TDVegas
TDVegas
Joined: Oct 30, 2018
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January 15th, 2020 at 3:05:11 PM permalink
Quote: Riva1

We have people win more than $500 all the time. Typically, they give anything over $500 to a pal and settle up outside. And there's always a situation where when someone is up, they lose it back later on.

I should have mentioned that there are signs posted every 6 feet around the room, stating the max winnings is $500. Plus, there is a huge sign saying the same thing right where players buy chips.

Again, players who win in excess of $500 skate around the issue by simply giving chips to another person to cash in for them, in exchange for a beer.

No, this is a real cash game. People don't cash in chips for a toaster oven or electric toothbrush. They cash in chips at the end of the night and get real cash back for whatever they have in their pockets.

It is a risky venture for the house. The house could get creamed if they do not know what they are doing. Players always try to cheat, and sometimes dealers are not very good and make mistakes. I've been doing this for 20 years, and we have NEVER lost money. Some individual tables get murdered, but the overall gambling activity has always made a profit. Some nights are better than others, but we have NEVER lost money from gambling. Then, when you take in the door cover charge, beer and pizza revenue and the $500 cap on winnings, this is almost a ZERO risk venture.

We can calculate, almost to the penny, what each person that is gambling, what that person will net us in profit. The issue was, that none of those numbers could happen if you ran out of chips that you can sell to players. With a $160,000 daily chip sale limit, more people will pay to come into the room, more people will gamble (without the house changing any wagers or payouts) and more people will buy more pizza and more beer.

My question to you folks is, what if anything would you change now that the chip sale limit is $160,000 per day?

.


Good luck with it. I have nothing to really offer. I find it hard to believe any serious or even casual gambler would ever partake in this for gaming.

The fact that you have people colluding with each other to get around the $500 limits AND cheaters tells me you are dealing with low brow customers in something that is strictly a casual type charity event. At those odds...thatís all it should be, imo.

The entire thing is a bit strange to me. Are you running a charity or do you get hired by a charity and charge them to run this show, get a percentage of profits or whatever..?

Who is the charity?
Riva1
Riva1
Joined: Jan 14, 2020
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January 15th, 2020 at 3:20:46 PM permalink
Quote: michael99000

Is the $500 max win per player your own house rule, or a law?

If itís your own house rule, and you still allow people to win much more than that and you have no problems with them going through the process of having to find a pal to cash the chips in, then why have the rule at all?



First, you don't know how much a person has won until they go to cash out; if they turn in $500 in chips, you automatically know that anything over $500 was offed to a pal. Not a big deal. We look at it from a macro perspective; specifically, if we sell $15,000 in chips during the night, and we give back $7,000 to players at the end of the night, we've made $8,000 from "gambling." We could care less if only one person, or 5 people, or 500 people won that $7,000. The bottom line is, the house has made $8,000 for the night. Who really cares who's pocket it goes in? Not me.

Here's the big issue: We make as much from cover charges and beer and pizza sales as we do from net gambling revenue. When the house burns through its $15,000 chip sales limit, nobody will come into the room and, as a result, there is no incremental beer and pizza revenue.

Now, with $160,000 per day to sell chips for gambling, my question remains, as I have described our games, how would you leverage that $160,000. We'll still charge the same $ for cover and, we'll still sell beer at $5 per cup.
This is a gambling questions!
Riva1
Riva1
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January 15th, 2020 at 3:27:48 PM permalink
Quote: TDVegas

Good luck with it. I have nothing to really offer. I find it hard to believe any serious or even casual gambler would ever partake in this for gaming.

The fact that you have people colluding with each other to get around the $500 limits AND cheaters tells me you are dealing with low brow customers in something that is strictly a casual type charity event. At those atís all it should be, imo.

The entire thing is a bit strange to me. Are you running a charity or do you get hired by a charity and charge them to run this show, get a percentage of profits or whatever..?

Who is the charity?



I am and always have been an unpaid volunteer. I give my time and knowledge of gambling because I simply believe in the mission of this particular organization and this is just one way to generate money for that organization. Nuf said.

Two exceptions: I get free popcorn (like everybody else) and a free beer at the end of the night.
Ayecarumba
Ayecarumba
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January 15th, 2020 at 5:12:28 PM permalink
With the daily chip sales cap going from $15k to $160k, where will all the players sit? It sounds like folks are already grousing about not getting a spot on the craps tables.

Maybe the number of tables/games needs to be expanded?

How about Keno or Bingo?
Simplicity is the ultimate sophistication - Leonardo da Vinci
michael99000
michael99000
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January 15th, 2020 at 5:17:01 PM permalink
Quote: Riva1

First, you don't know how much a person has won until they go to cash out; if they turn in $500 in chips, you automatically know that anything over $500 was offed to a pal. Not a big deal. We look at it from a macro perspective; specifically, if we sell $15,000 in chips during the night, and we give back $7,000 to players at the end of the night, we've made $8,000 from "gambling." We could care less if only one person, or 5 people, or 500 people won that $7,000. The bottom line is, the house has made $8,000 for the night. Who really cares who's pocket it goes in? Not me.

