How To Leave Casino With Money
When you decide to go to the casino, you must assume that you are going to lose, and treat it as such. Decide beforehand how much money you can afford to spend on the evening’s entertainment, and take no more than that amount in cash. Leave your checkbook and credit cards in the room or at home.
I would think if you traveled from New York to Las Vegas as I do; then go to a casino, win your first hand of blackjack or your first roll with the dice or your first slot pull does that mean you are now finished? You are indeed ahead. Should you check out of the hotel and go home? Or just lounge by the pool, have meals, see a show or two, then head home?
Okay, say you go to the casino the next day and again win your first bet. Head home? Go to the pool, eat a meal, see a show?
The dictum “quit while you are ahead” has little relationship to casino gambling. I would think most gamblers give themselves a set period of time (quite flexible too) or a certain number of decisions (hazily sensed) or a “Let me play until I drop” or some such. None of them gives himself the one and done “I’m outta here!” if I win.
Okay, say you lose your first hand, then win two in a row and now you are ahead? Out the door?
What if you never get ahead? Do you keep playing until you lose all your casino money, then your bank accounts, your 401K, the house, your miserable daughter Lulu’s college fund? If you aren’t ahead must you stay the course, that course being your utter destruction? Obviously not.
Language can often sound right but be misleading. Quit while you’re ahead? I think not. You might quit at a certain point and you might be ahead at that point. Or you might quit at a certain point and you might be behind at that point. It might be that you are ahead after 55 minutes and you intended to play one hour but say to yourself, “I think I’ll quit because I am ahead.” But in such a different situation you might also say after 55 minutes, “I’m only a little behind, let me call it a session.”
I doubt there are many gamblers who would quit when they are ahead right off the bat.
- Jan 21, 2015 In most jurisdictions, money left on a slot machine is supposed to be turned over to the casino and no one else is allowed to claim it. That said, a decade or so ago I would have had no qualms about playing with or cashing out small amounts of money left on a machine, citing the case of Finders Keepers v. Losers Weepers as precedent.
- Although many gamblers assume losing is part of playing, it doesn't have to be that way; check out our tips on how to leave a casino a winner.
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Hopefully your point is that quitting while ahead has nothing to do with advantage play. Leaving while ahead is meaningless because having an actual edge implies that you will be ahead more, given that the walk is upwards. Without an edge, the walk is downward, no matter the 'time' between walks. The only instance I know where this is a viable advantage strategy is when playing against loss rebates, in which case there are both win-stopping points and loss-stopping points that depend on game/bankroll/wager/rebate. It may also be a strategy for some cheaters.Honestly Frank, and please correct me, your post sounds like a copy/paste from a book or article you wrote. Its altruistic tone belies its paucity of content.
If it is for profit, then you should treat it like work. Set a daily goal, and once you hit it, stop. If it takes two minutes, then that's how long you worked that day.
If it is for fun, then you set a time limit and a stop loss limit. You stop at a certain time, or at whatever amount you've allocated for your entertainment budget. Winning and losing are relevant to how much fun you're having, but not an important consideration regarding stopping point, other than the stop loss limit.
it's now my money
I think it does cement the idea you need to consider it your money, a concept escaping many players ... many like to think, 'I can go for it now, it's house money!'
As a method to 'beat the house' it is worthless, however.
On the fairly rare occasions that I make a lot of money at craps on one shooter, I typically 'quit' / cash out immediately after the hot roll finishes; same thing with a big hit at slots.
The thing is, I don't quit for the day, or the trip: I just close out that session, take a break, and fire up again later.
Probably just a superstitious form of money management.
The operative word here is 'quit:' in what context?
On the fairly rare occasions that I make a lot of money at craps on one shooter, I typically 'quit' / cash out immediately after the hot roll finishes; same thing with a big hit at slots.
The thing is, I don't quit for the day, or the trip: I just close out that session, take a break, and fire up again later.
Probably just a superstitious form of money management.
