Your Casino Bankroll Requires Planning – Questions and Answers

$100 Funny Toilet Paper

 

Your Casino bankroll requires planning. How much money to bring to the casino depends three questions:

  • what games will you be playing?
  • what denomination will you be playing at?
  • how long do you expect to stay?

I am often asked, “How much money should I bring to the casino?”  In other words, what should your bankroll be? Think of it this way – “Retirement is like a long vacation in Las Vegas. The goal is to enjoy it the fullest, but not so fully that you run out of money.” — Jonathan Clements. If you think about it, every time you visit the casino, that’s the goal. To enjoy it the fullest, but not so fully that you deplete your bankroll.

Consider these before your next visit 

1)  “How long am I going to stay?”  Decide before you go.
2)  If using bus transportation, “Do I have plans on how to spend my free time?”  (Time without bankroll)
3)  “If I get ahead on a slot or video poker machine, how will I establish a stop value to cash out?”
4)  If it’s a longer visit that spans over a meal time, “Do I have a plan for dividing your sessions?”  and “Am I taking enough money to include downtime, tips, and meals?”
5)  MOST IMPORTANT – “Does my allotted bankroll equal the allotted time for my visit?”  In other words, will your time expectations match the $$ you brought?  (If not, be careful not to make that ATM your friend)

Related Post – Your Bankroll is $250 – What New England Casino Would You Visit?

Bankroll Suggestions

Keep in mind that the following are suggestions.  While a suggested bankroll might give you the best run at a certain percentage of lasting, the opposite is also true. The house edge might not change in your session, but your success can get crazy bad or crazy good in a short session – after all, it is casino gambling. Remember, your casino bankroll requires planning.

SLOTS – John Grochowski says, “….as a general rule of thumb, to have a 90% chance of staying in action for three hours on the slots, your bankroll should cover 250 bets. If you’re betting 40 cents a spin on penny slots, a $100 bankroll gives you that 90% chance. If you’re betting 75 cents on quarter slots, the bankroll need rises to about $187.50, and when you bet $3 per spin on dollar slots, it’s $750.”

Ticket In, Ticket Out! TITO

Ticket In, Ticket Out! TITO

BLACKJACK – according to CountingEdge.com, “….always buy-in with at least 50 times the minimum bet. No exceptions. In other words, to play at a $5 minimum bet table you need to buy-in with $250. At a $10 table you need $500, and so on.

CRAPS – Its my understanding to bring to the table 7 to 10 times the amount you are betting. So a $5 table with 3-4-5x odds pass line w/ odds only ave betting $25.00, so $175 to $250.

VIDEO POKER – 150 bets to cover 400 decisions per hour (average player with perfect strategy).  In other words, playing quarter VP and five coins per single line, $1.25 X 150 = $187.50 (round up to $200).  Of course, the lower the pay table pay out, the more you will need.  Also, higher the volatility (Triple Double Bonus Poker as compared to Jacks or Better) would me a higher bankroll.

Related Post – Playing Video Poker is More Than Video Poker Pay Tables

They Represent Real money! Treat these chips as real money.

OTHER TABLE GAMES – Casino Player writer Basil Nestor, from “Casino Player” writes “…Blackjack and other table games are best played with a minimum of 50 bets. The only exception to this rule is Let It Ride, which requires 150 bets. For table poker, it’s 100 bets.”

Remember, my fellow recreational gamblers, it’s great to win.  But if you lose, only lose the bankroll you bring and the money you can spend for fun.

That’s all for now.

Binbin

13 Essential Gambling Websites

Rated #37 in 2017

By the way, NETimeGambling was recognized last year as the one of the top 75 Gambling Blogs, rated at #37. Our following has doubled every year, and in September of 2017, we were added to the TravelZork Team with a monthly post about New England Casino News, Events, Promotions and more.

Mark Gruetze of the Tribune-Review, or Trib-Live, posted an article last year about websites for Gambling fans.  It’s a great list, with some additions from your favorite Northeast gambling blog.

Many gambling websites cater to either beginners, AP’s (Advantage Players) or a special place.  There is a plethora of Las Vegas websites, for example, and caution is suggested since many Vegas websites are driven by entertainment and dining sales.

One thing is for sure, if you like swapping gambling stories, or gambling strategy, there are plenty of sites out there to help you.

Mark lists his favorites below.  You will also see NETimeGambling’s suggestions added as well.

General Las Vegas

Welcome to Las Vegas Sign

“An original: Las Vegas Advisor, the brainchild of Blackjack Hall of Fame member Anthony Curtis, started in 1983 as a monthly newsletter, focusing on all things Vegas for people looking to get the most from Sin City through smart gambling and cut-rate deals. The recently updated website, www.lasvegasadvisor.com, features an encyclopedic guide to any type of Las Vegas offering, including 27 restaurant categories plus details on casino buffets; a rundown of shows and concerts; and blogs by gambling experts including Jean Scott, James Grosjean and Bob Dancer. A subscription, which costs $37 or $50 a year, gets you the monthly newsletter either online or hard copy, plus an annual Las Vegas coupon book that can easily cover the subscription cost and access to online forums.”

TravelZork – Complete with Vegas news, travel reports, loyalty program & hotel reviews.  A Vegas travel site within an up-and-coming travel site.

VitalVegas.com – owned and operated by Scott Roeben, who happens to be the Interactive Marketing Manager for the Freemont Street experience.

EatingLV.com – run by John Curtas, this is one of the quintessential blogs for foodies visiting Las Vegas and features numerous reviews and write ups of everything food.

Cheapo Vegas  – Around for years, it’s your guide to Las Vegas on the cheap.

