Money Management

[damule]

     I see in the more recent posts, RS has been a major topic for most. Although, whenever I've watched one of his site videos I've thought he's stoned and incoherent, he actually made some sense in his last video. RS spoke about money management, and I happen to agree with him on this subject.
 
     Let's face it, most of us are recreational, hobbiest VP players. We want a fair game with a strong pay schedule with a chance of winning. Most of us have full time jobs and full time lives which do not allow us to play for 12-14 hours a day with perfect strategy and look for the best pay tables in the country such as some of the real professional VP players do like Bob Dancer.
 
     I've had several email conversations with Dancer over the years and he does not believe in money management because one can never tell when a machine will get hot or cold. This is where me and Dancer do not see eye-to-eye. He only believes in having enough bankroll to cover the coldest of cold streaks so that the perfect mathmatical strategy will return the machine to it's true payback percentage. This is why he only plays games with a greater than 100% return. Great strategy for professionals with nearly unlimited bankrolls and unlimited time.
 
     Now for realistic money management strategy for the rest of us: If you set a high and low parameter each and everytime before you walk into a casino to play, whether it's video poker or any other game with a slight house edge, and the low parameter is within your budget, you will find that RS's suggestions in his last video are accurate. You will have a greater chance of winning in the short-term due to the high variance of most VP pay schedules. What's important here is to set realistic goals and STICK TO THEM!
 
     For example, one of my favorite games is 10-play, 10-cent Supertimes Pay Double Double Bonus. This is a game which can be replicated on this site, except I usually can only find 9-5 games where here it's 9-6 (less than 1% difference in payback percentage). Each max bet on this game costs $6.00. I start the game with $1000 in the machine. Before I enter the casino I tell myself: if I lose the grand, I quit for the day; If I get up to $2000, I quit with a $1000 profit for the day. I have hit some nice jackpots on this game over the past year: dealt 4 aces w/kicker for $2000, dealt 4 aces with a 2x multiplier and drew 4 of the ten hands with kickers for appr $2500, drew one hand of 4 aces w/kicker with 10X multiplier for $2000, among others. Each and every time I did this, I didn't live by my rule, I kept playing and lost most of the winnings and usually the initial $1000. Sometimes I'd even go on tilt and end up putting more money into the machine and losing that. BAD STRATEGY here for sure! 
 
     I wish I had the discipline back then that RS talks about in his latest video. Whether he does or not, I don't give a rats arse. But, I know if I had the discipline I'm preaching about, I'd have a much larger gaming bankroll than I do. Although, the professionals like Dancer are correct mathmatically, their strategy does not fit most of our lifestyles. However, RS's strategy does, and I have to give him his due here: I AGREE WITH HIM on this one subject. Learn to be disciplined, set affordable, realistic parameters and go win some money.
 

[shadowman]

Well, these aren't really RS strategies. Setting goals has been discussed in gambling areas long before RS got involved. However, the fact he repeats this well known advice is really just part of his con. The trick of a good con is to make it sound good. RS also includes other good advice within his system. As long as a person can separate the good parts from the con parts then everything is good. 



 
The problem, of course, is very few people are able to make this separation. That is why I would NEVER recommend anything RS says.
 
BTW, I happen to agree that playing only in positive expection situations beats a good money management system anytime. 

[damule]

BTW, I happen to agree that playing only in positive expection situations beats a good money management system anytime. 
 
Shadow,
 
     I do agree with you here...but many of us do not live in Vegas or near where positive expectation games exist. And this is where money management is important. Many of us live where the maximum may be 98-99% ER, in these cases I believe money management is vital to preserving (most likely not growing) one's gambling bankroll.
 
PS: I also understand that RS does sprinkle truths in with his bizarro ideas. But, this one subject struck me more than any other as I have experienced how, first hand, strong money management could preserve or destroy one's bankroll.

[vidopoker]

damule, i can sympathize. i was at the indian casinos a few weeks ago. i spent about 50% of my time on vp and the other 50% on 21. Playing 10 play quarter tdb, i hit 4aces w/ kicker TWO times and four 2,3,4 w/kicker 4 times. That's $4000 in jackpots (not to mention the 4 aces i got plus many 4 oak's). I kept hitting a jackpot and then putting more money into the machine until i hit another jackpot. by the time i hit it, i had just spent the money i won to get it.
 
Then i would go back to the 21 tables, win some, and put it back in the vp machine until finally it went cold.
 
luckily, i made 67% of my money back on a nice 5-minute blackjack streak. it's always hard to set realistic goals AND follow them especially if you aren't a vegas local or have a casino nearby where you could be up $500 and leave and come back another day. Since indian casino trips occur 2 x a year for me and vegas trips about 4 times, i find myself staying up all night (sleeping maybe 5 hours over 3 days) b/c i want to get the most play in as possible. probably not the best idea!!

[damule]

Same here vido. I go to Vegas 10-12 times per year and do not get much sleep because I'm just working so hard to get the most play time as possible on high return games. I think it would be dangerous for me to live in Vegas. One needs incredible discipline to live and play there. I bet Shadow has the discipline to do that, the Force is strong in that one .

[shadowman]

I've pulled a few late nighters myself. I did an all nighter at Sam's Town once when they didn't have my room for me. However, I was exremely lucky and made them pay for that mistake.

[damule]

I've pulled a few late nighters myself. I did an all nighter at Sam's Town once when they didn't have my room for me. However, I was exremely lucky and made them pay for that mistake.
 
See what I mean...Shadow = Luke Skywalker.

[EDC1977]

Don't you mean Obi Wan or Han solo? Shadows Just a disciplined knowledgeable player who happens to live part time in a city that never sleeps with good paytables. My brother-in-law (who lives near shadow) rarely, if ever, gambles but he does occasionally. He says it's not discipline, you just learn not to. I'll drink to that!

[shadowman]

While I venture forth unto casinos, gamble I do not.  

[EDC1977]

While I venture forth unto casinos, gamble I do not.   My error Shadow, I should have put gaming. I stand corrected.