We'll call the name of this strategy Spread the Risk. Many players like to bet on single numbers. However, scattering your bets greatly increases you chances that you're going to win something more often. For example, if you have a few favorite numbers bet the corners and the splits. This way, even if your most favored numbers don't hit, some of the neighboring numbers might!
Let's look at an easy example. Instead of betting $5 straight up on a number, put a dollar straight up and a dollar on each corner. If it hits, it won't pay $180, but you're actually betting on a total of 9 which pay a minimum of $9 ($4 profit) for a corner, $18 ($13 profit) for a bordering number and $72 ($67 profit) if you hit the number straight up. Now, instead of hoping for a number that only comes up every 38 rolls or so, your odds of making profitable wager are considerably increased on every roll.
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