Taking "How craps pays out?" apart starts with the shape of one round. Craps is played with two dice and a crowded layout, and almost all of it makes sense once that shape is clear. One player throws, everyone at the table may bet, and the round runs from the first throw to the moment the table either repeats a number or rolls a seven. The bets printed around the layout are answers to what can happen inside that sequence.
The round opens with the come out roll, thrown with the marker sitting off to one side. A seven or an eleven wins immediately for the pass line, the bet most players make first. A two, a three or a twelve is craps and loses it. Any other total — four, five, six, eight, nine or ten — becomes the point, and the marker is turned over onto that number to show the round is under way and that the next throws are measured against it.
Behind a line bet a player may add odds, an extra wager that pays at the true chance of the point repeating rather than at even money. It is capped as a multiple of the original stake, and the multiple is set by the house rather than the player. Odds is the one wager on the table carrying no built in margin, which is why the cap exists and why the line bet has to come first.
A hardway such as hard six needs two threes, and it loses if a seven or the easy version of that number, like five and one, lands first.
Odds behind a line bet pay at the true chance of the point repeating with no built in margin, so the house limits it to a multiple of the original stake.
A field bet covers a group of totals and is decided on the very next roll, winning or losing in that single throw.
A seven or eleven wins at once for the pass line, while two, three or twelve is craps and loses it; any other total sets the point.
Don't pass wins where the pass line loses, except that a twelve on the come out is a push instead of a win.
A place bet on a chosen number stands until that number is rolled or a seven arrives, whichever comes first.