The amount of odds that you can bet is limited by what a casino is willing to offer. You can’t make an odds wager worth 100x if the casino’s max is 3x free odds. This is why it pays to look for casinos that offer the most generous odds. You also want a low minimum bet so that you’re not risking much against the house edge. So max odds is playing like a sucker. Just do double odds on all bets. So you bet $5 on the passline and $10 odds. Consider adding a come bet ($5) and put $10 odds on that too. Only after you win back your $30 should you consider increasing your odds because now you are gambling with house money (or winnings). When betting odds on a craps game, keep your Pass line bet at the table minimum and odds at the highest amount you are comfortable with. Finally, let’s not forget one important fact: All craps Bets with Poor Craps Odds Big 6/Big 8 Bet. This is a Bet on a Big 6 or Big 8, put down after the point has been established. If a 6 or 8 is rolled before a 7, you win (1:1). This is a bet that you should not play because you can Place a bet on 6 or 8 and receive better odds. Field Bets As you can deduce, the more Odds you bet, the more you lower the casino’s advantage, but you’ll never be able to lower their advantage to zero. Remember, to make the Odds bet, you must first bet the flat Pass, Don’t Pass, Come, or Don’t Come, so when you combine the Odds bet with a flat bet, the casino always has an advantage (albeit comparatively small). The player should always leave the odds on regardless of how many come bets are active. When considering the options, looking at the probability of winning alone is not enough. Yes, with one come bet the odds of losing the come bet are greater than winning, however the potential win is greater than potential loss. Technically you will be giving up more in expected loss if you play 2 pass/come bets with 2 times odds than if you just played 1 bet with max odds. 2 pass/come bets with max odds actually will have the same EV as the same bets with 2x odds, but much higher variance and risk of going bust as you noted. Yes, bet the max odds, but only within your ‘betting range’. If you’re playing at a $5 minimum table with double odds, your ‘normal bet’ would be $15, $5 flat and $10 odds. If you move to a 100x odds, you’re not going to suddenly start making $505... Taking odds will reduce the house edge. That's a fact over the long haul. The concern people should have is that taking max odds can wipe you out very quickly on a bad set of rolls..which can and will happen on the pass or don't pass side. I saw a guy the other day playing the don't $25 with 3x odds and the roller hit the point 7 times in a row.
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