Hit and Run Gambling
Dear Jim,
Here is one of the best ways for me to win in craps. I "lay" the four for $100, which gives me 2 to 1 in my favor when the seven hits. I immediately walk away with my 90 bucks. I have found this method an easy way to make a quick $100. Please tell me what you think? Sam Y.
What you are doing, successfully for the moment, is called "hit-and-run gambling."
This type of short-term play is a breeding ground for unusual fluctuations, where the brevity of your gambling session seems to defy probability, and for now you keep scoring that quick $90.
The casino's built-in advantage, which they definitely have on laying the four, appears to be on vacation. But keep it up, Sam, and you'll find that the casino's advantage is quite real. It's predicated on the operation of the "law of averages" over the long haul, not on Sam's quick in-and-out system.
Once your $100 is exposed for an extended time, made up of no matter how many little chunks, you will drift inescapably into and under the built-in house edge (albeit slight) of 2.44% on that particular wager.
