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Money Management


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hotreds

hotreds

Illegitimi non carborundum!
Joined
Jul 31, 2014
Messages
2,860
Location
5 miles past "Resume Speed."
Trips to Las Vegas
13
The responses to my poll about gambling success- or lack thereof- had me wondering if you use any kind of money management system? I did for a while, but then when I either won or lost PDQ, I simply wanted to keep on playing( plan being to quit after I won or lost $100, then $200, then $300, then no longer paying attention) so that original plan went out the window. I feel the best I can do is keep within my allotted budget for the trip. Are you able to keep with your plan? And, what is it?
 
No plan. I didn't fly 4 hours to bank a small profit. I just keep playing and if I need to, tap the LOC.
 
Joe said:
No plan. I didn't fly 4 hours to bank a small profit. I just keep playing and if I need to, tap the LOC.
Click to expand...

Exactly. A true money manager would not even play at all. That way you REALLY break even unlike the 90% of people that say they do - LOL.

If I win good on the first day, I figure I now have more to play with. About the only time I REALLY, REALLY put the money away is at 2am on the last day.
 
Joe said:
No plan. I didn't fly 4 hours to bank a small profit. I just keep playing and if I need to, tap the LOC.
Click to expand...
I agee with Joe ...I bring some cash and have markers at the casino and I use them both. But I know what OP is asking... I should be more careful when I'm playing it can get out of hand quick! Matter fact I'm going tomorrow I need to b careful.
 
Joe said:
No plan. I didn't fly 4 hours to bank a small profit. I just keep playing and if I need to, tap the LOC.
Click to expand...

So that's why they built Vegas way out in the middle of nowhere - it all makes sense now!
 
hotreds said:
The responses to my poll about gambling success- or lack thereof- had me wondering if you use any kind of money management system? I did for a while, but then when I either won or lost PDQ, I simply wanted to keep on playing( plan being to quit after I won or lost $100, then $200, then $300, then no longer paying attention) so that original plan went out the window. I feel the best I can do is keep within my allotted budget for the trip. Are you able to keep with your plan? And, what is it?
Click to expand...

I money manage mainly on time, and by budgeting gambling days individually. Loss limit is generally the daily budget. There is no win goal, more of a walk if I've played as long as I planned and am up.

What I need to work on is making the time limits harder, and walking even when down a small amount instead of sticking it out to get back to that magic "even"
 
My plan is divide trip bankroll by number of days in trip and try not to take money from the following day to play a little longer. Have not taken a lot of vegas trips but have never hit the ATM. When the money is gone the money is gone. Hopefully it is never gone before I am ready to call it quits. I try to put what is leftover away for the next trip.
 
The plan is to budget a set amount per day to gamble with. Whether I stick to the plan is another story, :haha: But honestly, being on a losing streak makes me feel like crap so I have better trips if I stop the bleeding and try again the next day.
 
The last few trips I have tried something different that will guarantee I will not come home broke. It doesn't mean that I will come home a winner but allows me to bring some of my money back. It does require some discipline on my part. I mostly play video poker with 100 play BP penny my favorite. I will buy in for $200 bucks and play until I get at least 100 TC's but shoot for 200 TC's. After cashing out I will cash in the ticket and any $100 bills I receive go in my wallet and are out of play. By the end of the trip my wallet gets a little fat. I'm hoping one day my wallet is filled with the amount I take plus I still have unopened envelopes for a win. So far this has worked pretty good for me.

Mark
 
I use the ATM method.
My bank will allow me to pull out $500/day.
So, let's say my bankroll for the trip is $2800 (as it was on this most recent trip).
I bring $800 in cash, knowing that I can ATM out $2000 while I'm there, but never more than $500/day.
This forces me to be disciplined (except for the day I arrive).
I only hit the ATM on day-1 if I'm down $500 or more.
I always ensure that I'll have at least $800/day to gamble with when I get up each morning.
 
The best money management strategy is to realize that gambling is not a way to fund your retirement unless you actually own the casino. Its entertainment. Look at it like this and figure how much value you are getting for your money. Is it entertaining to pump $100 in a slot and walk away broke 30 minutes later? for me, it is not. It is much more entertaining to put a $20 in it, play less and get free drinks.
 
I think the most important money management tool, for me, is accepting the gamble. Not accepting losses before they even occur. I disagree with that mentality more than anything, and that's also why people get grumpy about gambling (not that that's entirely bad). But going in somewhere saying you consider your money gone when you hit the door because it's "entertainment" is not helping. Your entertainment is gambling. You don't gamble to lose, even though you will. The entertainment part comes in in the fun you can have trying to win. That's also why I avoid grumpy tables and grumpy casinos (hi, Sugarhouse!). All of that said, I also don't believe in house money. Once it's in the rack, it's mine. Slots are trickier, and that's why I used to break down that money into fives, but now am content at tens and twenties (on a very small portion of the bankroll). I get a nice run, that TITO is cashed and goes home with me.

