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The 12 Commandments of Gambling
Updated: August 21, 2010, 1:32 AM
Just like many other pastimes, recreational gambling goes better if you know what you’re doing. Here are my 12 commandments for playing:
1.Get real.
Casinos, like movie theaters, sports teams and museums, are in the business of providing entertainment in exchange for your money. It’s nice to win, but remember that all the games and machines are mathematically rigged so that the casino wins in the long run.
As Mark Pilarski, one of my favorite columnists (markpilarski.com) says, “The philosophy behind slot machines is to extract (grind) as much money from the customer as the cybernetic one-armed bandit can, while simultaneously, the management hopes, putting a smile on the customer’s face.”
2. Build a separate bankroll.
There’s a sign in a backstretch kitchen at Saratoga race course that says, “You can eat your betting money, but don’t bet your eating money.”
Keep your discretionary entertainment or gambling money apart from “real” money used to pay bills, build savings and otherwise finance the rest of your life. I picked a number of dollars I think I can afford to spend on this hobby and every payday deposit that amount into my “stash.”
3.Risk not thy whole wad. That’s a sign in my kitchen at home. I think I tore it from an advertisement in Forbes magazine for an investment brokerage firm. No matter the size of your stash, don’t take it all with you to the casino or race track or wherever. Always keep some ammunition in reserve.
4.Pace thyself. If you go out for the night with a gambling bankroll of $50, it’s not a good idea to sit down at a $25 (minimum bet) blackjack table. Maybe you should check out the penny slot machines first.
My rule of thumb is to never sit down at a table game unless you are willing to risk 25 times the minimum bet.
5. Don’t drink alcohol and gamble. There is a reason why casinos give away free drinks on the gaming floor, other than as a way for cocktail waitresses to earn tips. Alcohol clouds judgment, which is not in your favor. Wait until you are finished playing before ordering a drink.
6. Don’t drink too much and get off the bus at the wrong casino. My daughter made me put that in here after a certain bad experience in Las Vegas.
7. Set loss limits and “win” goals. If you go out for the evening with, say, a bankroll of $100, decide ahead of time that you will stop playing if you lose, say, $80. Also tell yourself you will quit playing if you get ahead by, say, $50.
In the same vein, if you’re playing a machine and you hit a jackpot that zooms your point total to, say, 500 credits, decide you’ll cash out if your total drops to 400 credits.
8. Press when you win, stay when you lose. In any game, it’s important to manage your money. When you win, that’s the time to increase your bet. Never increase your bet size when you are losing.
9. Get good at something. If you like casino outings, try to master at least one or two games, preferably one where the house percentage is low and you have a fighting chance to win.
I recommend blackjack, where the knowledge and application of “basic strategy” and progressive betting can lower the house advantage to under 1 percent. The craps table also has several wagers where the house has less than a 2 percent advantage.
Getting good at any game takes study and practice. Whatever game you choose, educate yourself. There are plenty of books and Web sites available to help you out.
Remember, the harder you work, the luckier you get.
10. Keep it down, buddy. In the rare event you hit it big, keep it to yourself. Nobody is really that happy that you won a bundle and they didn’t.
11. Don’t be afraid to quit while you’re ahead. Even if you’re ahead just a little bit. It’s more fun to win than to lose, no matter the amount. John Patrick, author of numerous books on gambling, says on his Web site, johnpatrickcasino. com. “70 percent of the people who enter a casino get ahead at some time during their stay, yet 90 percent of that 70 percent give the money back,” Patrick warns.
12. Be even less afraid to quit while you’re behind. Remember, this is recreation and it’s supposed to be fun. If you’re having a bad day, don’t reach into your pocket, or into the ATM machine, for more money. Go do something else.
As a games instructor at Casino Niagara once told a class I was in: “Turn around, folks and say ‘Hello’ to your best friend at the casino: The front door.”
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