The Put Bet
Ever see a table with markings that say "Put Bets Allowed?" Surprisingly, few players know what a Put bet is.
A Put bet is a Pass Line bet that you make (or "put" down) after the come-out roll. You typically see it when someone walks up to the table in the middle of a game and wants to play the point number. The player will "put" a bet on the Pass Line after the come-out roll. An Odds bet on the Put bet can then be made, if desired. A Flat Pass Line bet has a 2:1 advantage before the come-out roll but then has a disadvantage after the come-out. So, with a Put bet, you give up that initial advantage before the come-out roll and immediately accept a disadvantage. That's what makes a Put bet a bad idea, generally. The only time the Put bet makes sense is when the house allows a lot of Odds and you bet a lot of Odds. In that case, a Put bet on the point number can have a lower house advantage than Placing the point number. Unless you're an experienced player and have a big bankroll to put at risk, avoid Put bets. If you walk up to a table and can't wait for a new game to start, and if you're in love with the point number and just have to play it, you won't be giving away much if you simply avoid the Put bet and, instead, Place the point number.
Another type of Put bet is adding to a Pass Line bet during a game after you've made the normal Pass Line bet. For example, suppose you make a normal Flat Pass Line bet for $5 and you take the maximum Odds allowed, which the placard says are 5x. That means your maximum Odds bet behind a $5 Flat Pass Line bet is $25 (i.e., $5 x 5 = $25). The shooter seems to be on fire, rolling number after number. She rolls every number possible except the point and the dreaded 7. You feel in your gut that she's going to hit the point, so you want to increase your Odds bet, but you can't because you're already at the maximum Odds allowed for your $5 Pass Line bet. To increase your Odds bet, you "put" another $5 chip on your Flat Pass Line bet bringing your total Pass Line bet to $10. Now, with the maximum Odds allowed, which in this example are 5x, you can add another $25 to your Odds bet bringing your total Odds bet to $50 (i.e., $10 x 5 = $50).
A Put bet can also be a Come bet made without going through the Come bet's come-out roll. Confused? I clearly explain Put bets and Come bets in detail, with illustrations, in my book, The Secret to Craps: The Right Way to Play. If a game is already in progress, you can immediately "put" a Come bet with its associated Odds bet. For example, when the stickman controls the dice in the center of the table and you have the dealer's attention, simply drop the correct amount of chips in the Come area and tell the dealer what you want. Suppose you drop $11 in chips for a Come bet on the 9 with Odds. Simply tell the dealer, "Put me on the Come nine with six dollars in Odds, please." The dealer moves your chips to the proper spot in the 9 point box and "puts" down a $5 Flat Come bet with $6 in Come Odds.