What do we mean when we say it today?
Today, we're not referring to a game when we say "fast and loose." In fact most of us have never heard of such a game. But we know the meaning all the same. When someone's playing fast and loose, they're being undependable, changing their story, or taking big risks they don't need to be taking. We might say it's when someone is being a Phillip.
It's also been the title of a couple of movies and a TV series in the UK. But to us, we'll always think of someone being fickle when we hear this one being said.