Gambling in Vegas – Know Your Edges, Create Your Edges and Know When to Quit

Taking on a big business and reaching the top is never easy, let alone an entire city! Here are some key things to keep in mind before blowing that wad on the tables:

1. Know the edges. Casinos make huge profits every year, sometimes for margins as small as half a percent! The game is about consistently making good decisions that benefit you in the long run. A normal blackjack table with no bonus is generally where a casino has the smallest advantages. With the right system, you can turn your side of the odds on its head. (There are many systems available, but they are essentially all the same: any system is better than none. Personally, I would recommend the 2% 2B2 publication for your gaming needs; in particular, any book by David Sklanksy or Mason Malmuth. it’s a completely different story and not what I’m talking about. While not illegal, casinos reserve the right to spoil you for counting cards (good).

2. Create your borders. Poker has grown in popularity in recent years, and one of the reasons is that poker is a game in which your advantage is equal to the difference between your skill and that of your opponents. There’s definitely some luck in the mix for drama, but in the long run, making consistently better decisions than your opponents gives you a genuine mathematical advantage. Again, 2% 2B2 has some great books and many sites have free forums for strategy discussion.

3. Know when to quit smoking. Many people use the term money management without really knowing what it means. Sometimes it is a good idea to stop if you are losing, simply for psychological reasons. But remember: this is the long term we’re concerned about, which means the next hand you play, whether it’s now or five years from now, will still be the next hand. Mathematically, it doesn’t matter when it happens. That said, gambling addiction is a serious problem and the signs shouldn’t be ignored. If you can’t bear to leave when you’re depressed, and you consistently end up worse by staying longer than you should, be honest with yourself about what you’re really doing. There is a questionnaire available online at Gamblers Anonymous if you think you or someone you know might have a problem.

Gambling can be a lucrative and enjoyable way to earn some money. Be prepared with a little research and setting a reasonable limit for your losses. See you at the tables!

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