Responsible Planning

20 October 2024

By Frank Scoblete

You have now created your 401G, an account that is strictly used for gambling. Remember that “G” okay?

You have to decide how much you can (easily) afford to deposit in the account based on how much you wish to play for and how often you will go to the casino. Do not overestimate your ability to handle losses.

I remember once as a young man an investment advisor said, “You have to be able to handle any losses. Are you okay with that?”

I smiled and nodded. I felt as if I were okay with that, I really did. But I wasn’t okay with that at all. As soon as my investments fell flat like a pancake, well so did my heart.

So, do not overestimate how much loss you can handle. In the great play, “Talley’s Folly” the lead character says the we are all “eggs.” And that meant we are all very easily breakable.

The Games

Let’s take four representative games, three table games and the former one-armed bandits, those infernal slot machines. What I am going to outline for you is how much it will cost to play one hour and when to quit playing completely.

Blackjack: The most popular game and a close contest between knowledgeable players and the casinos. You must play the true basic strategy for the game or you are asking for trouble. Big trouble.

Let us say you are a $25 player. That means at times you will be asked to put out more money for double downs, splits, and the like. You must make the right play or you are giving the casino a massive edge over you. Those plays where extra money is being spent are plays that will help the player by allowing him or her to win more or to lose less.

You should have 50 bets that you can make, meaning you are prepared to spend $1250 on this game. At a full table (only play at full tables, fewer hands are better for the player) you will experience between 50 and 70 hands.

If you find that the casino has whittled you down by half, you might want to take a short (or long) break.

Craps: Why not go with one bet or no more than two bets? Make them a pass line bet with odds and one come bet with odds. Make sure the most money is placed on odds, not on the line or in the come area. (You can also go with a don’t pass and don’t come with odds.)

Now, with $25 bets, you can also go with about 50 decisions. Assume double odds (you’ll find plenty of games with higher odds bets allowed). So, one round can cost you $25 plus $50 in odds X 2. So, you’ll have at maximum $150 at risk. You might find that this will go by fast in a poor game – meaning no hot shooters. Be prepared to take a break. Maybe many.

Roulette: Just play the even-money bets as these will not have too many long losing streaks. Figure 40 bets here.

Slots: You won’t be playing $25 machines will you? No more than $5 machines should be the max. Make sure you have at least $200 to play a single hour. Then we can see what happens. And play slow. What’s the rush?

Okay, you can now consider other games but remember that games with a host of additional “bonus bets” can be deadly. Do not make these bets. Stick with 40 to 50 bets per game before reassessing things.

The 401G should have enough money in it to last at several trips to the casinos.

All the best in and out of the casinos!

Frank Scoblete’s books are available from Amazon.com, Barnes and Noble, Kindle, e-books, libraries, and bookstores.