Here's the big issue: We make as much from cover charges and beer and pizza sales as we do from net gambling revenue. When the house burns through its $15,000 chip sales limit, nobody will come into the room and, as a result, there is no incremental beer and pizza revenue.

Now, with $160,000 per day to sell chips for gambling, my question remains, as I have described our games, how would you leverage that $160,000. We'll still charge the same $ for cover and, we'll still sell beer at $5 per cup.
This is a gambling questions!



I read all that. And I applaud the time and hard work you put into volunteering there.

But I still donít understand the reasoning behind limiting players to $500 max win for the day. Especially given that youíre ok watching them win $1000s at a game and recruiting friends to cash in those chips in $500 increments. You are making things more difficult for people who are already there playing games at horrible odds in the name of charity. It doesnít make sense.
FleaStiff
FleaStiff
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January 15th, 2020 at 5:38:06 PM permalink
Quote: michael99000

But I still donít understand the reasoning behind limiting players to $500 max win for the day.

It is archaic and unwise given the 160,000 limit, but I think it takes courage to make such a substantial change.

More pizzas, saltier pop corn, etc. is fine but you really should have at least ONE table for high rollers now that your limits on chip sales is so radically altered. I know this will require good crews and your close attention but have some courage. The law has changed and you should change with it!
michael99000
michael99000
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January 15th, 2020 at 5:45:28 PM permalink
Quote: FleaStiff

It is archaic and unwise given the 160,000 limit, but I think it takes courage to make such a substantial change.

More pizzas, saltier pop corn, etc. is fine but you really should have at least ONE table for high rollers now that your limits on chip sales is so radically altered. I know this will require good crews and your close attention but have some courage. The law has changed and you should change with it!



I agree. If youíre gonna alter all the game odds into nearly highway robbery territory , at least make cashing out a smooth process if by some miracle I manage to overcome them.

What if Iím there by myself and I manage to win $2000? I gotta walk around tapping strangers on the shoulder and buy beers in exchange for a favor just to get whatís rightfully mine to begin with
Riva1
Riva1
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January 15th, 2020 at 5:59:18 PM permalink
Quote: michael99000

I read all that. I applaud the time and hard work you put into volunteering there.

But I still donít understand the reasoning behind limiting players to $500 max win for the day. Especially given that youíre ok watching them win $1000s at a game and recruiting friends to cash in those chips in $500 increments. You are making things more difficult for people who are already there playing games at horrible odds in the name of charity. It doesnít make sense.



Respectfully, what you do not understand is that there are or 300-500 people in a room making $5.00 bets all night long over 10 full hours. 35% win. 65% lose. The winners are happy. Losers are happy. Nobody got murdered. Beer is $5. and popcorn is free.

What I'm asking you is: now that I can sell $165,000 in chips per day, versus a measly $15,000 per day, how should I attempt to leverage that chip sale advantage with the current table layout and payout schedule? That's all.
TDVegas
TDVegas
Joined: Oct 30, 2018
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January 15th, 2020 at 7:19:57 PM permalink
Quote: Riva1

Respectfully, what you do not understand is that there are or 300-500 people in a room making $5.00 bets all night long over 10 full hours. 35% win. 65% lose. The winners are happy. Losers are happy. Nobody got murdered. Beer is $5. and popcorn is free.

What I'm asking you is: now that I can sell $165,000 in chips per day, versus a measly $15,000 per day, how should I attempt to leverage that chip sale advantage with the current table layout and payout schedule? That's all.


If you are selling $15,000 and there are already between 300-500 in the room gambling with that money....$30 to $50 per head.....and you aren't increasing the room size, the table count or minimums....I don't see the point of adding 11x the dollar amount ($165,000). Do you force a minimum buy in?

You can't add more people to the room and if they are buying in chips for $30 to $50 anyway....the only solution I see would be to force a minimum buy in...say $300 to $500. Can the clientele support this? Might want to raise the minimums in the hope they lose more of the $165,000 faster.

If the 300 people are buying in for the $15,000....it's impossible to force them to buy in for 11x more than that...unless you actually force them to by denying entrance otherwise

I see no easy solution. The buy ins, minimum wagers are based on what the people can afford....not what you can offer.
Last edited by: TDVegas on Jan 15, 2020
cowboy
cowboy
Joined: Apr 22, 2013
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January 21st, 2020 at 8:28:10 PM permalink
Quote: Riva1


What I'm asking you is: now that I can sell $165,000 in chips per day, versus a measly $15,000 per day, how should I attempt to leverage that chip sale advantage with the current table layout and payout schedule? That's all.


Make the beer free and add free hi-balls. Drunks lose far more money than semi-sober people.

But buy some real good party insurance. The first homeward bound car accident that kills someone will be the end of the event.

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