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Money Management

Discussion in 'Casino Gaming' started by Naturaleight, Mar 23, 2013.

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  1. Naturaleight

    Naturaleight High-Roller

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    Often times I will come to Vegas with a large amount of cash and not budget it out properly. This backfires with me losing my entire bankroll, or more than I wanted to lose on the 1st day, sometimes within the first 1hr of gambling!

    How do others budget their bankrolls? What types of rules do you use to avoid losing more than you wanted to?
     
  2. Smo

    Smo Mr. Las Vegas

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    I take my daily BR with me when I leave the room each morning, and leave the rest of it and the credit card in the room safe. Go out and gamble a bit. If I'm on a losing streak, I'll slow down.
    Once the daily BR is gone for that day, it's time to head up to the room for some crown 'n cokes to go. Then go people watch or eat dinner.

    You never go back to the safe for more money for the day. Never.

    It took me almost 20 years to accomplish this art of money management! :evillaugh
     
  3. banddswig

    banddswig Tourist

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    Yeah, I agree with Smo, put so much in my pocket and leave the rest in the safe. If I go through the bankroll, it's off to see the free shows and people watch(this can be very entertaining), or we slow down by going to a Keno bar and buying the minimum ticket and keep ordering drinks till we feel the Mojo come back.

    It only took 2 trips to put this plan together, it's easy to get carried away.
     
  4. Kickin

    Kickin Flea

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    If you're losing your entire bankroll on your first day or within your first hour your problem is pretty simple - you're betting too big for your bankroll. Either bet smaller or bring a bigger bankroll. Its not really money management which is more about ways to help limit losses and/or walk with gains.
     
  5. OhioStateAlum

    OhioStateAlum Low-Roller

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    Any suggestions on % per day? Having never used this method, I'm thinking 25% on day one then split days two and three. I'm always in Vegas for three full days and fly out late afternoon on the fourth. Typically I, as well as the group I travel with, tends to go very light on the gambling on day four. I'm pretty disciplined at locking in a daily win. Not so disciplined when the negative variance is a little too thick. Too much liquid encouragement :beer:
     
  6. engicedave

    engicedave VIP Whale

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    I agree with this, I might also add that you likely get yourself too pumped up on day one, having just arrived, so you go nuts.
    Relax

    I don't know what you play, but I like slots, and typically I start a little lower, see how my mojo feels and work up. I don't walk in and start jamming on a $25 machine right out of the gate. I'll just goof off on some of the low limit, get my groove on and then move upwards if I "feel it"

    As for how much each day, many use the "envelope method" which is you take your total bankroll, split evenly and seal in envelopes, labeled, for each day of the trip. Some just keep a mental note, like I do, leaving the balance in the safe. Might also suggest two spare envelopes, labeled "spend" and "win."
    The spend envelope is your food, booze and BS money...
    The win envelope is in the event you have a good day, take that out of your circulation, or a percentage of it, and put in the win envelope. That's to go home or in the event your luck runs out and the well runs dry.

    Envelopes work and help remind you to keep disciplined
     
  7. Darkace54

    Darkace54 Tourist

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    I agree with the others above, I typically break down my bankroll into equal amounts for the days I will be in town. I take only that day's budget with me in the morning and leave the rest in the room safe. I take it one step further as well, at the end of the day I take the cash left in my pocket (including any wins) and put it all back in the safe and don't touch it until I leave. I make sure to start each day with the new budget. I find this helps me not to give back my winnings and seem to book more winning trips than losers.

    This may not work for everyone but I have found it helpful over the years. It really does take a lot of discipline to see that extra cash sitting in the safe from previous days but flying home with cash in my pocket is always a good feeling.

    Good luck!
     
  8. shifter

    shifter Degenerate Gambler

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    I do the same as you. Just means it's time for another tto!
     
  9. Viva Las Vegas

    Viva Las Vegas Ramblin' Gamblin' Man

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    The biggest factor in managing my bankroll is game selection, bet size, and loss limit.

