A lot of people like to play craps at casinos.
But the problem with craps is that the payoffs on any particular bet are relatively small. Some bets pay as little as $7 for every $6 you bet. On most craps tables, the highest paying bet might pay $30 for $1.
If you want a big payoff for a small bet you are more likely to play slot machines where, for example, a $3 bet on a mega jackpot machine could win you millions. And in video poker a $5 bet could get you $4,000 if you hit a royal flush.
Well, a couple of years ago, the "Fire Bet" was invented -- and this is like a jackpot bet at craps. At most casinos the "Fire Bet" pays a maximum of 5,000 to 1, so a $1 bet can win $5,000.
The Fire Bet wins if one shooter makes passes on all six numbers in craps -- the 4, 5, 6, 8, 9 and 10. Make all six, which happens about once in 6,100 shooters, and you win $5,000 for your $1 bet. There are smaller payoffs if the shooter makes 4 or 5 different passes.
But why I like the Fire Bet is because you can win a lot at a game that usually doesn't pay a lot unless you bet a lot. When you are only getting perhaps 2-to-1 on a bet at craps, you have to bet a lot to win a lot. Except when the Fire Bet is made.
In fact, you have a better shot at hitting the thousand-to-one payoff on the Fire Bet than you are at hitting a royal flush in video poker.
The chance of hitting a royal flush on any single play or bet is about one in 40,000. The chance of hitting the six numbers for the maximum payoff on the Fire Bet is about one in 6,100.
In video poker you have to bet $1.25 to hit a royal flush that pays $1,000.
In craps, you have to bet $1 to hit the Fire Bet that pays $1,000.
Making the fire bet costs you less to win $1,000 and your Fire Bet will last longer than each bet at video poker meaning that over the same amount of time, you will lose less with the Fire Bet than you will betting to hit a royal at video poker.
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