Casino Money Management - Make More, Lose Less
There are ways to win at casinos, and even ways to do so consistently
if you are willing to put in some time studying and training
yourself. These methods have been covered elsewhere on this site
and others. But whether you play to win or just enjoy a bit of
gambling, there are also basic money management strategies that
will keep you from getting in too deep. Some examples follow,
but first let's look at what your options are for finding casino
action near you.
Finding a Casino
There are hundreds of casinos around the country, and you
don't have to go to Las Vegas or Atlantic City to find one. Use
a good state
by state casino list online to locate the ones that are closest
to you. Almost all casinos now have information online as to
which games they have, so make sure the one you choose has the
table games or slot machines you prefer.
You can play online as well, if it's legal where you live.
For example, many online platforms include the usual slot machine
action in digital form, and have roulette. It's best to have
a high-speed internet connection when you use online casino sites,
but they are pretty functional and straightforward.
Whether at a physical casino or online you might want to focus
on games like video poker because you can figure the odds using
an online video
poker odds calculator. If you play roulette and have the
option, play European roulette rather than American. The European
tables have just a "zero," and not the "double
zero" that increases the house edge on American tables.
Managing That Money
Even if you are just playing for fun it will be more fun if
you win more often and don't ever lose too much. That's where
money management strategies can help. They don't exactly change
the odds on any given bet, but with proper methods you can have
more winning sessions and avoid large losses. Let's look at an
If you feel that your casino entertainment is worth $150,
make that your bankroll, and commit to losing no more than that.
That part is easy enough -- in theory. But what about those times
when you win and win and then lose it all back? How do you avoid
that? By having the equivalent of what stock traders call a "trailing
With stocks the idea is to set a sale price higher and higher
as the stock price climbs, so you never lose too much of your
gain. You can do the same in a casino by putting aside some money
whenever you are winning, and committing to leaving with any
of this set-aside profit. There are actually a few ways to do
this. If you have doubled your money, for example, you can just
"lock up" the original bankroll and a few dollars of
profit. If you have a temptation problem, give it to your spouse
or go and put the money in your car. You can then play with the
remainder of you winnings knowing that you might win more, but
you'll leave a little bit ahead in any case.
A more systematic approach is to routinely set aside a certain
amount of money. For example, you might "lock up" one
dollar for each hand of blackjack you play. If you are winning
you can do this all day. But as soon as you start to lose too
much you'll run out of operating cash and leave either ahead
or with a smaller loss that you might have otherwise had.
By the way, if you really can't resist the temptation to dip
into your locked-up profits, there is a simple device that can
help. Called the Winners
Bank 200, it is metal case the size of a pack of cigarettes
that has a slot you put $20 bills into. It locks, and the idea
is that you leave the key home so there is no way to get at the
money while you're in the casino.
Another money management strategy that allows for larger potential
profits is to make bigger bets or bets with higher payouts when
you are ahead. For example, if you play a dollar on red or black
on the roulette wheel you can play a long time, but you never
can win much with even-odds payouts. But if you are ahead and
you throw some (but not all) of your profits on straight-up number
bets, you can hit a few at 35-to-1 odds and leave a big winner.
In blackjack the strategy is just to start betting more when
you are ahead, so you can win bigger and bigger amounts. If you
do this only when you are already winning, and you cut back on
your bets as soon as you start losing, and leave when you have
lost most of your profit, it is a safe way to have occasional
big nights without risking much.
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