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7 - Setting Limits 
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This is really a continuation of our discussion on bankrolling, but then again, when the discussion concerns some aspect of money management, everything is interrelated. You always want to set a limit on losses so that one bad session doesn't devastate you, and at the same time, a stop-loss on winnings as well, so that once you have a good win going, you never give the casino a chance to get it back.
Before sitting at the table and making your bets, you must decide and on the amount of money you'll put at stake, and should luck turn against you, restrict your losses to that amount only. Do not go against this rule and you can never take a big beating. If things go poorly at first, take a break - simple as that.
And when you're winning big, put a good chunk of these winnings in a "don't touch" pile, and play with the rest. You never want to hand all your winnings back to the casino. Should a losing streak occur, you're out of there - a winner!
Never risk needed money at the machines no matter how lucky you feel. Just as many "lucky" players contributed to the phenomenal growth of casinos as did the unlucky players. Well, perhaps there's lots more of the latter, but you get the point. The reality of gambling is that money can be lost, and if that money is earmarked for rent or food, or any other necessity in your life, you're making a whopping mistake.
This is all common sense, but it bears repeating because so many players go against this basic rule. There's an old Las Vegas saying about a guy who rides into town in a $20,000 Cadillac and leaves in a $100,000 Greyhound bus. Unfortunately, that saying bears a lot of truth. The list of sad stories from out of control gamblers can stack a pile of papers up to the thin air of the cerulean sky.
Let's say you're a quarter player and are on a winning streak that has expanded your starting machine bankroll for the day from $100 to $350, a nice $250 win. Should you go up to the $1 machine to really go for the kill? Absolutely not. You're hot and I you're winning. The action is good. But raising your stake to the $1 machines now magnifies all the bets. Sure you can win a lot all easy right now. But don't let greed lead you astray. Greed nabs most gamblers and the end result every time is an unhappy player who got buried by that greed.
The psychology on all this is complex, but the empirical evidence is always the same. The greedy players lose it all back and more. There is almost no way that these gamblers can come out ahead because no matter how lucky they get, they raise the stakes again so that all it takes is a small losing streak to wipe it all out, their winnings, their original stake, and then in desperation, even more. Tthen these players wonder, "what happened?"
Greed happened baby, and a loss of control. But we can make this all easy right now. Stick to the level you started at, so that when you do win, you stay a winner. It's okay to reach for the stars, but don't be jumping off the bridge to catch them. Whether you win or lose at slots, always keep to the level of betting that you originally decided to play at.
<> (Submitted on: Fri June 14, 2002) 153
4 - Trip Bankroll Rate It [ 0.00 / 0 Votes ]
A trip to a casino is really a multitude of individual sessions. For short trips, like a weekend jaunt, you may want to have enough to cover three to five sessions, for longer trips, say up to a week or two, five to seven sessions. The whole purpose of the trip bankroll is to have enough money to keep you playing, even though you may be having a particularly bad run of luck, but at the same time, to restrict your overall losses to "acceptable" amounts.
That's why we take such a conservative approach. By avoiding overbetting, you give yourself the opportunity to bounce back not the after bad luck. You also avoid getting wiped out, or even worse, digging deeper in your pockets and getting destroyed.
Thus, using the figures we worked out above with three coins per play, $0.25 players should bring $450-$750, depending upon the number of sessions they plan to play, $1 players should bring $1,800-$3,000, and $0.05 players, $90-$150.
These bankroll amounts allow you to withstand any normal losing streak and still have the resources to play more and bounce back on top. If the numbers scare you, then you need to think lower denomination machines. Money can be lost at the machines, and you probably know that as well as I do. It's better to want to play it safe.
~ Bob Jennings
<> (Submitted on: Thu June 13, 2002) 139
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