There are several ways to play craps with a low house edge. The first step is to find a craps table with high odds. This means the maximum amount that the house will let you back up line bets with. On the Las Vegas Strip, this number is usually 3 times on 4 and 10, 4 times on 5 and 9, and 5 times on 6 and 8. It will be described as a 3-4-5x table. All max winning odds bets pay $60 when hit.
While many players will find 3-4-5x tables perfectly acceptable, players with deep bankrolls will want to find at least a 10 times table. In Las Vegas, these are available at Stratosphere on the Las Vegas Strip and at Golden Gate, The D and El Cortez downtown, as well as a variety of locals casinos. Players will find 20 times tables at Sam’s Town and Main Street Station. Casino Royale on the Strip offers 100 times craps.
The reason odds are so important is because there is no house edge on the amount played behind a line or come bet. The return is 100%, which substantially lowers the house edge on the entire bet.
Once a good craps table is located, the next step is to avoid all of the bets in the center of the table. These tend to have double digit house edges. You should only bet in four places; Pass Line, Don’t Pass Line, Come and Don’t Come. These four boxes offer the lowest house edge on the craps table.

Pass or Don’t Pass

The next step is to determine if you prefer to play with the house or the other players. Most people choose to bet on the player’s side. This means that they will hope that points are made and that 7’s only appear on come out rolls.
This strategy starts with taking the Pass Line bet. Once a point is established, take the maximum allowable odds. A conservative player can stop there, but for very little house edge, the Come bet is a good next step. The come is a side bet looking for a new number. It will move to the top of the felt like a place bet if a 4, 5, 6, 8, 9, or 10 are rolled. If that happens, once again take the max odds and take another Come bet.
Most players that use this strategy will stop once there are two Come bets in position. Aggressive players will continue to bet this until the player throws a seven out.
If a player makes a point, the odds on the come bets are turned off by default. That way, if a player throws a seven on the come out, only the flat bets lose and the odds are returned. Very aggressive players will call all of these odds on for the come out roll. This lowers the house edge substantially, while at the same time creates massive variance. The killer with betting this style is that a 7 will completely wipe a player out.

Betting the Don’t

Players with bigger bankrolls may want to consider playing from the don’t side. It is the same concept in that a player bets the Don’t Pass and follows it with Don’t Come bets. The odds are in reverse so a player lays more than he wins. For example, laying a 6 or 8 requires $6 for every $5 that the player wants to win. The 4 and 10 require a 2-1 lay. The house edge is slightly smaller from this end. Another advantage to this is that a number can only be picked off one at a time when it is rolled. When a 7 comes, all bets win. This can create a large windfall in between slow losing streaks. It is important to be well bankrolled for this play.