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Thursday, January 3, 2002
Facts on Money Management
I hope you
all had a wonderful holiday season. I would like to start by wishing you all a very
happy, prosperous and healthy new year.
this week is about money management, one of the most talked about, misunderstood
concepts in gambling. Countless articles and books have been written about the subject,
but because of its slippery nature, few people really understand its implications.
Even the definitions of money management vary from expert to supposed expert. Some express
disdain about a concept that can't be quantified by mathematical equations, and can only
be described as an instinct. Others embrace it as the only real way to come out a winner
in the end.
Money management in gambling
is not like money management in real life, because in real life there is a source of
guaranteed income via jobs or other payments. In a casino, the only guarantee is that the
casino will win in the long run, so managing your money as you would in real life makes
Winning More, Losing
The essential goal behind money management is to bet more when you're winning, and less
when you're losing. This is, of course, easier said than done, and virtually impossible to
attain. If you knew when you were going to win or lose, it wouldn't be called gambling.
The idea that managing your money can result in more winning sessions than losing sessions
is difficult to swallow since all casino games have negative expectations for the player.
That is, the casino has the edge at all times, and money management will do nothing to
reduce or even ameliorate that advantage.
What money management will accomplish, however, is extend your playing time, and enable
you to remain in action to be ready when the inevitable winning streak arrives.
Most of the reasoning behind this belief is that you will set a bet progression that will
take advantage of winning streaks and minimize losses.
Let's look at a typical betting progression that could accomplish this goal. You should
always think in terms of "units," which are the basic bets that allow you to
track your play more easily. Playing the minimum bet at blackjack, you'd bet one unit, say
$5. After a win, you'd bet $10, or two units. If you win the $10 bet, take back one unit,
and bet $15. After a third win, you would take back two units, and make a $20 bet. In the
unlikely circumstance that you'd win four in a row, you take back all the units, and start
again, but this time with two units ($10). This way, you maximize your profIts, but
minimize your exposure to the sure loss. If at any point you lose during this
progression, return to the original one unit bet.
There are as many betting systems as there are players, but only by sticking with a
predetermined system will you have the opportunity to walk away a winner.
One betting system that runs contrary to any "money management" system is trying
to replenish your bankroll after losing by making progressively larger bets. This is
called "chasing your money," and is a shortcut to the infamous "gambler's
ruin," which is an aphorism for going broke.
Another area of dispute among
gambling experts is what comprises a comfortable bankroll, and how to utilize it.
How big is big enough when you set out to play any game? To play any casino game
effectively, a player must be comfortable with his/her betting Ievel, and that's where the
concept of "scared money" comes from. If you don't believe that you can compete
effectively at a particular game with the money you have allocated, you should be playing
another game or a lower minimum game. If you can't afford to play with the money you are
gambling, you shouldn't be playing. And if you believe you can recoup your losses by
tapping the cash machine one more time, cut up your credit card. You defInitely shouldn't
At blackjack, many experts suggest that a $5 player should have at least $250, but $100
can be enough if you limit your time at the table. At a $5 craps game, a player
should have at least 100 times the minimum bet because of the side bets that must be taken
in order to take advantage of all the betting options craps has to offer. Other games
don't have such stringent requirements and depend upon how you play the games, but players
would be well advised to absorb at least a loss of 20 units in roulette, baccarat, and
Just as in real life, money
management has more to do with how you budget your bankroll, not the size of your bets.
Most gambling experts suggest that you determine how long you plan to play in the casino,
set win goals and loss limits. The easiest way to accomplish this is to divide your
bankroll into separate sessions.
For instance, if you're traveling to a casino destination for a two-day stay with a $2,000
bankroll, divide that stash into two $1,000 sessions. Then take that $1,000,
and slice it up into four $250 sessions that will be designated for two-hour periods. Find
that lucky slot machine or table, and get started. Play with discipline and
knowledge, and if you win 50 percent of your session, $125 in this case, quit playing.
Never stop in the middle of a streak, but as soon as it's obviously over, step
away. Take that $375 and put it away. Some players actually bring envelopes with them.
When they reach their win goal, they slide the cash in the envelope and mail it home.
If you can't afford a $2,000 bankroll, use a similar formula for the money you can afford.
