I've read several books on gambling that say the number one, most important thing a successful gambler needs to learn is money management. I've got to admit, I don't use a money management system. I kind of have an idea how much I'm willing to lose on a trip and if I see I'm getting there too fast, I'll try to slow down. I've also gotten stupid and tried to catch up. Those gambling lessons can be expensive!

Do you divide your gambling stake into daily allotments? Do you divide that into gambling session? Do you put away a certain percentage of winnings? Do you take your ATM card to the casino with you [img]http://www.talkvegas.com/ubb/smile.gif[/img]?



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Jeff, Gambling Moderator
senatorjm@talkvegas.com

Jeff: No, No, No, Yes.

Seriously, I should but I don't really have a system outside of doing what you do and back off if the losing starts to really accelerate.

Is there a list of tips or hints you can post on money management?

Jeff,
Money management is one thing that Michael thinks is very important. Sometimes I tend to have a very bad session, and then I have to slow down. Michael is very good at dividing his money up by day and by playing sessions, which I'm not. <vbg> He is very kind in sharing any winnings with me, so I don't have to carry my ATM card. <vbg> If I'm in a good mood, I'll share my winnings with him. [img]http://www.talkvegas.com/ubb/wink.gif[/img]

Lee Ann
Past, Present and Future Forum Moderator
leeann@talkvegas.com

My money management system is simple and easy .just control your losses by a daily % loss.my daily money is 20% of what i'm holding.you'll never go broke but hard to manage when that jackpot is just one more pull away.

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D.A.G.SEATTLE
furdoo3@aol.com

Jeff,
We used to break it up in daily alotments, but we sort of have gotten away from that. It's now more of a rough number, somewhere out in the cosmos. It all depends if we're having a good time or not. That's when we call it quits for the day, when it's no longer fun. Those are the days we try to catch up, by drinking our losses! LOL
All the rest I have to answer NO to.

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Lee-PA
Moderator, What's New Forum
lee@talkvegas.com

My favorite Money Management System is to purchase Traveler's Checks in $20 denominations. Total amount equals my gambling bankroll.

My first trip inside the casino of my choice is directly to the cashier's cash where I convert one or two of the $20 cashier's checks to cash. Then I proceed to a low minimum table with a $20 or two $20 in hand.

Sit at a table and play the $20 or the $40. If I lose, I have to get up to go to the cashier's cage.

But I have a rule that goes like this ....

Second trip to the cashier's cage in any one casino means I have to change to another casino.

Works well for me. I can break that rule at any time if I like the casino I am in, but then I have to take a short break and change the table.

Rat-holeing is very important too and never ceases to amaze me when it is time to turn in and cash out.

Call us retarded, but we have to keep our money in envelopes (one for each day) in the safe deposit box. That's the "our money", but we both save (inbetween each trip) our own money as "extra". It's up to us to spend that day's allotment however we want.

Usually on little wins, we just put the money back in our pockets. If it's over $100, we split 50/50. (that way if one is down, they can hopefully count on the other for more $$.) When we do win, I like to put at least 50% of that away (for the next trip as 'my money'. Tim tries to, but usually ends up spending his.

Lastly, no I don't take the ATM. Be too scared to do that!

We sorta use the daily allotment. We take travelers cheques and in the morning cash our daily allotment unless we haven't used up the day before's, and if we are lucky we take some home.<s> But we only use the daily thing as a guide, it's not cemented in stone.

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larryinmi@netscape.net

Carol,

I've read an article suggesting the envelope system. I'm gonna go thru my old Casino PLayer magazines and see if I can find one of the money management articles and post some info from it.

I wouldn't want you to post how much is in those envelopes but I'll warn you, the in-room safes are NOT the safest place to keep money. I've heard of several people at the Rio having things taken out of their in room safes.

In case anyone here doesn't know, you can deposit money with the cage and draw it out as you need/want it. You can go to the cage to get your money or you can get it at the tables.



