The mathematical breakdown is as follows, there was a 1/4 chance the number rolled would come up red and even (I would loose the game outright), there was a 1/4 chance the number would come up odd and red (I break even), a 1/4 chance the number would come up even and black (I break even), and a 1/4 chance the number would come up odd AND black (both my bets pay off and I win). So there is a high chance 1/2 that I would simply break even, meaning I had a ton of longevity. I would occasionally add a few bucks or subtract a few to my bets as well.
It is not the sexiest way to play the game by any stretch of the imagination, but from my $40 investment I walked away with $100. It took me a long time to think out my strategy and get the ropes of the game by watching, so I say I made that money in only a few hours worth of fun. Next time I will spend the whole day there!
Now I need to refine my technique. And learn about some of the other bets available whose odds are not so close to 50-50.