Dear Mark,
The one problem I run in to every time I play blackjack
is managing my money. Would you please offer some
money management tips for us novices so we don't
part with our money so readily? I can never make
it to day two of my weekend trip to Las Vegas. Jason
B.
This
column, Jason, can teach you all the right bets to make,
plus how to play them, but without sound money management
techniques, you can still end up going home broke.
Money management is your life-line to getting to that
second day. My goal here is to help you make it through
the weekend in lieu of hanging out in a keno lounge,
tapped out, trying to score free drinks. So, Jason,
below are some money management rules I live by
when I'm out trying
to score a little from the big guys. They will work
if you rigorously apply them. Otherwise, I can tell
you up front that casino security won't allow you
to use the keno parlor as a hooch hospice.
o First, never bring
your entire bankroll with you to one gambling session.
You need to have a daily gambling budget. Start
by dividing your bankroll by the number of days
you'll be gambling. Now divide your daily bankroll
into the number of sessions you will be playing
each day. This is now your single-session bankroll.
Don't bet tomorrow's money until tomorrow comes.
o Set a goal of winning between 50 to 100% of a
single-session bankroll. Then set aside your original
bankroll plus half your winnings. Now play with
the remainder, and continue to set aside additional
winnings.
o Use a winning progressive method of betting by
setting a predetermined percentage increase for
each winning bet and sticking to it. For example,
I increase my winning bets by 50% after the second
win: $5, $5, $7, $10, $15, $22, etc,. I continuously
flat bet (table minimum) when losing.
o Never increase your bet when losing. A double-up-to-catch-up
strategy simulates a lamb being led to slaughter.
o Discipline is not only a significant part of being
a successful gambler but probably the most important
element of money management. You must set loss limits
and win goals. Example: When losing half your session
bankroll (loss limits) you walk, and when doubling
your money (win goals), consider doing the same.
o Identify the profitable opportunities in gambling
by shopping for the best odds, rules and playing
conditions for the casino games you will be playing.
Don't waste your time on games in which the casino
has more than a 2% house advantage.
o Never gamble with money you can't afford to lose.
Need I say more?
o Credit card gambling is nothing more than a desperate
measure to stay in action. Leave your credit and
bank teller cards at home so you won't be tempted
with the easy convenience of getting cash.
o Never quit a hand when you're on a winning streak.
Why tempt fate? You could be walking around lucky
and not even know it. Magical gambling moments do
happen. Fifteen, 18, even 20 hands in a row is possible.
When it ends, make a mad dash to the cashier's cage.
o Finally, money management will not affect the
house advantage, nor guarantee that you will win
more money. If the house has an advantage before
money management, it still has that same advantage
even after you apply money management techniques.
What good money management principals will do, Jason,
is minimize your losses and in most cases protect
your winnings.
