Ah, I don't think the answer posted really addresses the question. I'm not questioning the math, just the postulates.
It's pretty obvious that the posted wants to know the odds of breaking even on craps place bets. WizardOfOdds answers this partially, but again doesn't fully examine the situation.
Here's the reason for the question and the answer that is sought.
In craps, if place-bets placed on 6 or 8, each for $6, those bets can pay out $7 when those numbers roll out. The bets are lost if 7 rolls at any time.
It is pretty popular for gamblers to place $6 on the 6 and 8 once a point has been established, and to 'press' those bets once they have paid for themselves. That means doubling the bet for an even bigger payout.
So, the answer sought of course is what is the probability of rolling at least 6,6 or 6,8 or 8,8 before rolling a 7. The initial bet has a value of $12 at risk which is lost of 7 rolls.
Here are the situations:
roll 7 -> $0
roll 6 -> $12 risk + $7 bank, roll 7 -> $7
roll 8 -> $12 risk + $7 bank, roll 7 -> $7
roll 6 -> $12 risk + $7 bank, roll 6 -> $12 risk + $14 bank, roll 7 -> $14
roll 6 -> $12 risk + $7 bank, roll 8 -> $12 risk + $14 bank, roll 7 -> $14
roll 8 -> $12 risk + $7 bank, roll 6 -> $12 risk + $14 bank, roll 7 -> $14
roll 8 -> $12 risk + $7 bank, roll 8 -> $12 risk + $14 bank, roll 7 -> $14
etc...
The overall odds of throwing 7 is 6/36 and the odds of 6 and 8 are 5/36, but because only 7,6,8 are interesting here, and there are 6 ways to make 7 and only 5 ways to make 6 or 8 there are a total of 16 combinations that are interesting with odds of
6/16 for 7
5/16 for 6
5/16 for 8
This means if we're not going to change the original $12 bet the odds of rolling either 6 or 8 on each roll is 10/16 against the 6/10 odds of rolling 7.
So, we have a 6/10 chance of losing all $12.
Then, we have a 10/16 chance of earning $7 on the first roll.
(Notice I didn't say at least $7 because that scenario includes winning any amount above $7, and corresponds to any sequence of rolls of 6's and 8's.)
The odds of rolling either 6 or 8 twice in a row is 10/16^2=25/64 or 39%. Of course that's the only way you can make more than $7 on the second roll and so the probability of making $14 is 39%.
The expected amount you win is for the whole set of possibilities:
0 x 6/10 +
$7 x 10/16 +
$7 x 10/16^2 +
$7 x 10/16^3 etc...
We're not counting the first $7 you win because that's taken care of by the 10/16 probability.
The sum of 0 + q + q^2 + q^3 ... is (1/1-q)) so the sum of this is: $7 * (1/(1-10/16))
which comes to: $2.66666
Over time, counting the fact you will lose $12 every time (because we keep rolling until we lose them) you will lose $12-2.66 = $9.33
Now that we've done the math for just the 6 & 8 place bets and leaving them on until we seven-out, what's the odds for place bets 5,6,8,9 all together ?
Remember that 5 & 9 pay out $7, with a bet of $5, while 6 and 8 pay out $7 for a bet of $6. The answer uses the same method, since the payout is the same, but this time, the odds are
6/24 for 7
5/24 for 6
5/24 for 8
4/24 for 5
4/24 for 9
You can get the probability of winning $7 simply by 'not rolling 7, which is 18/24. ;-)
Now, my question to people on this forum is this: What happens if we press bets after they're paid ?
Pressing, means that once a place bet has paid (say the six rolled, and paid $7), we double the bet to $12 (2x$6) and pocket only $1, for the chance that next time it rolls we'll pocket $14 instead of $7.
I'll only ask what happens if we press the bet once and leave it alone, but we have to consider doing this on any bet that pays, independently of others.
If you feel like tackling the strategy where two winnings (say 6 and 8) get used to double a bet on the 6, knock yourself out. I can't figure it out.