Page 25 - July 2012 • Southern California Gaming Guide

Bill Burton: About Gambling
WIhat’s Your Risk Tolerance?
n past columns, I have written about the similarities between investing in the stock market and casino gambling. After all, the choices you make in either endeavor can a ect your nancial and emotional security. And although we don’t refer to it in the same terms, investing is still
gambling. You are gambling that stocks or mutual funds you choose will be winners, and increase the size of your account.
One factor all investors need to determine before they make any investment is their “risk tolerance,” which is how much risk they are willing to take for the investment they make. Riskier trades produce larger pro ts if they are successful, but are also more likely to have greater losses when they are not.
When you gamble at the casino, you have to determine your risk tolerance in order to determine which games to play and at what denomination to play them. I like to refer to risk tolerance as your emotional bankroll.
money bankroll properly, you need to manage your emotional bankroll as well. It will make your playing experience an enjoyable one.
What is Your Risk Tolerance?
You can divide slot players into three general groups based on their tolerance for risk. ese are only general groupings, used as an example. Most of you will likely fall into a cross-section of three groups. Once you have an idea about what type of player you are, you can
Your Emotional Bankroll
“How much stress can you handle when playing a casino game? The size of your bet should be one that gives you a little thrill, but not enough to make you start sweating each outcome.”
determine the type and denomination of slots you want to play. Look at the pro les and see where you t in.
Aggressive Player:
e Aggressive Player likes to live on the edge. ey are thrill-seekers
who get enjoyment only when their bets are extremely high. is type of player is not afraid of going broke in return for a chance at a big jackpot.
Your emotional bankroll
is not based solely on the
amount of money you
have. You can have a very
large bankroll but still not
be comfortable playing
at higher limits — just
as you can have a large
retirement account, but
not be comfortable with
the swings of riskier
stocks. How much stress
can you handle when playing a casino game? e size of your bet should be one that gives you a little thrill, but not enough to make you start sweating each outcome.
Aggressive Players may want to choose progressive slot machines. While the chances of hitting a life-changing jackpot are slim, the Aggressive Player is not afraid to put it on the line. Aggressive Players may be equally comfortable playing higher denomination machines seeking a jackpot worth thousands of dollars.
Average Player: e Average Player goes to the casino with the hope of coming home with more money that they started with. ey don’t mind risking their money, but they also don’t want to go home broke. ey would be very happy with a medium-sized jackpot that would pay for their playing time and give them a little extra. e Average Player is looking for entertainment, as well as a chance to win some money. Average Players are usually most comfortable playing quarter or fty-cent slots. If Average Players want to stretch their money, they can look for a machine with a high hit frequency. Machines with a high-hit frequency pay out small wins frequently, while machines with a lower hit frequency usually pay out larger wins less frequently.
Conservative Player: e Conservative Player likes to go to the casino, but really doesn’t want to spend a lot of money for their entertainment. ey are just happy playing the games, and if they break even for the day, they feel they have won because of the enjoyment received while playing. ey want to get as much playing time as possible for their money. Conservative Players will probably get the most enjoyment playing a penny machine with a high hit frequency, like many of the new video slots. Conservative Players could pick a machine with the fewest number of lines, and play a single coin on each line if they really want to stretch their playing time. Conservative Players most likely will not win or lose a large amount, but they will be able to play for quite some time on a small investment.
Casino gambling is one of the most exciting forms of entertainment. And like all forms of entertainment, your primary goal should be to have fun. So pick a style and a game at the limits that give you the most pleasure, and enjoy your visit to the casino.
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.
e best way to determine your ideal emotional level is to try moving up slowly in levels of play. Five-dollar table game players may want to try a ten-dollar table and eventually a twenty- ve dollar one. Penny slot players may want to move up to quarter slots. Quarter slot players may move to the fty-cent machines and then on to the dollar slots. Dollar slot players may want to try the higher limit machines. If you get to a point where the risk factor is bothering you, then go back down to the previous level. e amount of money you gamble is a very personal decision that only you can make. ere is no shame in playing the lowest denomination game that makes you feel comfortable. e best rule of thumb is to bet an amount that will give you some excitement, but not large enough to make you nervous. And, never bet more than you can a ord to lose.
Only you can determine your own emotional bankroll. When you do, stick to it. Just as you have to manage your
JULY 2012
SOUTHERN CALIFORNIA GAMING GUIDE
PAGE 25