It is very important to understand the odds and probabilities of the game’s outcome when you shoot the dice. There are 36 different outcomes possible with each throw of the dice. Players (especially new players) should never shoot the dice without prior knowledge of the probabilities and odds involved with the game. The most frequent throw is 7, this outcome covers 6 of the 36 possible outcomes. On the flip side of the coin, the rarest outcomes are 2 and 12. These only give you 1 of the 36 outcomes each. The odds of throwing a 7 or 11 are 6 and 2, respectively, making the chance that you will throw “a natural” on the Come Out Roll 8 out of 36. Now you might be asking, “what is the risk of losing on the Come Out Roll?”. Well, since the outcome of throwing a 2, 3 or 12 covers 4 out of 36 of the possible outcomes, that means, the chance of losing is about half the chance of winning. So far, we’ve covered about 1/3 of the possible outcomes. The rest come from bets that are after the Come Out Roll.

Those players who tend to be “Don’t Come” bettors have a little bit better of a chance of winning than Pass Line bettors. The house edge on a Pass Line Bet is 1.414% and the house edge on a Don't Pass bet is only 1.402% - a little bit better than the pass line bet, but not much .
In Craps you can add another bet to your original Pass Line Bet or your Don't Pass Bet - such a bet is called the odds bet. A odds bet is a bet where you add more money (usually double your original wager) to your original wager if the original bet is not won or lost on the come out roll. You are allowed to place a odds bet once point has been established.

There is no real house edge on a odds bet. Let me explain. If, for example, the point has been established as 5. The chances of winning a pass line bet is 4 to 6, so there is a 4 out of 36 chance of rolling point (in this case, a 5) again. This is put against a 6 out of 36 risk of rolling a 7. This means that if you win such a bet you will be paid according to true odds. So, an odds bet on the Pass Line bet will be paid 3 to 2 whether or not you have made a similar Don’t Pass Bet, and the odds of winning are on your side at 6 to 4. So a Don't Pass Odds bet with 5 as the point only pay 2-3 ( true odds again ).

ODDS BETS PAY TRUE ODDS
Established Point Odds Bet Pay
4 or 10 2-1
5 or 9 3-2
6 or 8 6-5