Craps odds depend on the type of bet that you've placed on the table, as the odds vary dramatically based on the actual bet involved.

The most basic craps bet is actually one with good odds for the player, which is placing a bet on the Pass/Don't Pass line. If you bet Pass and the come out roll is a 7 or 11 you win. If the come out roll is a 2, 3, or 12 you lose; if you bet Don’t Pass, you lose on a 7 or 11 and win on a 2,3, or 12. If any point is rolled on the come out roll and if the point is rolled again before a 7, you win; if a 7 comes before the point you lose. The house advantage for the Pass/Don't Pass line is about 1.4%, which makes the bet one of the better ones in the casino for the player. Remember, you're still at a disadvantage, but it's a relatively small one as compared to other games.

You can also "take odds" on Pass/Don't Pass bets, which provides you with one of the best bets at the craps table, odds-wise. Casinos typically allow you to only take 2x your original bet when you take odds, but some allow 5x, 10x, or 20x. To take odds, you simply place your bet behind your original Pass/Don't Pass bet, and the wager is that the point will be rolled before a 7. The house advantage depends on how much they allow you to take, but this bet is typically a 0.2%-0.5% house advantage, which is very, very low and great for the player.

As far as the myriad other bets at the craps table, most don't have the best of odds for the player. That doesn't mean you can't have fun and gamble it up, betting big on hard eights and hoping for a big payout, just that the odds are stacked against you. In general, the bigger the potential payout for a certain bet in the casino, the greater the odds that you will lose.