There are many casino gamblers who believe that, through various money-management methods, they can overcome the house edges on the bets they make and come out ahead in the long run. They are under the impression that they can beat the casino by managing their money properly. They are wrong. Money management only works positively when players play games in which they have the edge over the house, such as using dice control at craps and card counting at blackjack, among others.
However, because the casino has the edge over the player in almost all games at almost all times, there is no amount of money management that can turn such a negative situation into a positive one. That would be called a “miracle” if it could happen. So what is money management when it comes to slot machines and table games? Are they the same, or will different types of games provide different formulas for managing one’s money? The answer is a little of “they are the same” and a little of “they are all different
Because there are now more types of slot machines in the casinos than ever before, my advice about money management has to be sifted through your own logic and risk tolerance. As a general principle, I will state the following unequivocally: when in doubt, don’t spend new money trying to make up for money you previously lost. Conservative is by far the best way to play casino games.
The Table Games
In this book, we are covering quite a few table games. The basic premise of money management for table games where you can’t get an edge is quite similar to the money-management techniques for slot machines. You want to have enough money to allow you to last at the game, and you want to make sure you do not lose your mind and start betting like a floppy maniac.
You can also consider putting money into your 401(g) from your paychecks or business. You do not have to put in a lot, just a little on a regular basis. In a relatively short time, that 401(g) could be big enough to withstand a tough losing streak.