A pass line bet can be made at any time during a shooter's roll, even after he has established a point. However, a bet placed on the pass line after a point has been established is a very poor wager, since you have missed the opportunity to win on the come-out roll when the shooter throws a 7 or an 11. The only way you can now win is if the shooter repeats his point before he sevens-out. A single odds bet is an additional wager, up to the amount of your original wager, that the point number will be repeated before a 7 is rolled. The odds bet is the best wager you can make in the game of craps, because the house has no built-in advantage.
Some casinos permit players to make double odds, and even greater odds wagers.
The odds bet not only has no house edge associated with it, but also has no official designated space on the craps table. Therefore, to take the odds, you must place the appropriate amount of chips behind your pass line bet in the open area of the craps layout. The correct payoff for odds bets varies from point number to point number, depending on the odds of a 7 being rolled before a particular point is repeated. The payoff formula is the same whether you take single odds, double odds, or more. You are allowed to remove your odds wager from the craps table at any time, as a casino does not object to your taking down a bet that has no house edge.