The Vegas Solo! This is THE website for solo travelers headed to Las Vegas. What you’ll find on this website are pages of information to help you plan your solo trip to Vegas.

Las Vegas Advisor, For nearly 30 years, Anthony Curtis and his team have provided hundreds of thousands of visitors with all the information they need to get more out of Vegas than it gets out of them.

Playing strategy and advice

Blackjack Strategy Card

www.wizardofodds.com, started in 1997 by current adjunct professor of casino math Michael Shackleford. Shackleford sold his site in 2014 but remains the main content supplier. WizardOfOdds offers the best strategies for virtually every casino game…. The free site includes odds calculators that account for rule variations in blackjack and other games.

www.888casino.com/blog, operated by the world’s largest online gaming venue.  The 888 blog, also free to all, is relatively new but boasts an impressive lineup, including Henry Tamburin’s “Ultimate Blackjack Guide” and the AP Heat blog by gambling mathematician Eliot Jacobson, which analyzes ways that advantage players can attack a variety of games. The content gets updated frequently.”

GamblingSites, a trusted guide to help ensure safe online gambling and betting, they also rovide an abundance of gambling-related advice and information, written by experienced and knowledgeable experts. We cover sports betting, casino gaming, poker, bingo, daily fantasy sports and more.

Poker News, PokerNews.com is the world’s leading poker website. Among other things, visitors will find a daily dose of articles with the latest poker news, live reporting from tournaments, exclusive videos, podcasts and so much more.

Casino City Times – Gaming Gurus like Frank Scoblete, John Grochowski, Jerry Stickman, and John Robinson (only to name a few) have hundreds of posts for game strategy, facts & suggestions for all games and all players.  Their archives are listed as well, which include a wealth of information.

Casino news

www.cdcgamingreports.com provides news stories and analysis by its own writers and aggregates reports from publications throughout the United States. For a scholarly approach, check it out.

The Center for Gaming Research site, gaming.unlv.edu, fathered by Dr. David Schwartz at the University of Nevada, Las Vegas is a fantastic source for “casino math…..casino revenue figures from across the country, [&] offers podcasts and publishes research papers such as “Of the Rat Pack, Ashtrays, Cocktail Napkins and Grateful Losers: The Making of the Las Vegas Experience as a Historical Process in the 20th Century” and “Elvis Who? Understanding, Attracting and Retaining the Next Generation of Las Vegas Customers.”  Dr. Dave also has publishes some of the most amazing historical resources of the recent decade with  Roll the Bones: The History of GamblingSuburban Xanadu: The Casino Resort on the Las Vegas Strip and Beyond, Cutting the Wire: Gaming Prohibition and the Internet, and Grandissimo: The First Emperor of Las Vegas.

Dr. Dave Scwartz, Professor at UNLV

World Casino News – As well as great content, it includes information concerning casinos from all over the world.  Just ignore the onlinje commercials if that’s your thing.

Casino.Org – Latest Gambling & Casino News. Discover the important stories from around the world since 1995.

There are many specialty gaming sites on the net, and Mark lists a few in those areas. However, there are many sites for newbies and AP’s for all games – table, carnival, slots & video poker.  It would be a good idea to check out forums in each area you are interested in and ask for the preferred sites.  Let the experts in the forums lead you to the best advice on a particular game.

For the entire article by Mark Gruetze, just click on the title below. It’s a great article.

“Gambling fans should bookmark these websites”

That post should keep you busy for a while!

Binbin

IRS Wants Even More of Gambling Winnings – and More Info About You, Too

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Did you know that gambling winnings are fully taxable and must be reported on your tax return. Here are the top seven facts the Internal Revenue Service wants you to know about gambling winnings taken from the IRS website:

  1. Gambling income includes – but is not limited to – winnings from lotteries, raffles, horse and dog races and casinos, as well as the fair market value of prizes such as cars, houses, trips or other noncash prizes.
  2. Depending on the type and amount of your winnings, the payer might provide you with a Form W-2G and may have withheld federal income taxes from the payment.
  3. The full amount of your gambling winnings for the year must be reported on line 21 of IRS Form 1040. You may not use Form 1040A or 1040EZ. This rule applies regardless of the amount and regardless of whether you receive a Form W-2G or any other reporting form.
  4. If you itemize deductions, you can deduct your gambling losses for the year on line 28 of Schedule A, Form 1040.
  5. You cannot deduct gambling losses that are more than your winnings.
  6. It is important to keep an accurate diary or similar record of your gambling winnings and losses.
  7. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses.

So, did you know all that?  Say, you go into a casino – once, with friends – and you win $100.  You keep it, take it home and never go to a casino again.  That $100, my friend is taxable.  It is bad enough that a person could go in and bet $20, win $1200 and get a 1099 and put it all back in leaving with nothing. If they don’t itemize they will pay taxes on the $1,200. No on wins except the casino and the IRS. This is penalizing the taxpayer for the entertainment of gambling. Here’s a true story.

One time in Las Vegas, before the Ticket-In Ticket-Out technology, I was playing a Triple play bonus Video poker machine.  Anyone who plays VP knows that Max play or usually 5 coins, gives you the jackpot of $4000 credits, or essentially $1000 playing quarters. On this triple play machine, on one play I hit a Royal – $1000 non-taxable by a W2-G form.  But…..on another line I also hit a Straight Flush for $250 credits, bringing my grand total to$1250 in winnings.  Well, as you can expect, the machine locked up, the slot staff came over and minutes later, I received my payment of under $900 (instead of $1250) and a tax form.   Continue reading