Originally Posted by
Alan Mendelson
Yes Mickeycrimm, as I've said repeatedly on this and other forums, and as I've said in three divorces in which I was sued for alimony, and as I've filed every year on my federal and state taxes, I HAVE NEVER HAD A PROFITABLE YEAR GAMBLING.
And with that said, had I been more careful about locking up certain big jackpots (which might have meant making fewer frivolous bets) I might have had some profitable years.
Let me give you an actual example.
One weekend I'm at Caesars and I hit a progressive royal for about $24,000. I locked up $14k as a profit and decided to play with the rest at craps.
But here's what I did: I played a more reckless strategy. Rather than take my wins to first replenish my outlay, I started pressing immediately. That was a mistake.
Since you may not know craps I'll give it to you play by play.
I'd start with $135 across.
Instead of taking the first four hits of $35 each to replenish the initial $135 outlay, I immediately pressed. Then a 7 would come and I'd lose it all.
Normally, I'd take the wins from the first four numbers (4 X 35) before I'd start to press.
But I was so "giddy" from hitting a $24k royal, with only a couple hundred in the machine by the way, that I threw caution to the winds and I DID NOT LOCK UP MY PROFIT.
Some players might commend me for pressing early, but a more cautious approach of locking up profits or replenishing the initial outlay first would have given me better results.
Hence the money management tool of quitting or pausing when ahead. It doesnt mean you're quitting forever. It means you are taking your outlay back -- covering your initial bets -- before using your winnings to create new betting opportunities.
People do this in business all the time. Companies take in sales to create profits before they spend money on expansion or before paying out dividends.
Is this money management so stupid?
Frankly I think the so-called APs who criticize my phrase of quit when ahead or quit when pausing do the same thing that I do... but they don't realize it. Or, they won't admit it.
In order to keep gambling and in order to keep taking shots at the casino you need ammunition. If you don't replenish your ammunition you will not be able to keep playing or winning.
But then you have players who think they can't lose because they are playing with a positive edge.
Oh, so you can't lose?
Who has never had a losing session? Besides jbjb and soxfan and maxpen, I dont know of anyone who hasnt had a losing session.
Even Kewlj admits to losing for months at a time.
But what keeps you going during those losing seasons? A large bankroll plus profits you banked before.
Of course I can't speak for Maxpen because he wasn't hurt by the Pandemic shutdown. Good for you Maxpen, but AP extraordinaire Kewlj collected state unemployment insurance benefits during the shutdown.
