Mathematics of effects on house edge when combining multiple bets

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Wizard of Vegas forums

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I came across an interesting craps betting strategy online (see youtube link below) called the hedge 6/8 strategy and I was wondering if combining various bets raises/lowers the house edge and/or variance, both in general and for this particular "system". Unfortunately I don't know how to do the math to calculate the house edge for the system or just in general when placing multiple bets. Is there a primer anywhere on this math? I tried the forum search but didn't find anything.

A brief overview of the strategy, $10 is bet on the don't pass for the come out roll, followed with $6 place bets on the 6 and 8 when a point is established. At this point you are hoping 6 and 8 shows to win your place bets. If a seven does show up and you lose your place bets, the don't pass hedges your loss and you only lose $2. If the point number is made you'll lose your don't pass bet, and leave out your place bets. Obviously a hot roll will allow you to press your 6 and 8 place bets and also place the 5 and 9.

To me it seems like utilizing the low house edge bets in a hedging manor like this would allow someone to play for a long time with a limited bankroll for average length rolls, while allowing a decent win on hot rolls.

Thanks in advance!

Youtube link:
/watch?v=8rajuvwpnek&list=PLBdiwFrZBsxODKaV8RoTYentFgYwET88P (P.S. Ignore the corny title and how crazy hot his rolls are, I know craps is a -EV game)

P.S. I wasn't quite sure what section to post this in (Betting systems, Craps, Math, or Other) so please move if appropriate.

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