Page 6 - August 2008 • Southern California Gaming Guide

Bill Burton: About Gambling
ISetting Playing Limits at the Casino
received an e-mail from a reader asking me if I believed in setting win goals and stop losses when I play casino games. is is a question that is often debated among advantage players who play games where they have an edge such as poker, blackjack or video poker. Advantage players believe that as long as they have an advantage, there is no reason to put a limit on the amount they win or lose in a particular session because each session is part of one long game and in the long run they will win.
from your other spending money at the casino. is is your gambling bankroll, and you will use only this money for playing. If you are going to be at the casino for a day, you should divide your money into playing sessions for that day. If you are on vacation for a few days, you need to divide your playing money by the number of days and then divide it into the number of playing sessions.
You might want to set another loss limit at the beginning of each playing session. Just because you allocated a set amount for your session does not mean you have to lose it all on one machine. You might want to put a stop loss at 50 percent of your session bankroll for any machine you decide to play. If you lose half your money in a fairly short period of time you may want to try your luck on another machine. Setting a loss limit on each machine you play can help you extend your playing time because you are taking a break while you change machines.
Setting loss limits can also help you stay in control of your emotions when you are losing. Some players start behaving irrationally when they lose and they try to chase their losses in hope of getting back the money they have lost. Poker players call this “going on tilt”. Players may get to the point where they no longer care about how much they have lost and will continue to play until all their money is gone. Players who set limits, and then have the discipline to adhere to them, are less likely to lose control.
It’s easy to leave the casino when all your money is gone. It takes discipline to walk away when you hit your limit, but discipline and control is what separates the winners from the losers.
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, located at http://casinogambling.about.com. He is the author of 1000 Best Casino Gambling Secrets and Get the Edge at Low Limit Texas Hold’em available online at www.billburton.com. He is also an instructor for Golden Touch Craps, http://www.thecrapsclub.com.
is makes sense if the game can be beaten with skill, but since most casino games have a negative expectation, I advise players to establish some sort of money management plan before they start playing.
few dollars or a few thousands of dollars. Instead of a speci c win goal before you play, you should set a
e simplest way to do this is to set win goals and stop losses for each session you play so you will not give back all your pro ts if you do win. Some players 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. is is true, however, in the short run anything can happen and players do win.
Win Goal
“Just because you allocated a set amount for your session does not mean you have to lose it all on one machine. You might want to put a stop loss at 50 percent of your session bankroll for any machine you decide to play. If you lose half your money in a fairly short period of time you may want to try your luck on another machine. Setting a loss limit on each machine you play can help you extend your playing time because you are taking a break while you change
machines.”
win goal after you have hit for the session.
enough to put you ahead
Set aside the beginning money that you started with and the pro t you want to lock up. en play with the rest of your winnings. If you continue to win, you can add to your pro t that you locked up. is is a sliding scale so you can continue to play if you keep winning without having to stop at a predetermined gure.
Loss Limits
I always advise setting a loss limit for anyone playing any casino game. Gambling is entertainment and you should never bet money that you can’t a ord to lose. You should set a loss limit whenever you play. Your overall loss limit should be determined before you even leave for the casino.
Setting a win goal when
playing slots is not
practical because there is
no xed amount you can
win on each spin. If you
were playing Blackjack
for ten dollars a hand it
would be easy to set a win
goal of $50 and then quit
once you have won ve hands above your starting buy-in. A winning spin on a slot machine could be a
You should decide exactly how much money you will spend for gambling. is is going to be separate
Page 6
SOUTHERN CALIFORNIA GAMING GUIDE
AUGUST 2008
About Gambling with Bill Burton