Page 26 - June 2012 • Southern California Gaming Guide

Bill Burton: About Gambling
LIeave With Your Casino Winnings
can’t count the number of times a casino player has told me he or she never wins. I always ask if they were ahead at any point during their visit. Many times players will admit being ahead at some point, then giving it all back to the casino.
It’s easy to walk away when all your money is gone, but it’s harder to quit while you’re ahead. I’m not saying that if you do win, you should immediately go home. If you are ahead, lock up your buy-in and a small pro t. Play with the excess and when that is gone, get up and take a break. Walk around the casino, or go to the co ee shop and get something to eat or drink.
Large Wins
A large win is any jackpot that is more than ten times your starting bankroll, or a jackpot of more than $1,200, which requires the casino to give you a W-2G, and report your winnings to the IRS. When you receive a W-2G, you will have to pay taxes on your winnings when you le your tax return. If you hit a large jackpot, I suggest using the one-quarter rule.
Immediately set aside 25% percent of your win to cover taxes, so you don’t get caught short at tax time. I would put 25% into my gambling account to use for future visits. Plus, as I do with a medium-sized jackpot, I would also use a quarter of the money to spend on something special that is not gambling-related. e other quarter of the winnings can be used for gambling. However, if it is a very large amount, you should use less. If you hit a $10,000 jackpot, don’t plan to gamble away $2,500 the rest of the day.
Life-Changing Wins
Any jackpot over $100,000 will be a life-changing amount for most of us. One of the most sensible solutions for dealing with a big nancial windfall is very simple, yet practical: Put two-thirds of the money you win into a bank CD or some other investment that you cannot touch for a full year. is will give you time to think about the money, and formulate a plan for your nancial future. You can still use a third of your winnings that you didn’t lock away to celebrate and enjoy. Doing this will keep the rest of your money safe while you develop a plan to keep your new-found windfall for the rest of your life.
Don’t Be Greedy
Regardless of the size of the jackpot you hit, you can only be a winner if you actually leave the casino with more money than you started with. Hitting a jackpot and gambling back all of the money you win makes you a loser.
e biggest downfall for anyone winning money is to be greedy. Many players feel that once they have won money, they are playing with the casino’s money. It’s as if the money had less value because they won it. You have to remember that once you win at the casino, it is your money, and you should be prudent about how you keep and spend it. Enjoy your win!
Until next time, remember: “Luck comes and goes.. Knowledge Stays Forever.”
Bill Burton is the author of 1000 Best Casino Gambling Secrets and Get the Edge at Low Limit Texas Hold’em available online at billburton.com. Burton is also an instructor for Golden Touch Craps: thecrapsclub.com.
Nothing feels better than winning when you play casino games. Players should learn to savor that win. By taking a break from casino games while you are ahead, you can enjoy that winning feeling while you enjoy other casino activities. You can always go back and play your favorite games later.
On the ip side,
nothing feels worse “It’snotthatmostpeople than going home broke,
knowing that you were a winner, but gave back to the casino all the money you won. Many players feel that when they win, they are playing with the casino’s money. ey tend to view the money they win di erently from the money they bring to play. In reality, once you win, it is your money.
never win when they visit the casino. It’s just that they never leave with their winnings. The problem with many players
is that they have unrealistic expectations when they sit down to play any game in the casino. They want to turn $10 into $1,000, or $100 into
$10,000.Thatisa1,000% return on your starting bankroll, and is very unlikely to happen.”
to your pro ts and keep playing. Remember, over time you will have many small wins and saving a little each time will turn it all into a larger win.
Medium Wins
A medium win is six to ten times your starting bankroll. For example, if you start playing with $100, and win a $1,000 jackpot, that would be ten times your starting bankroll. With a medium-sized jackpot, I like using the one-third rule, which means that I continue playing with one-third of the money, and I keep one-third to put into my gambling account to use during my future casino visits. e remaining one-third of the money I spend on something special that I
It’s not that most people
never win when they visit
the casino. It’s just that
they never leave with their
winnings. e problem
with many players is
that they have unrealistic
expectations when they
sit down to play any game
in the casino. ey want
to turn $10 into $1,000, or
$100 into $10,000. at is
a 1,000% return on your
starting bankroll, and is very unlikely to happen. Over the course of your playing sessions, you will probably have many small wins, a few medium wins and maybe an occasional big win. Here are some suggestions for making sure you leave the casino with your winnings.
will enjoy, that is not gambling-related. is might be a nice dinner or some new electronic gadget I had my eye on.
When you purchase a special item with your winnings, you have something tangible to show for it. Every time you use that item, you will be reminded of your win and have a good feeling about it.
you win $100, that would be a win of ve times your starting bankroll. e best way to insure you leave the casino a winner is to lock up your initial starting money along with a small pro t. I suggest immediately keeping about 10% of what you win. You can then play with the remainder. If you continue to win, add a percentage
Small Wins
A small win is ve times your starting bankroll or less. For example, if you started playing with $20 and
PAGE 26
SOUTHERN CALIFORNIA GAMING GUIDE
JUNE 2012