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How do you hedge in craps?

Hedging your bet in craps is when you make one bet with the erroneous belief that it will protect another wager somewhere else on the layout. The logic here is analogous to diversifying your investment portfolio by buying bonds to protect against losses you might experience in the stock market.

freep.com - It's never wise to hedge bets in craps - Detroit Free Press

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Make Your Bookie Cry And Pull The Hair By Generating $23,187

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Mark Pilarski, Special to the Detroit Free Press

QUESTION: When playing craps, I am aware that it is best to stay away from prop-box bets. But when playing the Don't Pass line for a $10 bet with a max lay of $60, if the point is a 4 or 10, is it wise to hedge this bet with a $10 Hard 4 or 10? — Bill P. ANSWER: In 1933, Wilson Mizner lay dying. He was 58 and had been a gamester all his life. "Do you want a priest?" he was asked, during an interval of consciousness. "I want a priest, a rabbi and a Protestant clergyman," he managed to flash back. "I want to hedge my bets." Was it was a good move on Mizner’s part? Perhaps, but when it comes to the game of craps, my advice remains the same: Never hedge your bets. Hedging your bet in craps is when you make one bet with the erroneous belief that it will protect another wager somewhere else on the layout. The logic here is analogous to diversifying your investment portfolio by buying bonds to protect against losses you might experience in the stock market. Usually, both investments won’t go south on you simultaneously. On the craps layout, however, every bet has a negative expectation. Hedge betting by using one wager to offset the negative probabilities of another wager is just not smart. What you are doing is taking a high-house-edge bet on the Hard 4 or 10 (the Hard 4 and 10 carry a casino advantage of 11.1%) and expecting it to make a Don’t Pass wager (1.4%, lower by laying odds) of higher quality. You can’t have it both ways. You cannot protect yourself in one place without being hurt in another. Hedge betting won't beat a game like craps, and it won’t even dent the house edge. My advice to you, Bill, is to pass on hedge betting, stick to the Don’t Pass and reduce that minuscule 1.4% house edge by laying odds. Q: Where does the word "jackpot" come from? I have never been able to find the origin. — Lee H. A: Multiple dictionaries that I checked date "jackpot" somewhere between 1880 and 1885. It's an Americanism of uncertain origin, and its first published use may have been in an 1865 issue of the National Police Gazette. That timeline suggests the word preceded the invention in 1895 of the first mechanical slot machine by Bavarian immigrant Charles Fey. It was Fey who linked the three reels to the slide payout mechanism and created the first reeled, mechanical slot machine. In a gesture of patriotism, he named it Liberty Bell. The word “jackpot” does not appear anywhere on the Liberty Bell machine. The machine had five symbols: horseshoes, diamonds, spades, hearts and a bell. The player who lined up three bells would receive the highest payout of 10 nickels. With a bit of additional research, you can find "jackpot" tracing its origins to poker. In the 1860s, the term was used in a form of poker in which the pot accumulated until a player could open the bidding with two jacks or better. Mark Pilarski is a contributing editor for numerous gambling publications. E-mail questions to pilarski@markpilarski.com.

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