Caps Consecutive winning or losing rolls?

I played craps for the first time ever today. Betting pass taking double odds only. (No other bets) I won the first roll with a 7. I then proceeded to lose 4 straight rolls after that, called it a day and left. Looking on the internet I found a site giving mathematical formulas saying the probability of winning a roll is .493. (I assume that the probability of losing is 1-.493 or .507) If pass / don;t pass is close to the odds of flipping a coin, with overall edge at 1.41 for pass, the coin flip is .50. (Close to .493 or .507)

With that being said, is the odds of a consecutive string of wins .493 to the 4th power, and conversely; the odds of consecutive losing streaks .507 to the 4th power? I would think so, but would like to know for certain.

I assume consecutive streaks for each are the appropriate probabilty to the nth pwoer, with n being the number of rolls. Is this correct, even closely? I will use this as a rule of thumb in the future. (Doing it in my head to pass the time.)

Thanks

This guy is my cousin, go easy on him ;-)

Welcome aboard mate!