and earn a higher payout on the win. The payout depends on the number being that is being bet on.

You can use what is called a Three Ways Crap bet when you want to protect your Pass Line and you want to hedge an opposite bet of lesser value to offset the chance of a big loss against a craps number killing that bet. By throwing 2 $1 dollar chips to the stickman, and saying "Any Craps", you will reduce your profit on this shoot to 13 dollars, if 7 or 11 shows. Any other amount becomes the shooter's point. If craps shows, you lose the fifteen-dollar Pass Line bet, but pick up fourteen dollars for the Any Craps bet you made.  By throwing 3 1-dollar chips to the stickman and saying "Three Way Craps, please" you are changing your chance of a payoff.

The following scenarios can happen if craps shows before a point is established:
     
If a seven or eleven shows, you pick up a 15-dollar win on the Pass Line bet, and lose 3 dollars on the Three Way Craps bet. This gives you a net profit of twelve dollars on that roll.

If a 4, 5, 6, 8, 9, 10 shows, you will lose three dollars and that number becomes the point.

If twelve shows (1-1), paying off at 30:1, you lose seventeen dollars on the Pass Line bet and the other craps bet, however, you would win thirty dollars on the Two Aces bet. This gives you a net profit of thirteen dollars.

Remember, this info is based on a fifteen-dollar Pass Line bet and a three-dollar Three Way Craps bet, which means you have a dollar on each separate craps possibility.  Lets look at some other, in the event you want to hedge your pass line bet.

The following options are also based on a fifteen-dollar Pass Line bet:

Make a three-dollar 3-way Craps bet and make a twelve-dollar profit with a seven or eleven.

If you hedge your pass line bet, you choose either Any Craps or a all time favorite, Three Way Craps. Or you can don’t hedge at all, you will just let that fifteen dollar Pass Line line lay "naked" for the craps rolls to get you.

Before you make a final decision, still based on the save fifteen dollar Pass Line bet:
An eleven can be made 2 ways, and can the number, which in effect is a standoff.  A seven can be made 6 ways, and Aces and Box Cars can only be made one way each.