Thinking of a Trip to Las Vegas? We Tell you About the Strategy to Manage your Money Effectively
One of the main fears of casino players is to know how to take care of their money, without affecting the rest of their economy and that it lasts long enough to give them the opportunity to have fun and if possible have a good run.
All people who go to a physical casino or play in online casinos do not want to leave a table or a slot machine without having earned some extra money. But you know that this is not always the case, and that also sitting at a poker table or an exciting and colorful slot machine can generate a good dose of adrenaline that some people are unable to control and end up spending more than initially, they proposed to spend.
You have created a plan for those who need to manage their money more efficiently when going to a casino. As a first step to undertake your trip to the casino you must ask yourself, will you win, lose, or just have fun?
The correct answer should be for fun, so you should try to make your money last long enough until you have satiated your desire to play and this is within your initial plan. You have devised a process in two steps to help you manage your money when going to a casino.
The main thing is to be clear about what kind of games you will play since money management is totally different if you play in a slot machine than in sports betting. In the same way, it happens with games like Blackjack or Poker where you need a completely different approach than you have to use to play Baccarat or Keno.
Then you should consider the variance present in your game. The volatility of the game is what the variable refers to, the oscillations between losing and winning and the bankroll that it possesses should have sufficient strength to withstand those fluctuations.
In this way, managing the money destined for your trip to the casino will be easier. Simply take your bankroll or set aside enough so that you can handle what comes out without affecting you, and also make sure you can access the rest.
Here arises the question about how much money should be brought then to Las Vegas? And the answer will depend on some variables such as: What kind of games will play? How much skill do you have for the games you decided to play? How long do you plan to play? How much do you think the return will be? How much money can you lose without affecting your economy? You should know each one of the answers since they will affect your bankroll in an important way.
Below is the way in which both the bankroll and the bet were calculated, in a process that I planned for my trip to Las Vegas.
Regarding money management
My projection was to play mostly 9/6 Jacks or Better video poker, with an estimated time of six hours a day on a four-day trip. Staying true to my strategy and also as a story with enough time projected that I could see approximately 300 hands per hour. My bets are the maximum, so each turn has a value of $1.25 in a quarter machine, with an insurmountable strategy of the card my return will be close to 99.5%.
If you take accounts, I could say that: my bet would be about $375 per hour since there would be 300 hands in an hour at a rate of $1.25. This multiplied by six hours a day for four days, means that my bets would be around the $9,000 distributed in all the machines I had already planned.
It is a common mistake among players to multiply the number of bets ($9,000) by the expected gain (99.5%) to calculate the expected losses, do not commit that error too.
In the long term, I expected to obtain losses of $45, but they will surely be higher than predicted mathematically.
Another great question arises, now what should I do?
The idea is to budget the losses ten times as expected, so you could say that I prepared to lose up to $125 per day, for a total of $500 on my trip to Las Vegas, so I can be sure that during the trip I will not run out of money, I even have extra money in case I want to try a new game that I like.
Take into account that with games such as slot machines the expected losses are greater, so you must place loss limits daily and also the bankroll must be much higher, but this will keep your bankroll under control.
You have two ways to reduce the estimated losses per hour in an easy way:
- Reduce the number of bets per hour.
- Improve the game
Do not rush the turns if you are in a slot machine or in video poker, these games are of dubious expectations. The fewer spins less money will lose.
You can also decrease the money wagered on each roll, you can also get a nickel machine like the Jacks or Better example instead of a quarter, and you’ll be risking a lot less.
Whatever game you choose to play, you must always play at the maximum level.