Posts Tagged ‘money management’

Blackjack Strategy: Your Bankroll

Tuesday, May 11th, 2010

Playing blackjack or any casino game should be looked at as a fun activity. Like any leisure activity, a certain cost is involved. You can’t go to the movies, ride roller coasters, watch a baseball game or go out to a fine dinner for free. All of them have a cost involved and before you go, you have to decide how much you will need to spend that night and whether or not you can afford it (and if you can’t afford it, you don’t do it).

For some reason, people don’t seem to think the same way about playing casino games. I guess it’s because when you play at a casino, there is a possibility of winning money. However, even with blackjack, which has the casino’s lowest house edge, the odds are not in favor of that happening. The other thing that makes playing casino games different is people think “Well, I don’t know how much money it’s going to cost.”

And that is where they’re wrong. Just like any other leisure activity, you can control how much money you spend. How quickly that money is spent is another issue, but you have full control over how much money you use at the casino. That applies to an online casino as well as the brick and mortar variety. Here is what you do.

Before playing blackjack or any other casino game, you should decide on your bankroll in advance. How much money are you comfortable spending during your time at the casino? Once you have decided on an amount, set that aside. If you’re playing at an online casino, deposit exactly that amount, unless you already have an account balance, in which case you would deposit the difference between the two amounts. If you are visiting a brick and mortar casino, you should withdraw that amount in cash and as soon as you enter the casino exchange that cash for chips.

Once you start playing, only wager with that money that you set aside. Any money that you win should be separate and should not be bet. For example, if you decide that you want to spend $200 at the casino that night, get $200 worth of chips when you enter the casino. Then let’s say you go to the blackjack table, bet $10 on the first hand, and draw a winning blackjack, which would pay you $15. In that case, you have $215 dollars to bet with, right?

Wrong. In this case, you would still have $200 to bet with because, by winning, you get to keep your original wager of $10. The $15 you won should be kept separate with your winnings. That way, you won’t lose all of your money and you will at least have something to show for your time at the casino. Some people say that you should bet the $15 right away (letting it ride) because it’s the house’s money. That’s exactly what the house wants you to do. If you always expose your winnings to the house edge, the house will simply take more of your money.

Even if you decide to bet your winnings instead of keeping it, which I do not advise, the most important thing is that once your bankroll goes down to $0, you call it a night. It can be very tempting to simply get more money and keep playing. If you were on a winning streak, you think there is more money to be had. If you were on a losing streak, you might think your luck is due to change and you want to win your money back. In both cases, it’s the worst thing you could do, which is why I say to decide how much money you want to spend before you start playing. If you come up with an amount and make a rule to always stick with it, you will come out much better in the end. Remember that if you gamble irresponsibly, blackjack can be a very harmful game. For that reason, it is best to manage your money wisely and play smart with your bankroll.

Man Sues Casino for Loaning Him Money

Friday, March 5th, 2010

In my blog I make a point to discuss gambling responsibly and taking a personal responsibility for your habits and actions, so when I heard about this case I had to write about it. A Kentucky man is suing a casino in Indiana for loaning him money while he was drunk.

Jimmy L. Vance was gambling in what was then called Caesar’s Casino (now the Horseshoe Southern Indiana) back in 2004 and lost $75,000 to the casino. What’s worse is that it wasn’t Vance’s money. After presumably losing his own money at the casino (none of the news stories say), Vance took credit advances for the $75,000 in several installments. Vance says he remembers borrowing the first $20,000 but not the rest.

Vance has not paid the money he owes and is suing the casino for taking advantage of him. According to Vance, the casino loaned him money when he was clearly inebriated and, therefore, not of sound mind to make a decision to borrow money. Vance’s lawyers are arguing that if he was drunk he cannot legally enter into a contract with the casino. Therefore, the loan contract would be null and void and he would not owe the casino a thing. His lawyers also state that surveillance videos clearly show that Vance was intoxicated.

The casino argues that he was fully functional and didn’t sway or stagger. They say he seemed fine while playing blackjack, walking the casino floor and talking to the dealers and cocktail waitresses. If the casino wins this case, they could seek up to $225,000 under Indiana law, which includes what Vance currently owes, interest and legal fees.

One of the issues at question is whether the casinos can legally offer a loan to a player who is drunk. Some see that as taking advantage of someone who is vulnerable. Others believe that it is the responsibility of the player to make their own decisions, including how much to drink. Most states, however, can charge a bartender for serving alcohol to someone who is intoxicated and hold them legally liable if there is an alcohol-related incident, such as DUI. It’s not a stretch for the same concept to be applied to a casino giving out loans. Similarly, several players have sued casinos for allegedly taking advantage of their gambling addiction, but so far none have been successful.

This case is kind of a he said-she said and I don’t know the truth, but I will tell you this. You should never take a loan from a casino. Ever. If you don’t have the money to gamble with, you have no business gambling. You should only gamble with money that you can afford to lose and if you need a loan to gamble, this is obviously not the case. Aside from that, the only advice I can give you is to be careful how much alcohol you consume in a casino, because the more you drink, the worse your decisions get.

Machine to Help with Problem Gambling

Thursday, March 4th, 2010

Gambling, whether it’s done in a brick and mortar or online casino, can be a fun way to spend your time if you are responsible. Like many forms of entertainment, including sporting events, movies, theme parks and more, it costs money to play your favorite casino games. One difference, though, is that you don’t necessarily know how much it will cost you ahead of time. That’s where budgeting and planning how much to spend ahead of time comes in handy.

Some people, however, have a hard time doing that and even if they do plan, in the excitement of the moment have a hard time walking away when they should. That is a form of problem gambling, an ailment that afflicts too many players worldwide. Now there is a machine available that can help people manage their money more effectively.

A Canadian gaming company called TechLink has introduced the Responsible Gaming Device, which is made to be used in brick and mortar casinos, though it is likely that an online version will be available soon.

How it works is this: Casinos purchase a machine, called Gameplan, and install the software for that device on their gambling machines. Players purchase the Responsible Gaming Device, which can be plugged into the casino’s machines. That Device identifies the gambler and all of the conditions that have been selected.

The machine allows the player to select certain limits, whether it’s a maximum amount of losses during a time period, a certain amount of money wagered, or any other similar limit and is notified when those limits are met. The device then locks the player out and no more bets can be made. If necessary, the player can also use the device to exclude themselves entirely, which is basically a self-blacklisting.

Though this would be easy to incorporate into machines like slots and video poker, I don’t know how it could be used, if it can, for table games like blackjack. For that reason, I think the software is better suited for online casinos. That way it could be applied to every game and it could refuse to let the player make a deposit or play any games once the limit is met.

Ideally, everything that this machine accomplishes would be done by the gamblers without any help. Setting your own limits before you start playing is wise and it’s the easiest way to make sure you don’t spend too much. However, for people who have a problem with compulsive gambling, this machine is a great idea and will eventually help a lot of people. I, for one, am excited about it.