If the house paid $6 to every $5 bet on the win, the house percentage would be zero, because they would pay out $6 five times for $30, and collect $5 six times for $30 leaving a net gain of zero dollars or 0% house advantage,
But they pay $7 for every $6 bet, so they pay out $7 five times (each time an 8 comes up) for $35, and they collect $6 six times (each time a 7 comes up) for a total of $36, so the casino takes $1 for every $66 bet or a house percentage of 1.5%.
So your odds of winning the bet are 45% and house gets 1.5% of everything bet.
That is actually a pretty good bet, the closer you can get 50% odds to win (50-50 or even money) the better the play is, and of course the closer you get to 0% house advantage the better off you are.
Staying on the craps table, let me give you an example of making a bad bet, that is actually not only betting against a good bet already made, but also has a small chance to win and a large house percentage to boot.
With a bet on the pass line I have seen many a gambler also place a bet on “Any Craps”, thinking they are protecting their “Pass Line” bet, when in fact they are just throwing their money away.
“Any Craps” is 2, 3, or 12, it is a one roll bet and one of those numbers must be thrown or it loses. Those three numbers can be made 4 ways, so with 36 different combinations possible, there are only 4 ways to win and 32 ways to lose, this means the odds of winning are slightly over 10%.
“Any Craps” pays 8 for 1 which is the same as 7 to 1, therefore it has a house percentage of about 11%.
So now you are making a bet with only a 10% chance to win and the house is getting 11% of everything bet and you have to lose the good bet to win this one (which, by the way has a 49% chance of winning with about a 1% house advantage).
Don’t add to the house advantage by beating yourself.