How Not to Lose 10000 Dollars in the Casinos
Casinos are designed to give you a false sense of security and make it seem like you can win money every time you play. However, the house always wins in casino gambling. You are more likely to lose than win money when playing blackjack, roulette, and craps in the casinos. That is because the house has an advantage over players of about 5% for roulette, 3% for blackjack, and 12% for craps.
If you plan on visiting a casino anytime soon - whether it be here in Las Vegas or in your home country - here are a few tips that can help you avoid losing thousands (or even tens of thousands) of dollars:
1. Never play with more than you can afford to lose.
2. Avoid playing when you are so tired that you cannot think clearly.
3. Never chase your losses. Losing more to win back a bigger amount of money is almost always a bad idea.
4. Stick to basic strategy in blackjack; failing to do so will likely lead to your downfall (see the blackjack page for details). This is especially important when playing floorman's blackjack, where the dealer has a huge advantage over players and there is little chance of winning without using basic strategy (see the craps page).
5 . If you are a casino employee, and make a habit of counting how much you win and losing, don't get caught by the comp systems that make you lose more money.
6. Avoid tipping the dealers at least 10% of your winnings - more if they are particularly good or bad at their jobs (ask the casino waitresses what percentage they get). That is illegal in most casinos.
7. Don't bet as much as you can afford to lose, even if it seems like a sure thing (see Tip #2). If possible, play in a group (such as with other people) so that everyone's share of losses will be limited.
8 . Never bet with a credit card.
9. Know the odds and don't bet on "odds to even" bets (such as double or nothing / even money). For instance, if you have an 8-to-1 or worse shot at winning, it's not that good an idea to bet on a 9-to-2 chip instead of a 7-to-2 one.
10 . Never play with more than 10% of your total bankroll on one game (see Tip #4).
11 . Never rely on a system that has not been tested or reviewed by experts to see if it is profitable.
12 . Avoid playing with credit; it is better to use cash you can afford to lose.
13 . Avoid tip-toe betting (punting) on an uncertain outcome that has some theoretical advantage, unless the odds are extremely good (see Tip #6). It's just a way to get into serious trouble.
14 . Always play with the best possible rules and conditions, such as in Las Vegas (see tipping above), and never gamble if you are underage.
15 . Always use betting limits when possible; if you play at a casino where the setting of limits is not automatic, use them to limit how much you bet.
16 . If possible, play in a group with friends (see Tip #5). This will help you stay sane and limit your losses.
17 . Always leave a small percentage of your bankroll in reserve; never play with 100% of your bankroll on any game. For instance, 10% is typically enough for roulette or craps (8% for blackjack).
18 . Never go to a casino with more than 5000 dollars in your pocket.
19 . Avoid playing with a "pre-determined" strategy.
20 . Avoid playing with credit; it is better to use cash you can afford to lose.
21 . Never play on the Internet or at home; they are both much worse than the real thing.
22 . Don't bet more than 50% of your bankroll (see Tip #4). If you are only winning, don't bet much, if anything; never bet more than half of your bankroll. The only exception is in craps, where it's smart to bet up to about 75% of your bankroll.
23 . Whatever you do, don't gamble. It is almost always a losing proposition. If you must, find an honest game and don't bet more than you can afford to lose.
24 . Play carefully, and be sure to keep track of what you win, what you lose and what the dealer hits or stands on. Some casinos will rob players if they aren't paying attention; not all casinos are honest.
25 . If you are playing against a dealer, always use betting limits (see Tip #16). Otherwise, the dealer can cheat by hitting soft 17 all the time if that is advantageous for them (see roulette FAQ ).
26 . Always use basic strategy in online blackjack (see the blackjack page). If you are using a computer program, there is no reason to play otherwise.
27 . Avoid playing at home if you can help it. Gamblers police and innocent gamblers can get hurt.
28 . Reducing the size of your bet when the odds of winning are good makes little sense; the house will not let you win more than you would have won with a small bet (see Tip #22) except in roulette which has low odds to begin with.
29 . When you lose a lot of money, don't go to the casino unless you are sure you can afford it.
30 . If the casino bathroom is too scary for you, avoid playing in that venue.
31 . Never play when you are drunk or disoriented. The dealers might take advantage of that. If possible, avoid playing when you are tired, sad or happy.
32 . You can win at blackjack with basic strategy; however, if you play without it and fail to hit any 17s early in the game (after seeing many cards), your chances of winning get considerably worse as the dealer will bust fewer times and more likely hit as many 17s as possible (see the blackjack FAQ ).
Conclusion
These tips should help you manage your gambling losses and possibly even win money. They will not guarantee that you will never lose money at the casino or at the racetrack, but they do help. If you follow them, you are on your way to being a professional gambler who has no problem keeping losses to a minimum. Those of us who do this for a living, such as professional gamblers and horseracing handicappers, frequently do so with very minimal losses (though, most still have some). Try it out; it's worth it.
James "Yellowsnake" Maynard is the author of The Handbook for Online Gambling , currently available free online at http://www.