Remember, when you win, you are not playing with the "casino's money." The only
money the casino has is sitting in the dealer's chip rack. When it arrives on your side of
the table it's your money, not the casino's. If you refer to it as the casino's money,
there's a good chance it will be in a short time.
If you lose the $250, take a walk. Sit in the lounge. Check out the sports book. Or go to
your room and read a magazine. Whatever you do, don't grab for the next session bankroll.
You can wait for Lady Luck to find you. She's never where you look, especially after she's
been so elusive.
Time is your enemy. The longer you gamble, the more exposure you have to the casino's
That Winning Feeling
The only way to win is to walk away a winner. Sure, it sounds simple, but think about it.
How many times have you been up a decent amount of money in a casino, only to lose
it all back and then some? It may have happened just minutes after you begin to play, so
you can't stop then, can you? Of course you can! Discipline is the answer, and without it,
you're doomed to lose.
In many ways, money management is knowing when to quit. And it's always better to quit on
your own terms, rather than the casino's.
When to quit is often a function of why you gamble to begin with. Do you see gambling as
simply an enjoyable pastime that will cost you a few bucks as a "price" for the
entertainment it provides? Do you gamble for the adrenaline rush that you get when that
maximum bet is out there? Or do you enjoy the competition that pits you
against the dealer and the other players?
No one can tell you when to quit. Only you can determine whether that particular gambling
session has fulfilled the desire that gambling sparks. But very few players enjoy losing,
so the idea for virtually everyone, is to quit while you're ahead.
As you can see, money management is simply about survival. If you lose all your money
within the first few hours after arriving in a casino, you're in for a long ride home or
an even longer wait to catch that ride home. Not only can money management give you
a better chance to become a winner, but even if you do lose your entire bankroll, you'll
have the satisfaction of knowing that you've given yourself the best chance to win.
DC-7, The Incredible
Craps system is doing incredibly well. First comments started to arrive.
Last week the I found the following posting in the discussion forum:
"I have DC-7 and played it
over the weekend and won. It's a little strange in its betting, but it works. I played
almost 20 hours all together and took money home."
You can read more about DC-7, as well as answered frequently asked
questions at: http://www.letstalkwinning.com/dc-7.htm.
James J. Corbett, the author of DC-7,
replies incessibly to all inquiries. Here is a concern a customer had and how Jimmy
Question: "If your
system is as good as you indicate, and it uses the Don't Come part of the layout, it would
seem to me that the casinos could simply remove this bet selection from the table once
they catch on to the systems use. The Don't Come bet is a very small part of the table and
is seldom used by most players; it probably wouldn't be missed if taken away. Do you
advise the purchasers of your system on how to avoid detection to prevent this?"
imagined if the casinos would delete the Don't Come bet. We would have to give up our
career as gaming investors and go out and find a job. A nightmare in the making. The
owners of DC-7 would put a price on my heard and I would have to hide out in....Pakistan
maybe. Naw! That will never happen, the casinos believe that there is no such formula to
beating any game of chance.
When you get the dirty looks and you will get them, just tell the dealer that
"your" system is working today but I'll probably give it all back to you
tomorrow if not today. (little white lies in casinos don't count, you'll still go to
Heaven). Don't go bragging that you're going to put you turkeys out of business etc.
Don't worry about that"
I hope you appreciate Jimmy's humour as
much as I do. His accomplishments and winnings are what gives him the joy of life
and enjoyment of what he does. Definitely he defends DC-7
with great confidence and takes great pleasure in giving you the assistance you need.
Edmond Petitjean's Relaxed Roulette system had a 96% customer satisfaction
rate, which is outstanding. You can read about it at: http://www.letstalkwinning.com/RelaxedRoulette.htm.
Upon the requests of our Argentian and Spanish customers, the system is now
available also in Spanish. The system description resides at: http://www.letstalkwinning.com/RelaxedRoulette-Spanish.htm.
I'm presently working on testing a powerful
Baccarat system. The system will be using flat bets only. It's designed to
take advantage of the unavoidable streaks and chops of the Baccarat shoe. Stay tuned
and look for the name: "Flat Bet Mini Play" system to be announced soon.
All the best wishes to you,
Until next week,
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