The term Floating Craps refers to an illegal operation of the dice game

Dice game

Dice games are games that use or incorporate a die as their sole or central component, usually as a random device.-Collectible dice games:Patterned after the success of collectible card games, a number of collectible dice games have been published...

 craps

Craps

Craps is a dice game in which players place wagers on the outcome of the roll, or a series of rolls, of a pair of dice. Players may wager money against each other or a bank...

. The term 'floating' refers to the practice of the game's operators using portable tables and equipment to quickly move the game from location to location to stay ahead of the law enforcement authorities.

The term may have originated in the 1930s when Benny Binion

Benny Binion

Lester Ben "Benny" Binion was a well-known American casino owner, mobster, poker enthusiast, and convicted felon.-Early history:...

 (later known for founding the downtown Las Vegas hotel Binions

Binion's Horseshoe

Binion's Horseshoe, also known as the Horseshoe Casino or simply The Horseshoe, was a hotel and casino located in downtown Las Vegas, Nevada on what is now the Fremont Street Experience. The casino was named for its founder, Benny Binion and had 366 rooms, three restaurants and a rooftop pool.The...

) set up an illegal craps game utilizing tables created from portable crates for Texas's Centennial celebration.

In the 1950s and 60s the The Sands Hotel in Las Vegas had an actual (legal) craps table that floated in the swimming pool to play off the notoriety of the term.

The 1950 Broadway

Broadway theatre

Broadway theatre, commonly called simply Broadway, refers to theatrical performances presented in one of the 40 professional theatres with 500 or more seats located in the Theatre District centered along Broadway, and in Lincoln Center, in Manhattan in New York City...

 play Guys and Dolls features a major plot point revolving around a floating craps game.