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Money Management Secrets

22 August 2021

QUESTION: I hear about the idea of money-management mentioned by many players and occasionally by gaming writers that I have read. But I am not sure what is meant by it. Can you clearly state what money management consists of? Is it a way to actually get the edge at the casino? I am somewhat new to this so I am a little shaky on my ideas. I need some help, please.

ANSWER: First things first. No type of money management can give you an edge over the casino. This will become obvious once you get the hang of casino playing. You are playing against a house edge at every game. Knowing that; how much do you bet on each decision? How many different bets do you make at games where you have a multitude of choices such as craps and roulette? How much overall have you set aside for casino playing? How much are you going to set aside for a session of play? When do you decide to call it a session?

How you handle your money is the bottom line of money management. The key ingredient is probably how much you can afford to lose without having a heart attack. I would think that most players don’t worry about how much they are willing to win.

How much should you bet per decision? My mentor, the late Captain of craps, told me that for casino gamblers they have to bet something he calls “a manageable amount to give them a manageable thrill.” You can’t bet so much money that every decision seems as if it is life and death.

I would recommend setting up a 401G account. The “G” stands for gambling. This should be a bank account that gives you interest. Analyze your finances and honestly tell yourself how much you can lose without going into a vegetative state. You might be able to play $10 games or $25 games. Would such a game be thrilling to play?

I would recommend having at least 100 times your average bet every time you start your session. You don’t have to buy in for that amount but you should have it with you or in your room’s safe or the safe deposit box of the casino. If you are a $10 bettor then $1,000 would be enough for one day of maybe three sessions. A $25 player should have at least $2500.

How long should such a session last? Time and winning or losing could dictate that. Try not to play when you are tired or too much in your cups. If you are on a bad run, you can always say, “that’s enough for now.” If you quite a session you can’t lose more money.

Money management is meant to contain your losses to a reasonable level.

If you are playing a game with many different bets then you use the total you would bet during a single decision as your average bet. I tend to shy away from multiple bets in such games unless they are proposition bets such as red/black, odd/even, or high/low.. Your money can get away from you betting too much money in those cases.

What I have outlined is a conservative method of playing a money-management system. As you gain experience you will be able to adapt your own money- management system to your style of play.

Bottom line is you don’t want to give the casino a chance to clobber you!

QUESTION: I am a $25 player. Should I try to get a host?

ANSWER: Of course. Just ask and see how the casino feels about your playing level. However, a word of caution: Do not play for higher stakes in order to get a host.

Frank Scoblete's web site is www.frankscoblete.com. His books are available from Amazon.com, Barnes and Noble, Kindle, e-books, libraries and at bookstores.
Frank Scoblete

Frank Scoblete is the #1 best selling gaming author in America. His newest books are Slots Conquest: How to Beat the Slot Machines; Everything Casino Poker: Get the Edge at Video Poker, Texas Hold'em, Omaha Hi-Lo and Pai Gow Poker!; Beat Blackjack Now: The Easiest Way to Get the Edge; Casino Craps: Shoot to Win!; Cutting Edge Craps: Advanced Strategies for Serious Players; Casino Conquest: Beat the Casinos at Their Own Games! and The Virgin Kiss.

Frank and Casino City Times columnist Jerry "Stickman" teach private lessons in dice control. Frank's books are available at Amazon.com, in bookstores or by mail order. Call 1-800-944-0406 or write to Frank Scoblete Enterprises, PO Box 446, Malverne, NY 11565. Frank can also be reached by email at fscobe@optonline.net.

Frank Scoblete Websites:

www.goldentouchcraps.com
www.goldentouchblackjack.com

Books by Frank Scoblete:

> More Books By Frank Scoblete

Frank Scoblete
Frank Scoblete is the #1 best selling gaming author in America. His newest books are Slots Conquest: How to Beat the Slot Machines; Everything Casino Poker: Get the Edge at Video Poker, Texas Hold'em, Omaha Hi-Lo and Pai Gow Poker!; Beat Blackjack Now: The Easiest Way to Get the Edge; Casino Craps: Shoot to Win!; Cutting Edge Craps: Advanced Strategies for Serious Players; Casino Conquest: Beat the Casinos at Their Own Games! and The Virgin Kiss.

Frank and Casino City Times columnist Jerry "Stickman" teach private lessons in dice control. Frank's books are available at Amazon.com, in bookstores or by mail order. Call 1-800-944-0406 or write to Frank Scoblete Enterprises, PO Box 446, Malverne, NY 11565. Frank can also be reached by email at fscobe@optonline.net.

Frank Scoblete Websites:

www.goldentouchcraps.com
www.goldentouchblackjack.com

Books by Frank Scoblete:

> More Books By Frank Scoblete