How Iron Mike plays
On the come-out, Mike bets the Pass Line and the Field.
Once a point is set, he places the 5, 6 and 8 and keeps betting the Field every roll. The Field covers 2, 3, 4, 9, 10, 11 and 12, and the Place bets cover 5, 6 and 8, so every total except 7 pays him something.
Why people like it
It feels unbeatable. Eleven totals out of twelve are winners, and Mike collects on almost every roll.
The catch
It isn’t unbeatable. When a 5, 6 or 8 rolls, the Place bet wins but the Field loses, so the net is small. And the 7, the most likely roll of all, takes everything. The Field alone costs 2.78%, and covering more numbers doesn’t make any of the edges go away.