Take ER for a minute; just before the announcement the stock is trading at $50 and then the news comes out. $50 stock drops to $45. Your puts vol may drop for a few moments only, then the vol starts to escalate and the further the stock drops the higher the vol. And if you're unfortunate enough not to see the vol drop, the rising delta will more than cover you.
And if the $50 stock escalates, you're unaffected by vol, which opens up the possibility of bringing your trade back to delta nuetral and locking in profit.
IMO ......... Earnings does not provide more of an advantage for sellers or buyers of options compared to non-earnings. The playing field is always level for both buyers and sellers at all times.