It's a tough question, and it would be even tougher to answer in the context of someone staying there. For me, 'Quitting,' simply occurs whenever I leave the casino. I've had two handpays, lifetime, from Slot Machines, and in both of those cases, I kept going until the handpay got there. My first handpay was at a $5.00 Credit machine, though, so I switched machines and told them where they could find me.
If I have a really good hit, I'll usually play exactly down to the nearest multiple of something (depending on what the Max Bet is at whatever I am playing...or depending on what I am betting at Video Keno---usually less than Max---if it makes no difference with the ER) of usually $25, $50 or $100. If I'm playing VK for ultra-low stakes, it might even be a multiple of $5.00 or $1.00!
My win goal is the same as my multiple, but I see no reason to strictly limit my win, I'll play $0.01/Credit, 1 Line, 1 Credit per Line, if I have $200.01 on my ticket and am playing down to $200.00 or up to $225.00, for example.
I don't stick as strictly to the multiple thing for Table Games, because I typically get tired of playing before I would hit any kind of multiple, anyway. I should also mention that the multiple would often necessitate not taking the Max Odds at Craps, so no thanks on that. Tips are also a consideration, since it is strictly for entertainment, I tip the dealers (no bragging, just being honest) EXTREMELY well for my level of play, so there are a number of times I'd have been a good measure ahead and have left neither up or down, after tips.In the event of a great run at Craps, and after that shooter Sevens-Out, I'll give the next shooter a chance and keep playing if he wins the first one. Basically, I keep playing until the first new shooter loses his first hand, then I'm done.
Probably just a superstitious form of money management.
Superstition, MrV? I think not. And I think that to relegate 'qutting while ahead' to superstitious status is to demean its inherent importance.
Look, we all are very well aware that the house edge affects each and every one of our bets, regardless of the timing of their placements.
The house edge is there. Get past it. And part of getting past it is LEARNING HOW TO WIN. How to accept a win. Any win.
Does that, alone, put more money into our pockets, somehow negating the house edge? Nope, sorry. Their edge remains.
BUUUTTTT, what is to be said of our MENTALITY? Our frames of mind.
Quitting while ahead, leaving with more chips than you bought-in for, WINNING, is a learnt art. It's as much a 'positive reinforcement' as Pavlov's dog ever dealt with.
Winning is a feeling. A success story. A story that repeats itself time and time again. And always....ALWAYS....with a happy ending. Now, who in this wide wide world of gambling does not seek that?
But, you've got to train yourself to do it. Why? Because, my friends, it doesn't come nearly as naturally as GREED does.
Winning is a frame of mind. A mentality. An attitude. An attitude that ensures the player that, at the very least, he's doing all he can to enable himself to 'come out ahead' at this session.
Makes no nevermind that he's got to do it all over again at his next session. He's used to it, and expects it. It's now become, for him, a habit. A rather addictive habit.
Now, again, the house edge is there...today when I bet, tomorrow when I bet, and the day after that.
But the house edge doesn't walk with me to cashier's cage when I've got more chips in my pocket than I bought-in for. Rather, it's only me and my 'right frame of mind', my 'winning mentality', my 'positive reinforcement', all pointing out to me as to JUST HOW RIGHT I AM ABOUT MY APPROACH.
The house edge is math. Leave it at the table where it belongs. Quitting while you're ahead will put the dollars in your pocket, where it belongs.
How To Leave Casino With Money Fast
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The smart way to deal with your casino winnings
By Bill Burton
Many players feel that when they’re up, they’re playing with the “casino’s money.” They tend to look at the money they won differently than the money they brought with them.
I can’t count the number of people who have told me they “never win” at the casinos. To this, I always ask if they were ahead at any point during their visit. Many times, the person will admit that they were ahead at some point—but they wound up giving it all back.
It’s easy to walk away when all of your money is gone. It’s a lot harder to quit while you’re ahead. I’m not saying that if you do win that you should immediately go home. If you’re ahead, lock up your buy-in and a small profit. Play with the excess, and when that’s gone, get up and take a break. Walk around, see a show or get something to eat.
