Sunday, April 29, 2012

E-16: Ignore the Bad Players

Always ignore the bad players at the table

At a blackjack table, you see some moron doing stuff like hitting on 17 and staying on 15. It can really piss you off. Especially when they are sitting in the last spot, before the dealer. You find yourself watching them closely and thinking they are affecting the flow of the cards

Or you are playing craps and you get annoyed at the guy who craps out, or the guy who bets on the don’t pass line.

Or in a game of poker, you get go on tilt from the guy who beat you in a pot with 7,2

These people make no difference to the outcome of your bet.

Blackjack: it is you against the dealer. In actuality it doesn’t matter what the guy next to you hits and stays on. You fail to notice the time he stayed on 12 and you won because of it.

Craps:  There is no such thing as a good or bad shooter. Lucky shooters don’t actually exist and there is very little proof of controlled dice shooting under casino conditions.
And don’t worry about the guy who bets on the don’t pass line. Mathematically he is actually making the smarter bet, but it’s only very marginal.

Poker: You want these people at your taable. You may lose a small pot or two, but in general they will pay you off in the big pots

You only ever remember when another players incorrect play loses you money.
You rarely notice when their mistakes cause you to win.

Play your game and let the bad players play theirs.
9 out of 10 times it doesn’t affect your results, so why let it bother you.

Take solace in the fact that in the long run you will win more than them.

Sunday, April 22, 2012

E-15: Daily Bankroll Organization

Las Vegas is a 24 hour town and it never sleeps  There is plenty to see and do and you really shouldn’t blow your bankroll by lunchtime.
Take your time and try to experience the other things that Vegas has to offer before you go running into the casino.

To maximise your daily bankroll you need to plan your gambling:
  1. Start by working out what games you like to play
  2. Put them in order from cheapest to dearest
  3. Break up your gambling with other activities
Small sports bets, low limit poker, low coin video poker and slots are all great ways to keep your gambling spend small during the day. 
MGM and Mirage spread some good small poker games that are always well attended, and provide good easy viewing of several TV's to follow your sports bets.
You can buy into a $2-$4 limit game for as little as $50 to $100.
If you play solid cards and relax you can easily float and hopefully make a nice profit. On top of that, it’s a really cheap way to score some drinks. The waiters are always very attentive in poker rooms.

Play table games at the end of the day. These games are generally more expensive and require a large amount of money.

This method works well. You don’t blow your cash early and spend the rest of the day angry and itching to buy back in and play more. You get to enjoy a variety of games and if you do lose it has probably stretched a good portion of the day.

Sunday, April 15, 2012

E-14: Slot Myths

5 common slot machine myths that have no truth

Myth 1: A casino can flip a switch somewhere and tighten a bank of slot machines up. Or when an attendant comes over to fix a problem, they can quickly tighten it up while the machine is open. 

Truth: The payback percentage is pre-determined. To alter the payout a technician needs to change the EPROM chip. To do this, the technician must be accompanied by a 3rd party regulator and is supervised very closely.

Myth 2: They always put the machines that pay off the most, right in the front

Truth: Machine paybacks are dictated by the denomination you are playing. The higher the denomination the higher the payback, not traffic flow.

Myth 3: If a machine has paid off a jackpot it is less likely to do so for a while.

Truth: Because of the Random Number Generator, a slot machine is completely random. Past events and payouts have absolutely no effect on the future.

Myth 4: Bonus rounds are all pre-determined and the amount I can win has already been decided before I enter into it.

Truth: The RNG is again used to ensure the bonus rounds are random. The machine is never programmed to only let you pick one or 2 amounts before you end the round, or win a predetermined amount. Your picks do matter.

Myth 5: Using my player’s card effects how much I may win or lose depending on how much of a good customer I am.

Truth: Always use your player’s card. It doesn’t change the payout of the machine at all. In fact using you player’s card actually increases your chances, as you will be comped higher.

Ignore the myths out there. There is no mathematical basis for any of them. If you choose to play slots, just play the games you like at the denomination you feel comfortable with.

Sunday, April 8, 2012

E-13: Martingale Method

The Martingale system was created in 18th century France

The Method:

You start with a small base bet (let’s say $5) and double your wager each time you lose.
Once you do win, you will win back all your losses and one base bet.
So you will be ahead one bet.


1. You would have to have an unlimited bankroll for this to work. Even starting with a small base bet, the wagers still get out of control very quickly.
Starting with $5, the next bet would be $10, then $20, $40, $80, $160, as you can see this is going high quick.

2.  Most $5 games have a max bet of $500 at most, so with only 8 bets, you would be over the table limit.

3.  There are very few true 50/50 games, so the house edge will still carve away at your bankroll

Never attempt the Martingale system. The house edge and table limits will eliminate any possibility of the system working.

Wednesday, April 4, 2012

E-12: Setting Your Gambling Limit

Setting your gambling limit & money management is just as important as knowing how to play the games.

6 Steps to Setting your Bankroll

  1. Decide how much you are willing to lose before you leave for Vegas
  2. Divide that money by the amount of days you are in Vegas.
  3. Keep your bankroll separate from the rest of your vacation money.
  4. Take only your days allowance with you each morning, once lost, you are done gambling for the day, so space your games and play smart.
  5. Never use any of your vacation money for gambling
  6. Leave credit cards, ATM cards etc in the hotel room if you know you'll be easily tempted.

Take the time to plan your gambling bankroll otherwise you may find yourself playing with scared money, funds that should be reserved for the mortgage and bills.  This is a dangerous place to be and you may get desperate and start chasing your losses.

If you don't set your bankroll limit in advance you might not realize you've exceed it until it's too late.