Page 24 - July 2005 • Southern California Gaming Guide

SOUTHERN CALIFORNIA GAMING GUIDE
Casino Money Management Can Make You a Winner!
by Bill Burton
Money management has di erent meanings to di erent casino players. For some players the term money management is used to describe a betting system or a way of placing bets that they hope will somehow give them a way to beat the house. Other players use the term to describe how they manage their gambling bankroll.
The House Edge is Constant. Some players believe that using a certain betting method can change the house advantage and give them an edge. e idea that a betting system can change the house advantage is a fallacy. Will paying a double mortgage payment one month and then skipping a payment two months later have any a ect on the interest rate you pay? Of course it won’t, and doubling your bet twice and then regressing down to a single bet will have no e ect on the casino’s edge on the game.
e goal of this type of money management is to bet more when you are winning and less when you are losing. is is easier said than done, as you never know you are in a winning or losing streak until it ends.
Bankroll Management. e true essence of money management really comes down to bankroll management. It is how you handle your money in the casino to make sure you have enough to last for your entire casino visit. Money management systems will not change the odds of any game. A good bankroll
management system will help you control the amount of money that you put at risk. It will enable you to play longer on your bankroll.
Win Goals and Loss Limits. Since most casino games have a negative expectation, players are advised to set a win goal and stop loss. is ensures they will not go broke during any given session and will hopefully not give back all their pro ts if they do win. Some argue that the concept of money management is nothing more than smoke and mirrors because if you play a game with a negative expectation, you will lose in the long run.
I recommend players set loss limits and win goals. e win goal is on a sliding scale and increases as the winning continues. is way you can continue to win without having to stop at a predetermined gure. e stop loss is also on a sliding scale once you have won. is is to ensure you walk away with some of your winnings. Again, you can argue the merits of such a system, but the main reason I advocate money management is discipline. It takes discipline to be a winner at any casino game. is is especially true in poker where you have to wait for the right starting hands.
Use Common Sense. Good money management starts with good planning. Most of us set up a household budget to manage our daily expenses and we should do the same for our casino budget. It’s not di cult to do and the rewards are immense.
Before you leave for a casino vacation or even a day trip, decide exactly how much money you will spend gambling.
is will be separate from your other spending money for meals, shows or shopping. is must be money that you can a ord to lose. is is your gambling bankroll and you will use only this money for playing.
Divide your bankroll by the number of days you will be at the casino. Put each day’s money in separate envelopes to be used for that day only. At the end of the day put all your winnings or whatever money you have left back in the envelope and seal it. is will be money you take home with you.
Break you casino bankroll down into several playing sessions. Don’t risk it all in one playing session. And take a break between sessions.
It’s easy to leave the casino when all your money is gone. It takes discipline to walk away when you are ahead. Discipline and control is what separates winners from losers. If you don’t learn how to manage your money, the casino will do it for you when it becomes their money!
Until next time, remember: “Luck comes and goes... Knowledge Stays Forever.”
Bill Burton is the Casino Gambling Guide and columnist for the Internet portal About.com. He also writes for several national gambling publications. He is the author of Get the Edge at Low Limit Texas Hold’em available for $15 postage paid. Send checks to Bill Burton, PO Box 310299, Newington, CT 06131-0299 or online at www.billburton.com. Bill Burton’s website is located at: http://casinogambling.about.com.
Page 24 July 2005
Column: Bill Burton About Gambling