House edge is the percentage of each wager that the casino will keep in the long run, For example, if it’s 1.41%, like in the craps Pass Bet, for every $100 the player will only get back $98.59. Estimating what you can expect to lose in an hour is quite easy in other games, but a bit more complicated in craps.
In most games you estimate how many events will happen during one hour and that’s how you can know the expected loss per hour. For example, we can make it simple and assume that Roulette has 60 spins per hour. In European roulette the house edge is 2.70%, therefore the expected loss would be $2.70 per every $100 bet, and therefore $162 per hour.
This method doesn’t work for craps because most of the common bets are not just one single roll. A Pass Bet can go even for an hour or longer if the point or 7 does not get rolled again. Therefore the expected loss per hour cannot be estimated this way, but it can be if you know what the house edge per roll is in the Pass Bet.
The house edge per roll gets calculated by finding out what is the average number of rolls in each completed bet. It’s 3.38 in the Pass Bet. Then you divide the house edge per bet by the average number of rolls. In the Pass Bet it would be 1.41%/3.38, which equals 0.42%. If there are 60 rolls per hour and the player always bets $100, the expected loss per hour is $25.20.
A few other house edges per roll are 0.40% for Don’t Pass, 1.67% for Place 4, 1.11% for Place 5 and 0.46% for Place 6, as well as 2.78% for both Big 6 and Hard 4.