Do you know how to >> play craps<<
I’ll write about craps game

Most forms of casino gambling, such as slots or craps, are considered fixed odds wagers, which means the payoffs can be calculated in advance, depend¬ing on the type and amount of the bet. Knowing their edge in advance assures casinos of the profits they need to keep serving you those free whiskey sours all day long.
Betting on horses is another story: The payoff for a winning wager in a horse race depends on how other bettors wagered on the same race. All the money wagered is pooled together and then split up among the winning bettors (after the casino takes its cut). So the greater the number of bettors who picked the winning horse, the smaller their individual payout, because the money has to be shared by more people. That system is the essence of parimutuel wagering, and it’s why the odds on each horse are constantly changing before the race.
The pari-mutuel environment can be confusing to beginners. Good handicap-pers not only judge horses but also constantly evaluate betting odds, attempting to get good betting value for their horse. In other words, they look for horses whose payout odds are higher than their chances of winning the race. (For more on handicapping, check out “Getting a Hand on Horse Racing: Handicapping Basics,” later in this chapter.)