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Jeff, Gambling Moderator
senatorjm@talkvegas.com

Jeff,
Interesting information about leaving money at the cage, I didn't know that. Good advice about being careful with cash. I don't think anyone should keep a large amount of cash on them in this day and age. Its not necessary and besides I find that cash is to hard to keep track of. It goes so fast.

I limit myself to $200 per day to gamble although I have never lost that much. I'm to cheap to lose $200. If I was getting close to my limit, I'd find a $1 or $2 blackjack table and get comfortable. If it was getting late inthe evening and I had had a good day you might find me at a craps table somewhere. I love craps but it seems to be one of those games where you can win quick or lose quick.
T.C.

We always keep our money in a safe deposit box at the hotel. Every day we go down, take our $$ out, cash it, then HIT the SLOTS or VP!! (It's actually travelers checks, not cash)

Interesting about the safe. Will have to keep that info in mind..... Would be interested in knowing how they know your # you put in??? Anyone know?

Also interesting about keeping money at the cage. never knew that either.

The room safes can be opened with a handheld electronic device. If you are going to use the safe, keep only travelers checks in them. If you have cash, use the casino safe deposit boxes.


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John
Moderator Dining Forum
john@talkvegas.com

I usually divide my gambling budget into equal amounts and try my best to not keep playing if I go through that days budget. Easier said than done. I prefer to take travelers checks and suggest lock boxes in the hotel lobby as opposed toin-room safes for cash.

I have found the easiest way to deal with gambling money is to leave it in the bank at home. Establish a line of credit at the casinos that you prefer to play in and pay it off by check or cash (hopefully there

John,

My next trip will be my first using a credit line. I established credit at the 2 places I plan to stay at which will get most of my gambling.

I did this so I don't have to carry a bunch of cash adn also to see if it effects comps. Maybe you can answer a question for me. I understand that if you sign a marker and have a winning session you're pretty much expected to buy back your marker when you leave the table. What if I sign a marker for $500 and lose $100. Will there be any question about my walking with $400?

One other question, have you ever settled a marker with a credit card? If yes, was it treated as a purchase or a cash advance by te credit card company. I plan to ask my credit card companies but I kind of doubt they'll actually know how to answer.



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Jeff, Gambling Moderator
senatorjm@talkvegas.com

You do not need to buy back a marker unless you want to. Some time the pit boss may ask do you want to buy back your marker, just tell them no you need the money and that will end it. I been using casino credit and markers for years then writing a check when I leave. You can make arragements to have it deducted from your checking account it you wish. You will not get a copy of the marker until you pay out, I have casino credit at two casinos. Some other may vary with house rules. You can also go to the cashier cage and sign a marker. Credit line will also give you check cashing with no questions ask. Be sure to carry an I.D. the first time, after that you are in the computer and should have no problems

Jeff>>What if I sign a marker for $500 and lose $100. Will there be any question about my walking with $400?<<

Jeff, I doubt there will be any question. Now if you sign a marker for $500 and win, they would probably ask you if you want to buy back your marker. They do get irritated if they think someone is just using the money as a loan to go to another casino.

But other than that, they don't care.

I haven't had casino credit in a looooong time but if I can remember right, they wanted to be paid within the month. And they would deduct it from your checking account (automatically) if your account was not paid.

Don't know about how the Las Vegas casinos do it re: markers being treated as a purchase or a cash advance. But the online casinos treat it as a cash advance.


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gail@talkvegas.com
Moderator, TalkVegas After Hours
Administrator, TalkVegas BB

Gail, you're right on all counts as far as my understanding is concerned. I just established a line of credit a few months ago
at one casino, and I was told if a marker
was not paid at the time of check-out, they
would bill within 30 days, or make an automatic debit to the bank account if that
was set up.

Dick 9/5/99

Jeff, I have only been asked one time if I wanted to buy back a marker. I have always used a check or cash to settle and have always settled just before checkout. Others have told me that a withdrawal from your checking acct. will be made for accts. Not settled within thirty days of checkout.

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John B.
jblersch@optonline.net

Thanks for all the replys.



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Jeff, Gambling Moderator
senatorjm@talkvegas.com