Three things make me laugh because I know how stupid and nonsensical they are:
1) Signs in the casino that proclaim the millions of dollars paid out – because it implies that players are such winners, and
2) People who say they rarely lose. LOL! I meet so many people who know these people that I’m surprised casinos are still in business.
3) People who are so unhappy that they never win – and yet they continue to play – unhappily.?
The fact is it is getting more difficult to win – lower VP pay tables, confusing bonus slots with higher volatility, and new table games without knowledge of correct strategies. So, what are we to do?
Mark Maremont and Alexandra Berzon at the Wall Street Journal analyzed new data that shows that on any given day, the chances of emerging a winner aren’t too bad—the gamblers won money on 30% of the days they wagered. But continuing to gamble is a bad bet. Just 11% of players ended up in the black over the full period, and most of those pocketed less than $150.
This particular study, they said, used 4,222 casino customers of different levels of play. It showed that just 2.8%—or 119 big losers—provided half of the casino’s take, and 10.7% provided 80% of the take. Such revenue concentration long has been quietly acknowledged in the casino industry because it does show that the casino industry takes advantage of high-end addictive gamblers. But that’s a topic for another time.
The fact is, if you want to leave a winner, you need to leave after you win. Sounds obvious? Yes! But, although gamblers know the house has an edge, the average person doesn’t understand that casino games are nibbling machines, and the more nibbles you have, the bigger your losses.
Bottom line for me is to approach gambling with the following acceptances:
1) The Casino Industry is in the business of making money. I should expect to leave a winner 25% of the time or less.
2) My bankroll is determined before I go and is what I play with – more than that I can’t afford.
3) Gambling is recreation. Recreation should bring joy, but only if you accept the basic realities of the casino’s take. If Gambling doesn’t make you happy – find another recreational activity. Life’s too short – and expensive!
That’s all for now.