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Any Seven Bet
The any seven craps bet, also known as big red, is perhaps the most popular and well known wager in the game of craps. Basically all you are doing is betting that the shooter will roll a 7 on the next roll. Recall that the number 7 is the most frequent and probable number to appear when the dice are rolled so your odds of landing it are fairly nice.
The odds of actually rolling a 7 are 6 in 36 or 5:1. The house pays out 4:1 on a winning bet, which brings up an outrageous house edge of 16.67%. This is the absolute worst bet you can make in craps. This is actually one of the worst bets a player can make in any casino game at the casino. It is also the most profitable bet for the casino since a large house edge means that players will lose more money and quickly. Note that this rule depends on what casino you play at.
I added a picture below showing where the any seven bet is located on the table layout. This is a single roll bet so I would win only if the shooter rolls a 7 on the very next roll. I would lose if anything else is rolled. Note that "any" seven means that any combination of numbers (such as 2 and 5, 1 and 6, 3 and 4) that add up to 7 will be acceptable for a win.
Carefully look at the image below. Notice that Wild Jack casino pays out 5 For 1. This does not mean 5:1 though, but 4:1. This is just an example and lesson of why it's important to understand the wording of what the odds mean! This can really benefit or hurt your game. An inexperienced player may assume 5 For 1 means 5:1 or paying out true odds, which is why some people will become obsessed with the number 7. Others will recognize that 5 For 1 means 4:1, which turns out to be the worst odds in the entire game. Just to appreciate how great true odds are though, there is usually no other bet in the casino (except a handful of other craps bets) that has no house edge. Card counters in blackjack would only dream to get near true odds in blackjack.
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