Few things in life feel better than winning at a casino. Players should learn to savor these wins. By taking a break from the games while you’re ahead, you can enjoy that winning feeling while you engage in other activities at the casino. You can always go back and keep playing the games later.
On the flip side, nothing feels worse than going home broke, knowing that you could have walked away a winner, but instead you gave back all of the money. Many players feel that when they’re up, they’re playing with the “casino’s money.” They tend to look at the money they won differently than the money they brought with them. In reality, however, once you win, it becomes YOUR money.
It’s not that most people never win when they visit the casino. It’s that they never leave with their winnings. The problem with many players is that they have unrealistic expectations when they sit down to play a game. They want to turn ten dollars into a thousand dollars, or a hundred dollars into ten thousand. That would be a 1,000% return on your starting bankroll, and it’s very unlikely to happen.
Over the course of your playing sessions, you will probably have many small wins, a few medium wins, and maybe an occasional big win (or possibly even a life-changing win). Here are some suggestions for handling jackpots of various sizes.
Small Wins
How To Leave Casino With Money
A small win would be five times your starting bankroll or less. For example, if you started playing with $20 and you won $100, that would be five times your starting bankroll. The best way to ensure that you go home a winner is to lock up your initial starting money along with a small profit. I suggest about ten percent of your win. You can then play with the remainder of your winnings. If you continue to win, add a percentage to your profits and keep playing. Remember, over time you will have many small wins, and saving a little each time will create a larger win at the end of the day.
Medium Wins
A medium win would be 5-10 times your starting bankroll. If you start with $100 and win a $1,000 jackpot, that would be ten times your starting bankroll. With a medium sized jackpot I like using the one-third rule, which means I’ll continue playing with a third of the money, and put one third into my gambling account to use during my future casino visits. I’ll spend the remainder of the money on something special that isn’t gambling-related. This might be a nice dinner at a gourmet restaurant, or some new electronic gadget I’ve had my eye on.
When you purchase a special item with your winnings, you have something tangible to show for it. Every time you use that item you will be reminded of your win, and have a good feeling about it.
Large Wins
A large win is any jackpot that is more than ten times your starting bankroll, or a jackpot of more than $1,200 which requires the casino to give you a W-2G slip and report your winnings to the IRS. When you receive a W-2G, you will have to pay taxes on your winnings when you file your tax return.
If you hit a large jackpot I suggest using the “quarter rule.” This means you immediately set aside 25 percent to cover the taxes, so you won’t get caught short come tax time. I would then put 25 percent into my gambling account to use for future visits. I also spend a quarter of the money on a special item. As the remaining 25% of your winnings, you can use it for gambling—however, if it’s a very large amount, you should probably use less. (If you hit a $10,000 jackpot, I don’t suggest gambling away $2,500 that day.)
Life Changing Wins
How To Leave Casino With Money Game
Any jackpot over $100,000 is a life changing amount for most of us. One of the most sensible solutions for dealing with a big financial windfall is simple yet practical: put two thirds of the money you win into a bank CD or some other investment that you can’t touch for a full year.
The reason for this is that it will give you time to think about the money, and formulate a plan for your financial future. As for the third of your winnings that you didn’t lock away, you can enjoy that money now.
Don’t Get Greedy
Regardless of the size of the jackpot you hit, you’re only a winner if you actually leave the casino with more money than you started with. Hitting a jackpot, and then letting the casino win it all back from you, makes you a loser.
Greed is the #1 downfall of players who win a chunk of money. You have to remember that anything you win is your money—not the casino’s—and you should be prudent as to how you spend it.
Until next time, remember: luck comes and goes, but knowledge stays forever.
Bill Burton is the author of “1000 Best Casino Gambling Secrets” and “Get the Edge at Low Limit Texas Hold’em,” which are available online at www.billburton.com. He’s also an instructor for Golden Touch Craps: www.thecrapsclub.com