Casino Money Management
Introduction
Online Slots Money Management A big part of the thrill associated with playing at an online casino is of course the opportunity to win big. However, players need to keep in mind that there is also the. The player should decide on a maximum and a minimum amounts for bets. The player makes the smaller bet after a loss, and the larger one after a win. For example, you choose $5 as a minimum bet and $15. The United States has been the Casino Money Managementmost Casino Money Managementvolatile of all the countries in the world when it comes to real money online gambling regulations.
I get asked a lot about Money Management in gambling. It is not a topic I address often, because money management is just mathematical voodoo. What you can expect to lose gambling is the product of the total amount you bet and the house edge. It does not make any difference how you break up your total amount bet. Given the same game, the expected loss is the same making a million bets of $1 and one bet of $1,000,000.
While money management does not change expected loss, given the same game and total amount bet, it can affect variance. Here are some money management strategies, according to what your goal is.
Player 1 plays for the social aspect of gambling, not so much to win. He prefers to bet conservatively, minimizing his risk of losing, while at the expense of likely not winning either. This player should flat bet. In other words, his wagers should be the same every bet, or close to it.
Player 2 is a risk seeker who wishes to either win a lot or lose a little. Of course, with a high winning marker, and low losing marker, it is more likely to achieve the losing one. The appropriate strategy for player 2 is to press his luck after wins, letting them ride. Most of the time the player will hit a loss before reaching his winning goal, but sometimes hit a good run and parlay his wins to whatever makes him happy.
Player 3 is a small win seeker, at the expense of the chance of a large loss. There are many betting systems that cater to this goal, but they all press bets after losing, until there is a win. Often this player will leave the casino happy for reaching his modest winning goal, but the occasional large losses will take back all the small wins, and more.
Judging by the ratio of expected loss to total amount bet, all betting strategies and money management systems are equally worthless. How much you bet and why should depend on the reason you are playing in the first place. Whatever form of money management you choose, once a bet is made you should always follow the best mathematical play. Finally, never pay for a betting strategy. As mentioned, they are all equally worthless, so you may as well use one of the free ones easily found on the Internet.
Written by: Michael Shackleford
if i start at the 1000, when would it be wise to stop? 1300? and should I pull down all the odds to get to 1300 if that's possible.
I plan to use the suggested strategy on a real table. How much money should I have to play this way for an hour? I assume that 1000 might not be enough. should I quit when it drops to 500?.
Play as much as you want with small amounts, and don't even worry about doing any odds at all. Just bet the passline, the come, the don't passline, and the don't come bets. You can bet on odds and lay odds too, but if you just want to have fun PLAYING the game, a minimum line or don't pass line is all that you HAVE to do, and enjoy throwing the dice and ordering drinks and having fun and all that crap.
When you're done PLAYING and HAVING FUN, reduce your total cost of playing by MINIMIZING your high dollar bets. You've just saved a ton of money PLAYING the game, now GO FOR IT!!!
If you want to triple your money, take the entire rest of your money and bet on the four or the ten.
If you want to double your money, bet half on the four and half on the ten. Or bet it all on the passline, don't passline, the come or the don't come. When you bet it all, no matter where you bet it, figure out how much you win on the first hit and decide ahead of time to yell 'EVERYTHING DOWN' and then WALK.
Winning and playing are two different things. For a given bet level, the chance of winning dimishes with each bet that you take. So make bigger bets less often, and do it when you're done playing around and you just want to win or lose and get the heck out of there.
Just one way to do it!
A lot of people talk about 'free' bets like it makes them more likely to win. It doesn't. It just doesn't cost anything to gamble those bets once they have been offered to you.
If you really want that better edge for one bet (as if it matters for a single bet event), then make your last bet a line or come bet, and do 1/3rd to 1/10th of your total bet (depending on max odds) and put the rest on odds after that. The problem with that is that you're letting the casino decide how likely you're going to win that 'free' bet.
I like knowing what my chances of winning are. And if I bet $500 on the 4, I think I can handle paying $25 commission to go ahead and decide that instead of making a $50 come bet that travels to the 4 .. which by the way, has already lost $16.66 edge at that point anyway (compared to $25 commission).
The only way to get a so-called 'free' bet on the do side is to lose a portion of the line or come bet first. It's 33% on the 4/10, 20% of the 5/9, and 9.09% on the 6/8. So the house already has part of your money that is still showing on the felt giving you a sort of hope of having more money on the felt than you really have. IE: you have less than a 50/50 chance to win that money, but they only pay you even money! That's the edge I'm talking about. Most people don't decide in their mind that they lost 33%, 20%, or 9.09% when that chip moves or when the point is established, but you can count that money as gone.
That's the 'cost' of the free bet. You have to lose in order to take the bet.
I know this will probably start a huge war of people arguing, and I apologize.
If you want the best bet, take someone ELSE's odds bet (like a friend). That's a truly free bet!!!
Free bets are free in the same sense that a free buffet is free. Something to think about.
I play craps on the wizard site..
Too Bad.Get WinCraps. It is free to have and play. For Windows only.
It also IMO has the best HELP section on Craps known to mankind.
The Wizard's Craps game is a very poor one and does not show what the game really is like in a real casino.
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It offers a few wrong payoffs and defaults that can not be changed and are NOT Nevada defaults.
Use WinCraps if you are serious on learning and wanting to play Craps.
5 on pass line and 3x.4x.5x odds with come bets and odds on as many numbers as possible.
if i start at the 1000, when would it be wise to stop? 1300?
Every one plays Craps for very different reasons except they ALL want to win every session they play.
Why stop at $1300?
You only have about a 31% chance (31 out of 100) of hitting a $300 profit or more.
I used 100 rolls for an hour length of play.
Also are you prepared to be in the 4.61% group (about 1 in 22 playing sessions on average)
that NEVER see a profit from your method of play??
meaning, you lose right from the start and NEVER (in 100 rolls) show a profit??
It is called being a loser, how big of one, that is left up to variance and how scared one plays.
and should I pull down all the odds to get to 1300 if that's possible.
I plan to use the suggested strategy on a real table.
How much money should I have to play this way for an hour?
I assume that 1000 might not be enough. should I quit when it drops to 500?.
The larger the bankroll the lower the risk of busting but that may not be too much fun.
Most play Craps to have FUN and most also want to win after having fun.
Sorry, less chances of that happening.
I have seem many QUIT playing the right way when a losing streak hits, to leave the table bitching and moaning,
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only to see variance swing the other way and cause the rest of the right way players to win and kick some ass.
Practice more in WinCraps and you will see and get more answers for yourself.
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Of course, WinCraps does not roll real dice, but you can, and enter them into the program.Good Luck to you