Does betting pass and don't pass at the same time cancel out the house edge?

Dear Frank:

If you bet the pass line and the don't pass line and then take odds, isn't the game even between you and the casino? Don't those two bets cancel each other out and the house has no edge?

Steve

Dear Steve:

No. These are two separate bets and each has a house edge going against it. The pass line loses about 1.41% of all the money bet on it; while the don't pass loses somewhat less. If you place both bets for $10 each you will have the house edge subtracted from both bets over time. That's how it works.

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