The quote mentioned above is actually by Damon Runyan, in “The Idyll of Miss Sarah Brown”.
As for hustling… The best hustlers never suggest a wager. They get the other guy to suggest the wager. That makes the mark think he is in control. If the mark is the one always suggesting an increase in bets, then he’s never going to believe that he’s being hustled, and will play 'till he’s broke.
The ‘con’ in ‘con game’ comes from ‘confidence’. Most people think that it means the hustler is trying to get your confidence, but in fact it’s the opposite. In a true con game, the mark thinks he has YOUR confidence. For example, a good con might involve telling a mark that you have some crooked dice, and you want him to get you into his local dice game and vouch for you. You’ll give him your own cash, he puts up a matching amount, and later you’ll meet and split the proceeds. Now, you’ve given him YOUR confidence, because he’s holding your money. What he doesn’t realize is that the dice game is filled with your cronies, and the dice are rigged, but in the opposite way that he thinks. Now the game starts, you signal the mark to make a certain bet, he does and loses. You take him aside, tell him that he misread the signal and bet wrong. Now he feels bad, because he made a mistake and lost some of your money. Now you make an ambiguous signal, he doesn’t know what to do, and the dice come up wrong again… Etc. Eventually, he loses his money and yours, and you both leave. You ask him what happened, did he not understand? The guy leaves feeling bad, feeling like he let you down. And you go off and split up his money with your cronies.
This leads to the phrase “You can’t cheat an honest man.” In a true con game, you can’t.