    If I am disciplined in betting games with the best player edge (blackjack with decent rules, full pay video poker, live poker), my bankroll will survive most runs of bad luck. I'll buy in for 12-20 units at a game, but I'm much quicker to walk away after a 3 + losses in a row vs. trying to wait it out and hoping for a change. Not buying in a second time (or drop another bill into a machine) is a good way to slow things down. I'll walk around or maybe hit a bar or meal before heading back to gamble.

    My risk tolerance has lowered over the years. I am less tempted to chase a loss, and less tempted to risk more for a big win. I'm satisfied with the experience of gambling itself. I have narrowed the possibilities of a large win, but I will take the trade off - limiting a large loss.

    If you enjoy playing a lower expectation game (roulette, carny games, slots, VP with poor pay-tables) due to convenience (Strip) or preference, you are best served budgeting (and sticking with) a per day gambling allowance.
     
  10. Iu25

    Iu25 High-Roller

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    I dont even like to take my whole bankroll for the day out of the safe in the morning. Unless I am leaving to go to the strip from DT or something like that, I usually take about half my daily BR with me in the morning. It keeps me from having so much on me at once and thinking, heck why not throw another 20 or 40 in the machine. I am a low roller on here compared to most. I take about 1200 for 3.5 days. That includes tips and beers if I am not getting free ones. Food and souveneirs go on a CC. So each day when I head down stairs Ill grab a couple hundos and use that. If I am up later then I dont have to use my other half until the next day. It works for me at least!
     
  11. mike_m235

    mike_m235 Tourist

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    I take shorter trips. If I lose my bankroll the first day, I play more poker the second day (Poker for me requires much less bankroll than my other gambling activities.)
     
  12. topcard

    topcard Older than the Stardust!

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    Here's How I Solved the Problem...

    Many years ago, I also had the periodic 'money management' problem.

    I fixed it this way:

    I cancelled all of my table/casino credit - so, no more markers.

    I went to my bank and told them to limit my ATM cash access to $500 per calendar day.

    My trip bankroll is typically $2000 these days, and I always stay three nights...so, I bring about $360 in cash with me on the plane.

    If the $300 goes down when I first get there, I am limited to a maximum of another $500 that day.

    Then, another $500 each of the other two full days I am there.

    When I'm winning early, I still hit the ATM each calendar day, as I know how quickly things can turn south... and it's always a great feeling to have that extra cash 'buffer' when you're already up.

    During the course of the trip, extra tens & twenties go into my wallet ($100s are always in my front pants pocket).
    That way, I'm certain to have cash for cabs, tips and drinks - which is especially important on departure day.

    Unless I'm up, if I am forced to pay for a meal, I use a credit card or put it on the room (often, meals-on-the-room end up being comped just by asking for it at check-out).

    I always pack my own cigarettes, so no $10 packs for me at the tables, and the only time I drink while I'm out there is when I'm gambling, so my only drink expenses are at the airport.

    This has been remarkably effective for me, as the very most I can possibly go "over budget" is $360...and that, only on the day I'm leaving for home.

    :beer:
     
    Seems like forever from now, but the flights are booked, so it counts!
  13. engicedave

    engicedave VIP Whale

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    Another way to manage your cash, and again, I do not know what you play, but as stated, I play slots, is obtain and use lower denomination bills. If you carry and use large bills, like hundreds, it's easier to just say "screw it, keep going" since you have the credits in it.

    Stick to twenties, you'll manage better
     
  14. LV_Bound

    LV_Bound VIP Whale

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    Total bankroll / # of days.

    Amount per day / 3 (morning / afternoon / night)

    All amounts get rolled into next shifts and next days bankroll.

    I tend to slow play in the morning so the afternoon budget may be larger and the night is the largest.

    Based on if any is left over it gets rolled into the next day so maybe I won't have to slow play in the morning.
     
