let it ride

Play in Let it Ride starts with each player making three bets of equal size. Then the dealer gives every player three cards, and two community cards are placed face down. After seeing their first three cards each player has the choice to take one of their three bets back or to "let it ride" and leave it out. Then the dealer turns over one of the two community cards. Each player then has the option to pull out another bet or "let it ride." The player may leave their bet in or take it out the second time regardless of their first decision. Finally the second community card is flipped and the players are paid according to one of the following five pay tables.
The table will probably have a maximum payout. At enterbet.com the maximum aggregate payout is $75,000 per round. As a result the player should not bet more than the maximum payout divided by 3000. Any bet above this quotient will not pay the full odds on a royal flush, thus increasing the house edge.
Strategy
The following strategy is for the standard pay table 1, and is also applicable for pay tables 3 and 6.
With three cards you should only "let it ride" if you have:
Any paying hand (tens or better, three of a kind)
Any three to a royal flush
Three suited cards in a row except 2-3-4, and ace-2-3
Three to a straight flush, spread 4, with at least one high card (ten or greater)
Three to a straight flush, spread 5, with at least two high cards
With four cards you should only "let it ride" if you have:
Any paying hand (tens or better, two pair, three of a kind)
Any four to a royal flush
Any four to a straight flush
Any four to a flush
Any four to an outside straight with at least one high card
Any four to an outside straight with no high cards (zero house edge)
Any four to an inside straight with 4 high cards (zero house edge)
A lot of people have asked me what I mean by "inside straight", "outside straight", "spread 4", and "spread 5." An inside straight is one in which an 'inside' card is missing, such as (4,5,7,8). An outside straight is one in which an outside card is missing, such as (4,5,6,7). Outside straights are much better because there are 8 cards that can complete them as opposed to 4 for an inside straight. Spread 4 means that the cards in question span 4 ranks in a row, for example a (5,6,8). Spread 5 means the cards in question span 5 ranks, for example a (5,7,9).