In order to develop good craps strategy there are two essential goals. The first is applied to a game that is running smoothly and to your advantage. In this case make as much money as is possible.  Alternatively, when the game is going badly and winning is not looking good – loose as little money as possible!

Those craps strategies that claim to advise on betting – such as when to bet, how to bet, and where the bets should be placed are in fact systems for playing as opposed to actual strategies of play.

The distinct differences between systems for playing and the various strategies cannot be underrated. Systems are used to beat the odds on a game using the established system. It generally involves utilizing numbers and linking bets to shift the odds away from the house and to the player's benefit.

While many a daring mathematicians have attempted to decode the game of craps the reality is that it’s a game of negative expectations. This means, the house edge will never shift to the player's benefit.

On the other hand, players are able to develop a craps strategy to help determine their style of play.

This kind of strategy is used by players to quit while ahead or, alternatively, not chase after lost games and money.

This type of strategy is intended to help players play intelligently, while simultaneously not being based on specific bets.

Managing you budget is the single most important strategy you can achieve in craps. Even though it demands both patience and will power, setting yourself borders on how much you can win or lose is the single most intelligent approach to the game (and gambling itself).

Obviously a losing limit needs to be set, that is, how much you can affordably lose. Similarly, a player needs to set a winning limit. This determines how much money a player needs to win before feeling comfortable to walk away. These amounts must be fixed before play begins and must be adhered to during the game.

An example of setting a win and lose limit is as follows: a person goes into a game with a bankroll of $1000. He has set himself a lose limit of $500 and a win limit of $1500. Thus, before even commencing the game this participant knows he will be walking away at the point where he has either won or lost $500.

To achieve the goal of winning $500 it is necessary to commence play. This is done by placing $100 directly in front of yourself and on the table. To make $100 on this you need to build this amount to $200. You are then able to continue playing with the remaining (original) $100.

From now only playing takes place according to winnings or losses. Hence, if the original $100 is lost, the player is a fifth away from reaching his stated losing limit of $500.

It is important to manage your budget by monitoring your bankroll.

The intention of this strategy is to keep attempting to double the primary buy-in money and therefore only play with the winnings. The winnings go directly to your wallet.

It follows that you play with only the $100 mini-sized bankroll.  Additionally, it is strategically important to keep tabs on how much has been lost and how this compares to your starting point.

A good craps strategy will always involve close bankroll management. This one in particular is extra useful as it suggests playing with only the winnings.

It is very important to do as much research on the game before commencing playing.