Raise Wins or Limit Losses?

This is an interesting question. In the casino,
do you want to raise your wins or limit your
losses. The casino obviously wants you to just
think about getting more wins and never ever
think about your losses. You never see a TV
ad where Mary is carefully playing the slots,
going slowly, being watchful. She's always pedal
to the metal, going after the big wins and jumping
up and down when they happen.

The casino would lose money if people concentrated
on limiting their losses. I'm guilty of this myself
when I practice at home. I'm always concerned in
finding the play that will result in more wins, it
seems more logical. I heard an old saying years
ago about always play to limit your losses and the
wins would take care of themselves. Take fewer
chances, be more careful, be more conservative.
Everything the casino doesn't want you to be.
Its a different approach for me in developing new
ways to play, its worth thinking about.

Agree with the limiting losses. When I used to be successful playing craps, I use to bet very conservatively and would have days where I would turn a $500 bankroll into $1,000. A 100% profit is good all the time. Then, I started listening to all the players at the Craps table tell me I was way too conservative and could make a lot more money by being more aggressive and taking more risks. The change in mindset contributed heavily to my extreme losing streak.

I'm switching back to my slow and steady pace. I may never turn $500 into $5,000 but there's nothing wrong with a $500 profit (100% gain) tax free playing my favorite game. I was telling a friend that I turned a $1 Hard 8 bet into $270 when it hit 4 times last week; I fully parlayed the first hit to $10 and took the $90 payout the next 3 hits. Instead of him saying congrats, all he said was if you had fully parlayed it the first 3 hits, you would have left with $10,000. I replied...A profit is a profit, bottom line!

Quote: CrapsForever

I'm switching back to my slow and steady pace.

You'll never hear the casino advising this.

Back at the Casino at the Craps table...came with a $500 bankroll. The guy who rolled 4 Hard 8's in 6 rolls last week is also here. Just had a great conversation with him regarding "Craps Strategy", he says, "bet slow and rack up the wins." I will give an update later today.

Quote: EvenBob

I heard an old saying years
ago about always play to limit your losses and the
wins would take care of themselves.

For a negative EV game (most casino games),
that would mean you always play the minimum bet
and play as slow as possible.
It indeed will let you stay longer in the casino,
but I just can't see how it would turn you into a winner.

Quote: pokerface

For a negative EV game (most casino games),
that would mean you always play the minimum bet
and play as slow as possible.
It indeed will let you stay longer in the casino,
but I just can't see how it would turn you into a winner.

You have revealed the secret of those who followed John Patrick. While walking around looking for a hot shoe or a cold dealer, charting the tables, etc. , you are not losing. So when it's time to get back on the bus, you might have quit winners, or at least lost less.
Just remember what John said, never split Aces against a 10, hit that 12 instead ! LOL

A good reliable character actor versus a Hollywood star?

One makes money on each role, goes to lots of auditions and lots of call backs, works at his craft, possibly also works at other odd jobs from time to time but in general makes a good living as an actor, not as a star.
The Hollywood star gets some luck, some big bucks, may or may not be able to duplicate it, gets typecast perhaps or a reputation as un-bankable....but makes the big bucks or nothing. There is little "in between".

Whether we call her Lady Luck or Lady Variance we all know she works diligently and you will always make losing bets if you stand there long enough. At roulette its always going to be 5.26 percent working against you. At craps, it is more your CHOICE of the percentage, but its relentless.

Walk up, make four hop bets in succession all of them winners and then walk away? Fine. If you can do it.

Or play conservatively such as a Pass Line bet but instead of Table Minimum start putting some REAL money on the line as in something that will make your wife nervous and maybe even secretly make you nervous too. Heck if you get lucky thats the way to go. Even if you don't get lucky.... atleast your exit will be with a smile on your face!

A grinder gets too little to make it all worth it. Even if marginally in the plus column, a grinder is always exposing himself to risk. Whereas the high roller is exposing himself to shame and regret... but going for that brass ring.

Interesting question. On the craps table I always flat bet with pass line with odds and come bets with odds (or dark side option). But then again my goal when going to a casino is to be able to play for long extended periods of time (8 to 10 hours per day). If I win, great. But I do not want to go bust in the first couple of hours because I was pressing my bets too much.

Quote: FleaStiff

A grinder gets too little to make it all worth it. Even if marginally in the plus column, a grinder is always exposing himself to risk. Whereas the high roller is exposing himself to shame and regret... but going for that brass ring.

$20 per hour to play video poker isn't a bad way to go...

Quote: FleaStiff

Walk up, make four hop bets in succession all of them winners and then walk away? Fine. If you can do it.
.

Why wouldn't you be able to do it? If your
self control is that of a 5 year old in a candy
store, why are you in the casino to begin with?

This is a subject thats bothered me for 30
years. If you have no will power, no control
over your actions, isn't a casino the last place
you should be? What chance do you have.
Alcoholics don't hang out in liquor stores.

Up and down day. The guy who hit 4 Hard 8's last week did nothing good today. In the first hour, was up $150 betting conservatively, once I had "house money", tables went COLD for 2 straight hours. Was down $300 and had Point 7'ed out 4 times in a row. Then, I had a solid 30 minute roll, never made a point (4), hit 7 10's (Pitboss confirmed), only hit (one) 5 or single hardway.

My next roll, made 5 points in a row. Made $250 for the day (4 hours). Now, If I would have been a bit more aggressive on my last 2 rolls betting.....

Quote: pokerface

It indeed will let you stay longer in the casino,
but I just can't see how it would turn you into a winner.

Nothing will turn you into a winner if you
don't have the edge. Shouldn't your goal
then be to control your losses? Unless you
have money to burn, its the only logical
choice. But its a lot of work, and people
go to casinos to play, not work. And complain
about it later.

Quote: TIMSPEED

$20 per hour to play video poker isn't a bad way to go...

True. I keep hearing about such people who between the money they make and the comps they get are spending their retirement at VP machines making 20 an hour, but I've never heard it from a CPA or surveillance team that performed an audit!

Are there really people shoveling coins into a VP machine and taking out all those winnings along with gaining those saddle sores from eight hour shifts? How many are there? Maybe I will give up panhandling and learn the difference between a flush and a straight?

Quote: FleaStiff

Walk up, make four hop bets in succession all of them winners and then walk away? Fine. If you can do it.

Quote: EvenBob

Why wouldn't you be able to do it? If your
self control is that of a 5 year old in a candy
store, why are you in the casino to begin with?

Having the self control to walk away isn't the problem. Being able hit four out of four hop bets in a row is a major challenge, if that is your betting strategy to be a winner. How would you choose between 3, 4, or 5 in a row as a before-the-wager set strategy?

I took it to mean being able to walk away when
you're ahead, something my wife is totally incapable
of doing.