Las Vegas Gambling Research Paper
Special Appendix
The Las Vegas Laws of Seven
I have seven rules that I adhere to when gambling in Las Vegas, or any other place for that matter. They have helped keep my losses low as well as not digging a hole for myself when I am having a run of bad luck. They also allow me to win large amounts of money when I'm lucky. I refer to these rules as laws, because I go to extremes not to violate them.
1. Cut your losses and let your profits ride
This is an old maxim for gamblers, and it can be applied to many areas of your life. But here in Las Vegas, it simply means never losing more than you planned. Therefore, you should always place a limit on your losses, not only for your trip to Las Vegas, but for any gambling session. Before walking up to any type of game, you need to first decide how much money you are willing to lose. Once this amount is reached, your gambling session is over with. Never dig into your pocket for more money.
On the other end of the spectrum are your winnings. There …show more content…
should never be an upper limit to how much you can win, but you must be careful to secure a certain amount of your winnings as profit before attempting to win more. So you need to decide on a profit objective, and once this number is hit you can then walk away from the table or continue to gamble to win more. But you must be careful to secure that initial profit objective.
2. Never play too long
For most games, the longer you play, the better chance the casino will win; therefore, it is important to not only have limits for how much you are willing to lose, but also how long you are willing to play. If you have set a limit of 45 minutes of play and after this time has past you are at a break even point, you need to get up and do something else. The longer you play, the better the chances are that the casino will grind away at your money. The preferred method of casino gambling is to hit and run.
3. Don’t be greedy
Many times a player could have walked away from a game a winner but simply became too greedy. Although there will always be times when you will lose, it is often the case that you will be winning before you lose. But you have not won enough. In fact, you may not even know what enough is, and the result is you lose everything you started playing with. Don't be greedy means having an exit strategy. Once you reach a certain predetermined winning level, it is time to walk away.
If you have gone over your goal, you can pocket the chips you planned on walking away with and take a chance with the remaining chips, but that is all. Take your chips to the cashier's cage and cash it in for money. Never carry chips around a casino. They have a habit of being taken out of your pocket and winding up on a table. Take a break from the game you just finished playing and cash your chips. If you want to play another game, you can buy in with cash later. 4. Know the odds
Not only the odds, but also know what the casino advantage is in the game you are playing. You need to be aware of the odds, so you will know what your chances are of winning any single wager. The higher the odds are, the greater the chances are that you will lose your money. When you play games with long odds you are looking for the big win, but the chances are you will lose big instead. Also, you need to know the casino advantage of the game you are playing. This will tell you how much money on average you will loss over an extended period of time. With the exception of keno, I seldom play any game with a casino advantage greater than five percent.
Keep in mind, although the games with the lowest casino advantage are better for a gambler's bankroll, they also are the fastest games.
Examples include the pass line bet in craps and the game of mini-baccarat. Both games have an approximately casino advantage of one percent, but they are fast, so even with a low casino advantage, you can lose money quickly. A game like roulette or Let it Ride have higher casino advantages, but are a bit slower.
5. Know all of the rules of the game
There is nothing worse in a casino than to play a game and lose, but not knowing what happened. Know the rules of the game, so you know exactly what you are doing with your money. This is as important as setting loss limits for each gambling session. Losing isn't much fun, but you don't want to add confusion on top of it as well.
6. Never borrow money
There really is not much to explain about this law. Under no circumstances should you ever borrow money to gamble – end of
explanation.
7. Get as many freebies as possible
Las Vegas offers a lot of good deals and free or discounted stuff. You should always use a player’s card when you are playing the machines, and many casinos will keep track of your play at table games. If you play smart, even if you don't win money, you may not lose that much, or you may even when, but you will be earning points on your player's card. These points will earn your deals for your current trip or any future trip you take to Las Vegas. Using a player's card combined with smart gambling can make Las Vegas a low cost destination for a good time.
