Advice on Money Management

I consider myself a good and disciplined crap shooter. I am a boring pass line with odds and running up two more points with odds through the come line. I know all the odds and I am content to keep to this disciplined approach. However, I think I am a lousy money manager. The Wizard and other experts advise to increase bet amounts when winning and reduce bet amounts when losing. Can anyone talk to a that works for them. I need a scale of some sort. I can't re;y on my gut or feelings. In other words, I can't double all bets just because I feel lucky. Thanks, Joe

I would love to see you quote where the Wizard said any such thing on Craps, that reeks of a betting system which the Wizard describes as all being "Equally worthless."

I am not quoting the Wizard verbatim here, but I could imagine him saying something more like, "If you must play a negative expectation game, then wager the lowest amount necessary to enjoy the game."

In my personal case, that amount happens to be whatever the table minimum is. There's only one Optimal Strategy as relates Craps and that is not to play, unless you go to the Santa Ana Star in New Mexico and ONLY play the Field or Buy the 4/10, then none of your bets will have a House Edge working against you and your long-term expectation is nothing.

Aside from that, the less the better, because the House Edge applies on every dollar you bet. However, if you must wager more than the least amount possible to enjoy the game, then make sure you are only betting with entertainment money and not playing outside of your means.

Quote: jdemart

The Wizard and other experts advise to increase bet amounts when winning and reduce bet amounts when losing.

What are you talking about??

Welcome to the forum.

Your question can be taken to mean many things....

One may be.... what is my risk of ruin (losing your entire bankroll) if I am betting $xx at a game with a house edge of yy% over zzhours?

Another may be..... I have a goal of tripling my buy in.... how should I bet to maximize that likelihood?

A third may be... I found a game where I have an edge over the casino! How much should I b et to best take advantage of it!

I 'think' your reference to the Wiz was probably referring to the 'Kelly Criterion", which basically tells you how much to bet given the player edge you have, and your bankroll.... If your bankroll started at $1000 and Kelly criterion said to bet $20 per hand, but you have been unlucky, and are down to a bankroll of $500, Kelly would tell you to be betting $10 per hand now. It is used by successful card counters.....

If you rephrase your question to add more specifics perhaps we can be of more help....

Quote: jdemart

The Wizard and other experts advise to increase bet amounts when winning and reduce bet amounts when losing.

If the Wizard owns casino stocks he should disclose that.

Quote: jdemart

The Wizard and other experts advise to increase bet amounts when winning and reduce bet amounts when losing.

No no no, it's the other way around. And jump
up and spin around three times before you bet.
That's the important part.

Don't forget the animal sacrifice. Selling your soul to the devil is +EV if you don't plan on dying anytime soon,.

Quote: EvenBob

No no no, it's the other way around. And jump
up and spin around three times before you bet.
That's the important part.

So your roulette system finally comes out.

Quote: AxelWolf

So your roulette system finally comes out.

That's only half of it. You're forgetting about the bet selection.

Quote: jdemart

I consider myself a good and disciplined crap shooter. I am a boring pass line with odds and running up two more points with odds through the come line. I know all the odds and I am content to keep to this disciplined approach. However, I think I am a lousy money manager. The Wizard and other experts advise to increase bet amounts when winning and reduce bet amounts when losing. Can anyone talk to a that works for them. I need a scale of some sort. I can't re;y on my gut or feelings. In other words, I can't double all bets just because I feel lucky. Thanks, Joe

being a good shooter is one thing but if you're the type of person to "Let it all ride" on yourself, then yes, poor money management can ruin you.

1) If you are good at rolling numbers then start yourself off with a simple passline bet w/odds.
2) if you're good with primary numbers (Numbers you roll quite often) bet those and press 1 unit after each win and never take them down.
3) if you're a PSO (point seven out) shooter then best small or bet the don't.
4) don't worry about the come bets. Just place the numbers for now till your ready for the "Big Time"

I roll many 6/8's in my shooting, but that doesn't mean I should bet my farm on the 6/8. I start with $12/6 & $12/8, if win I drop $4.00 to the dealer and powerpress to $30 and then either same bet or press 1 unit there after. I also gamble by betting the hard6, hard8 for $5 each and parley to $50 in hopes to catch another win giving me $500 return for my $5.00 wager.

Quote: jdemart

The Wizard and other experts advise to increase bet amounts when winning and reduce bet amounts when losing.

I also have to call ... cowpie ... on that.

The closest thing might be my discussion of the Kelly Criterion, in which players should be in proportion to bankroll * advantage / variance. However, since craps is negative game, the optimal bet size is always zero.

Craps Genious
I just viewed your math tutorial and now everything seems so clear.

http://www.youtube.com/watch?v=9o1SAS8KyMs&list=PLpjFwSCz5e91MhRmUjAEepZx0zTDDpN5n

Quote: Buzzard

Craps Genious
I just viewed your math tutorial and now everything seems so clear.

hey Sir, I never said I was a Math "genious"

Never have more than 5% of your trip bankroll on the table at any time (my trips are 2 days, 36-48 hours long).

Never have more than 20% of your session bankroll on the table at any time. There are times that I bust out in a half an hour. Shit will happen at the craps table. Just make sure you don't buy in for $300, win $200, then lose $300 and have a net loss for the session. Take your damn wins.

Don't full press (parlay) your bets constantly. Take a win on at least every other hit. You sound like a come bettor, so this doesn't really affect you as much.

Don't feel obligated to take full odds, it might be the best bet on the table, but you have to watch your variance as well. Just remember that a PL/come with double odds is still one of the best bets in the casino.

Those are the four things that come to mind as a fellow craps player. Do you need to follow these "rules"? No. Learn how YOU work and build your scheme/system around that.

Much depends on your goals, but I know what you're talking about.

For example: start with a modest $100 betting the $5 table minimum with max odds. Sometimes I play less than max odds on the 6/8.

If things go well and I get to $200 on the rail after a loss, I'll double my bet to $10. If I lose, I go back to the $5 bet. If I win, I stay at $10. If I get to $400 on the rail, I color out.