Winning Money Management

This is for the Type I gambler (who plays for fun and does not need to be worried about edges and the like). The question is not, “How do I win like a pro?” but rather, “How do I make my money last?”

The short answer is to adopt all the analytical tools of these introductory chapters. In other words, learn how to handicap odds, calculate edges, and bet only according to the size of your edge.

There are a couple of other things to remember, more in the realm of rules of thumb than laws of chance.

First, avoid games with negative expectations. Avoid bingo, keno, most slot machines, rou-lette and craps (assuming the payoffs are the standard ones). Concentrate on blackjack and perhaps some of the other card games at casino tables, poker (mainly Hold’em), and sports or race betting. As race betting really requires specialized knowledge that you might not have yet, a gradual approach is required for the race book. The techniques of handicapping and betting on horses are addressed in Part 6. These are pretty much the games that the sharps play as well, as the edges can be positive.

Second, play conservatively unless you’re convinced you have a comfortable edge. In poker, this can be tricky, as good players will immediately figure out that you’re playing “tight” and it makes it easy for them to bluff you. In blackjack, don’t keep playing a hand if you can’t calculate a positive edge for a “hit.” Play the lower value slots if you play them at all.

Third, when you have a comfortable edge, do not under bet. It’s good to be stingy with narrow edge bets. In fact, by not making them at all you may be saving money, though it’s less fun. But when a comfortable edge appears, whether at a table or in the books, bet it to your own, internal max bet limit. That’s why you’ve been calculating edges. In fact, that’s why you find yourself in a casino in the first place!

Fourth, take advantage of player loyalty programs in the casinos. The signup is free, and the player programs keep track of your “action” and qualify you for comps or discounts at restaurants, bars, and sometimes even in the hotel.