As the economy worsens and many people find themselves in a downward financial spiral, many will consider trying to win money to solve their economic problems. I’ve owned and raced horses, handicapped horse races for profit, and counted cards at the blackjack tables in casinos. I’ve made money at those things, but never got rich and found it to be more work than a regular job. It isn’t glamorous or sexy to sit at a blackjack table for hours with drunks trying to tell you how to play your cards and the pit boss eying you suspiciously.
There is also nothing fun about walking out of a race track with empty pockets. The truth of the matter is that if you are one of the consumers of gambling, that is, not the casino owner or owner of the race track, then the game is against you from the get go. Don’t get me wrong, I’m not about to quit playing, but I hate to see people risking what little they have trying to get lucky.
If you really want to get lucky, work for the casino or at the race track. I’ve never worked for a casino but have worked at a race track and I got paid every day no matter who won the race. If none of this has discouraged you or convinced you to quit, here is a little advice that might help.
First and foremost, set limits and know when to quit, especially when you’re ahead. At some time in their visit to the casino, almost every gambler has a time when he or she is ahead and yet, most leave a loser. How do you know when to quit? Gambling, like most things in life, is streaky, or cyclical. You will have times when you win a few bets at the horses or hit a jackpot at the slots or a big pot at the poker table.
Nine out of ten gamblers proceed to keep betting and playing and give it all back. The longer you play the more likely you are to lose due to something called churn. Casinos and race tracks love churn. It simply means that each time you bet, the house or track gets a piece of your bet. It may only be a few percentage points in the casino or 20% at the track, but it adds up.
One of the few successful gamblers that I know is a lady who plays trifectas at the horse races. She is one of the cheapest people I know, but she still takes $60 per week and plays the ponies. If she loses it, she goes home and waits until the next week. When she wins, and she does, she usually hits trifectas that pay well. She will take the money and put it in the bank and use it to pay her bills or buy things she couldn’t usually afford.
The next week, no matter how much is in the bank account, she only takes $60 and goes back to the track. She loves to handicap and doesn’t look at it as the only source of her income. She knows that if she loses, she hasn’t lost everything. In other words, there is no big pressure on her to win. She simply does her best to pick good trifecta combinations and then she plays them.
Over the years she has spent quite a bit of money on good books about handicapping and money management, which brings up another important point. Invest in yourself first. An investment in good information that you can use or a good education is the best investment most of us can make. She doesn’t gamble with scared money and can stay within her limits.
So when you get hot and find yourself ahead, be realistic and quit. Take whatever you have and call it a day. The race track or casino will be there next week. Use most of the money to pay down that credit card or mortgage and just save enough for your next trip to the track or casino. You will be amazed, if you follow this simple gambling advice at how you cut your losses and maximize your profits.