The Horseshoe Club in downtown Las Vegas, which recently bought out the Mint next door, is unique in several respects. Although they have a nominal limit at the craps tables, which I believe is $5,000, that goes out the window if a gambler really wants action. They’ll raise the limit up to the first bet of the player, or make separate arrangements if a big roller wants them.
Thus, a player can come to the table and make a $100,000 bet on the line, back it up with a million dollars-yes, a million dollars! and he’s faded, as the old craps shooters say. The Horseshoe will cover the bet.
The reason he can put a million behind the line is that the casino will allow ten times odds. We’re not talking about single or double odds, but ten times the initial bet on the line, come, or don’t come bets.
Now, with ten times odds, what Binion’s casino is giving you is the best game in town, because he’s reducing the house edge to the bare minimum. With single odds, if you bet $1 and took $1 odds on the 4 or 10, for example, you’d be paid $3 for your $2 bet.
If you bet $1 and took $2 odds (double odds), you’d be paid $5 for your $3 bet. But at the Horseshoe with your $1 bet, you’re taking $10 free odds and being paid $21 for an $11 bet. The correct odds on a 4 or 10 is 2-1, so you’re getting a trifle below that.
With this small edge, the free drinks, and the fact that you have them run a game for you, staffed with dealers, well, it’s worthwhile taking your shot at craps here.
We were previously discussing the maximum bet allowed at the Horseshoe, and showed how a million dollars could be bet behind the line on a $100,000 bet. Just how much will the Horseshoe allow? I was speaking a few years ago to Teddy Binion, who was the casino manager at the time.
He’s Benny Binion’s son, and Benny founded the Horseshoe. He said they’d definitely take a $2;000,000 bet. And above that? He shrugged and said it depended on the circumstances.