Dangerous Gambling and Bankroll Essentials

Basil Nestor is the author of the new Playboy Complete Guide to Casino Gambling. This wonderful book teaches players how to avoid sucker bets and win more when playing gambling games.  He is also the author of The Smarter Bet Guide series for video poker, slots, craps, and many other books about gambling.  Basil's website is www.smarterbet.com

It’s easy to slip into a bad mood or get tired without realizing it, especially in the heat of a game. Pros use the term on tilt to describe a mood that adversely affects judgment. Strategy is meaningless without good judgment. Going on tilt is a fast way to bust a bankroll.

You should stop playing when you’re tired. Stop when you’re hungry. Stop when you’re frustrated. Stop if you get the feeling that you “can’t win.”

Games should be fun. If you’re not having fun, go do something else.

Drinks are “free” in many casinos when playing at the tables and machines. Gee, aren’t those casino guys nice? Toast them with a complimentary coffee or a soda, and stay away from the alcohol. Inebriating drinks cloud a player’s judgment and inevitably earn the casino many times more than the value of the beverage. Don’t surrender that edge. Stick to your strategy, win some money, and buy your drink later.

We’ve already talked about setting bankroll limits. The important thing to remember here is that limits are established in advance when your mind is clear precisely because casinos can be confusing. You will be constantly tempted to bet more, play more, or wager in ways that are unwise. Never give in to the temptation. Always follow your optimal stop-loss and win-limit strategies.

And of course, never play with scared money. If you can’t comfortably afford the loss, then don’t make the bet.

Fifteen-dollar bets will get you free drinks and friendly service in a typical casino. Twenty-five dollar bets usually will result in a discounted room. One hundred dollar bets usually garner free meals and discounted or free rooms. By the time you’re handling multiple black chips ($100 units) gregarious casino hosts in stylish suits will be treating you as a respected and dear friend. You’ll be addressed warmly by your last initial, “Mr. P, it’s great to see you again!”

Yes, comps (complimentary rewards and incentives) are a nice perk if you were already planning to risk forty or fifty Ben Franklins, but it’s financially foolish to bet more money for the sole purpose of getting more comps.

The value of a comp is typically one-third or less of your expected loss. Don’t get caught up in a ridiculous system of faux status. You should establish betting levels and session lengths that suit your bankroll, and treat comps like optional icing on the cake.

The purpose of the game is to generate excitement. Shout, cheer, cry if you must, but remember it’s just a game. Revel in your winnings, lament your losses, but don’t take either situation personally. Streaks happen. Luck will sometimes kiss you sweetly, and other nights it will slap you down with a vengeance. Remember, it’s not about you.

Of course, there is one big exception to this last rule. If you play poorly and cost yourself money as a result, then you should take it personally! Luck is one thing; bad play is something entirely different. Learn from each mistake and resolve to never do that again.

Everyone needs a bankroll for gambling. A bankroll is money that is specifically designated for wagering, and nothing else.

One popular bankroll strategy used by professional gamblers is to divide a bankroll into portions that are risked during sessions. Typically, a session is two to three hours of play, once or twice a day. Whatever the length, the session ends immediately if the session bankroll dips to zero.

A rolling stop-loss is a practical way of managing your money to prevent a big loss after a big win. The system works by limiting action and bankroll volatility, but it doesn’t change the edge.

There are various ways to calculate the optimal size of a session bankroll, but a good shortcut is to always begin a session with at least 200 bets for slots or 50 bets for table games.

You shouldn’t gamble when you’re tired, hungry, or in a bad mood. It’s best to avoid alcohol when playing. Stick to your budget, and don’t play for comps.