So in AC, I have a trip budget/bankroll. I make sure all of my play fits into that, so at worst I'm headed to the room at the end of the trip, grabbing a snack on the way up. At best, I buy the kids an extra surprise. In Vegas, I have a daily/casino specific bankroll, with "freeplay" to add in to another if I'm enjoying myself or to take to a new property. I'm not worried about fantastic comps in Vegas because I don't frequent it enough to warrant spending extra to get them. I've had one Vegas trip so far where I spent my entire budget. One trip I took the remainder and bought a new TV and PS4. If I get my fill of fun, I can easily spend the bankroll or walk out. And if the trip sucks winning wise, I have zero problem rolling back and making the most of less than that. ALWAYS remember you can go back again. In the vast majority of cases, the place isn't going anywhere. That helps TONS with money management. I have a Winner's Bank just in case the wins arrive, but I've walked out after a few hands up a lot, and I've left with the last five in my pocket after hours because I decided I wasn't going to give them anymore. The key is finding a place that works for you and your expectations in the casino. We've all given it back. We've learned and we've ignored. But don't let the stupid days completely disappear. Put them in your bank as a reminder that you never want to become Franklin.
 
I use the daily envelope method that many people use when in Vegas and leave my ATM card in the room safe. If I hit a large jackpot or get significantly up, I put that money in a take home envelope and seal it (and hopefully don't get too drunk, go on tilt, and rip open the take home envelope). On my last trip I hit a $4k royal, which allowed me to lock in a win for the trip by putting that money in the take-home envelope.

I've been struggling with money management at my local casinos lately however. I think that my plan going forward for the local casino visits will be to bring my allotted bankroll for the visit and leave my ATM card in the car, so that I cannot hit the ATM without going to my car, which will hopefully force me to cool off and make the smart choice and just leave once the allotted bankroll has been extinguished.
 
I do not have a daily system,but I keep the bankroll(or what is left of it) and ATM cards in the safe.I bring down less than $200 to play VP (.25 max play) plus any $ for a sports bet.
I force myself to go back upstairs and get more $ if that is a losing session..It gets old quick on a bad day and eventually just play till there is still $ left to buy dinner..
I bring two wallets also,one with the cash and expired DL and players card,while the real DL and CC'S and ATM cards and cash are safe in the room.

On a good day though go back upstairs,take a break and deposit some vouchers in the safe and head back down again with the minimum.Use the vouchers for the next day.Just something I have to do as I'm always in Las Vegas for 6 or more days.I have never brought more than $1500 cash and always leave $80 in the car at the airport also,just incase something bad happens..
That is my MO and it works for me.But boy I am no stranger to the ATM machines halfway through the trip it seems..o_O
 
It's certainly easier to do money management at the local casino than it is in Vegas. Locally if I hit my limit (win or loss) I walk away, even if it's just been a few minutes. I can play again whenever I want. Next day/week/month, whatever. In Vegas though I'm there for a limited time and a chunk of that I want to devote to gambling. I do have total bankroll and session limits but I also exercise some flexibility on those, which I don't do at home.

Nostresshere is right, if you talk to gamblers, 90% will claim they are winners. Obviously b.s. but it's human nature to remember the positives in life and bury the negatives. If you are going to play a negative expectation game the "smart" thing is to flat bet always. I don't do that, it's too boring for me. I gamble for entertainment. It's a lot more fun when I win but realistically I know that in the long run I will lose. That's the cost of my entertainment.
 
My wife and I budget $4,000 for the trip. The first thousand is for the room and food/drinks/entertainment outside the casino. The rest is split for $500 per day for each of us. Right before I leave, I put two $100 bills, folded deeply into my wallet, just for that "gambling" emergency. Other than that, we don't have much of a system. I just know that my wife will cut my nuts off if I go to the ATM before the end of a trip. :)
 
vegasvic said:
you are going to play a negative expectation game the "smart" thing is to flat bet always
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I do agree and disagree lol.... maybe I don't know but if you keep flat betting and losing you wouldn't really get a chance to get money back...l mean like baccarat game where I take chance and make few big bets where it will get me way ahead in the game but then it will also put me in "set back" lol. I guess just play within "mean"!?!? Stick with your budget!?! It will be argue till end of time with this subject lol. Shoot I just don't like to lose lol. Wish me luck as you can see I'm ahead out there tomorrow
 
topcard said:
I use the ATM method.
My bank will allow me to pull out $500/day.
So, let's say my bankroll for the trip is $2800 (as it was on this most recent trip).
I bring $800 in cash, knowing that I can ATM out $2000 while I'm there, but never more than $500/day.
This forces me to be disciplined (except for the day I arrive).
I only hit the ATM on day-1 if I'm down $500 or more.
I always ensure that I'll have at least $800/day to gamble with when I get up each morning.
Click to expand...
I like this.
 
Not really- I bring my bankroll and ideally I'd like to keep it divided up evenly for however many days I'm there but it always doesn't work out like that.

I keep a Vegas account which is separate from normal checking and savings. I may use it for a purchase at home or a night out with friends too. It's basically just entertainment money and "buy shit I want but don't need" money.

For example I'll budget $10k for this next trip. Late night Wednesday arrival and Tuesday afternoon departure. Wednesday night I'll only use $1k to play with before I go to bed. Thurs-Sun will be heavier play days and then Monday night I'll go over to Mirage and sit in the book for a night of NBA betting, beers and relaxing. I usually don't play on the day I leave.

If I did blow that budget by, let's say, Sunday afternoon then I have some more in that account I will pull out. I won't deplete it but enough to still enjoy the last day and a half. That's the break glass in case of more fun needed emergency portion.

Also if I get up then I will take a cab to a bank and deposit cash. I've done this before too.

This time next week hopefully I'll be way up and needing to make a deposit
 
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