  15. dfalk

    dfalk VIP Whale

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    I really like that idea and will give it a try. I could see how it would really slow you down if you were losing and depending on where you're at it could take you an hour to get back to your room for more.
     
  16. sco5123

    sco5123 VIP Whale

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    I do not live life on the edge. I'm extremely cautious. Especially because I often travel to Vegas solo. To a certain extent, I can't even explain all the levels of caution that I take...because then it would not be cautious.

    Anyway....

    As with anything, I look at the max amount I can comfortably take. Then I decide I want to use 3/4ths of that *max* on gambling.

    Lots of people say that everything they come with is meant to be used to play. While I can respect that, I have a different philosophy. I want to cushion myself throughout the whole trip. Just because I have a max I *can* spend, that doesn't mean that it's the max I *will* spend. I am pretty budget-conscious.

    Therefore, whatever that max gaming bankroll is, I use only 1/4th to divide my bankroll per day for the trip. That means 3/4 of the gaming bankroll is still left over. I know, crazy. But I am playing with the human brain...particularly my own.

    What it does is it makes me feel like I have all this money to play whether I win or lose. It keeps me upbeat and strategically playing. And if by chance I run into a rough spot, I have a super reserve.
     
  17. Drambler

    Drambler High-Roller

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    I take my money out in half chunks for the day. If I blow the day money I hit the pool and hang there or hit the sportsbook and bet ponies and have a few drinks. Both are cheap ways to have fun yet gamble.

    Overall tough I budget X amount for the trip and just keep a tab on where I am at. If I am way down I slow down, if I am up, keep hitting it hard. I do have to say the older I get the better I am about this. In the past I could easily get carried away
     
  18. ClancyHusker

    ClancyHusker Newbie

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    Started using the envelope system about 20 years ago.

    In my younger days (a long time ago!!) had very little will power when it came to money management. Now I put my envelopes in the casino safety deposit boxes instead of the room safe - an extra step in reducing temptation since it takes a visit to the casino cage to get at the envelopes. Some days there is no money left, but sometimes winnings happen and at the end of the day any money left over goes back in the safety deposit box. The next morning I start out with a new day's envelope. It works for me.

    Surprisingly, in all of my two trips a year, I've never come back home without putting something back into the checking account - a few times a lot more than I took out. That's the luck and ebb and flow of the crap tables.

    Looking forward to my next visit on May 1st!!! Envelopes are already prepared. Good luck everyone.:beer:
     
  19. BeeeJay

    BeeeJay President of The Red Lobster Hostess Satisfaction

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    I found a bank that is located in both the city where I live---Chicago, and near the strip in Vegas.

    I'll take a very conservative bankroll with me initially, say 30% of my overall bankroll and divide that bankroll by the number of nights I'm staying. I'll leave my ATM card at home and take a credit card for hotel/dining/misc expenses.

    Then I know I can't hit the ATM if I go over my daily budget so I'll play more conservatively. If I go back to the safe for a next days bankroll I'll likely be forced into the drive of shame to the bank. Conversely, if I win really big I'll take a drive of victory to the bank and deposit, even if its early in the trip.

    On my last trip I was especially lucky and got up $7,000 early in the trip and deposited all that to the bank and actually xfered to another account so I couldn't withdraw later.

    Desperate Degenerates require Desperate Measures! :beer:
     
  20. AlwaysVegas

    AlwaysVegas Low-Roller

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    I always rent a car and I get my money from my bank's ATM or sometimes from stores (never in the casino...those fees...yeesh!) I also tend to burn out before I reach my daily bankroll limit, which is probably a good thing. If I have money 'left over' from the previous day, I just take out additional funds from the ATM at the start of the day to total my daily limit. In this way I feel like I'm already ahead on my budget.

    It's always nice to have those rare days where I'm so far ahead, that I have to leave money in the hotel room and skip the ATM altogether.

    I enjoy driving around Vegas and going to the ATM is a good excuse to drive around and see the city. I also bop between casinos all over town, which tends to keep me from going overboard in any one casino
     
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