To summarize
The Las Vegas Laws of Seven are:
1. Cut your losses and let your profits ride
2. Never play too long
3. Don’t be greedy
4. Know the odds
5. Know all of the rules of the game
6. Never borrow money
7. Get as many freebies as possible
The Las Vegas Laws of Seven
I have seven rules that I adhere to when gambling in Las Vegas, or any other place for that matter. They have helped keep my losses low as well as not digging a hole for myself when I am having a run of bad luck. They also allow me to win large amounts of money when I'm lucky. I refer to these rules as laws, because I go to extremes not to violate them.
1. Cut your losses and let your profits ride
This is an old maxim for gamblers, and it can be applied to many areas of your life. But here in Las Vegas, it simply means never losing more than you planned. Therefore, you should always place a limit on your losses, not only for your trip to Las Vegas, but for any gambling session. Before walking up to any type of game, you need to first decide how much money you are willing to lose. Once this amount is reached, your gambling session is over with. Never dig into your pocket for more money.
On the other end of the spectrum are your winnings. There …show more content…
should never be an upper limit to how much you can win, but you must be careful to secure a certain amount of your winnings as profit before attempting to win more. So you need to decide on a profit objective, and once this number is hit you can then walk away from the table or continue to gamble to win more. But you must be careful to secure that initial profit objective.
2. Never play too long
For most games, the longer you play, the better chance the casino will win; therefore, it is important to not only have limits for how much you are willing to lose, but also how long you are willing to play. If you have set a limit of 45 minutes of play and after this time has past you are at a break even point, you need to get up and do something else. The longer you play, the better the chances are that the casino will grind away at your money. The preferred method of casino gambling is to hit and run.
3. Don’t be greedy
Many times a player could have walked away from a game a winner but simply became too greedy. Although there will always be times when you will lose, it is often the case that you will be winning before you lose. But you have not won enough. In fact, you may not even know what enough is, and the result is you lose everything you started playing with. Don't be greedy means having an exit strategy. Once you reach a certain predetermined winning level, it is time to walk away.
If you have gone over your goal, you can pocket the chips you planned on walking away with and take a chance with the remaining chips, but that is all. Take your chips to the cashier's cage and cash it in for money. Never carry chips around a casino. They have a habit of being taken out of your pocket and winding up on a table. Take a break from the game you just finished playing and cash your chips. If you want to play another game, you can buy in with cash later. 4. Know the odds
Not only the odds, but also know what the casino advantage is in the game you are playing. You need to be aware of the odds, so you will know what your chances are of winning any single wager. The higher the odds are, the greater the chances are that you will lose your money. When you play games with long odds you are looking for the big win, but the chances are you will lose big instead. Also, you need to know the casino advantage of the game you are playing. This will tell you how much money on average you will loss over an extended period of time. With the exception of keno, I seldom play any game with a casino advantage greater than five percent.
Keep in mind, although the games with the lowest casino advantage are better for a gambler's bankroll, they also are the fastest games.
Examples include the pass line bet in craps and the game of mini-baccarat. Both games have an approximately casino advantage of one percent, but they are fast, so even with a low casino advantage, you can lose money quickly. A game like roulette or Let it Ride have higher casino advantages, but are a bit slower.
5. Know all of the rules of the game
There is nothing worse in a casino than to play a game and lose, but not knowing what happened. Know the rules of the game, so you know exactly what you are doing with your money. This is as important as setting loss limits for each gambling session. Losing isn't much fun, but you don't want to add confusion on top of it as well.
6. Never borrow money
There really is not much to explain about this law. Under no circumstances should you ever borrow money to gamble – end of
explanation.
7. Get as many freebies as possible
Las Vegas offers a lot of good deals and free or discounted stuff. You should always use a player’s card when you are playing the machines, and many casinos will keep track of your play at table games. If you play smart, even if you don't win money, you may not lose that much, or you may even when, but you will be earning points on your player's card. These points will earn your deals for your current trip or any future trip you take to Las Vegas. Using a player's card combined with smart gambling can make Las Vegas a low cost destination for a good time.
To summarize
The Las Vegas Laws of Seven are:
1. Cut your losses and let your profits ride
2. Never play too long
3. Don’t be greedy
4. Know the odds
5. Know all of the rules of the game
6. Never borrow money
7. Get as many freebies as possible