I've started this thread to discuss why one would utilize session limitations and what different criteria is used by different individuals in defining them.
I expect to hear three different schools of though on it discussed.
1. No limits other than exhausted bankroll because in the Long Term, limitations make no difference.
2. Limitations set so that players walk away with a profit from the session.
3. Limitations set so that a bankroll can be stretched as far as possible or at least through the end of the "trip".
There may be other reasons, but those are the three that come to mind after being involved in such discussions on other forums.
Session Limits
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MikeA
- Video Poker Master
- Posts: 1615
- Joined: Tue Oct 24, 2006 3:50 pm
I personally, do set session limitations both in win and loss. But my criteria has been established specifically to make sure that my budgeted gambling money will last me through a trip. If I lose it all, I'm not hurting. If I win, it's not going to guarantee my retirement! But, losing it all on day one would leave me hurting for something to do for the rest of the trip so I want to make sure that I have enough discipline to insure that I can get in a good bit of recreational gambling during the stay.
To keep it simple, I'll speak in terms of "units" (nickels, quarters, dollars, whatever level you play at, represents a unit).
Let's say that I take 20,000 units as a bankroll to last me for 5 days on a trip to Las Vegas. That is pretty much what I allocate for a ween in Vegas. That breaks down to 4000 units per day. That may sound like a lot but really, playing 5-units a "spin", it can be lost if you hit several losing sessions.
My Session would be the entire 5-day trip. The Intermediate session would be each individual day. And my Mini session would be each sit-down at a machine. I guess if you wish to be picky about it, I could add a "Super Session" which would be my lifetime...however, I haven't set a lifetime bankroll so I don't include that.
I'll plug a machine with 100 units. If I lose that 100 units, I leave the machine. I leave the casino! I go to another casino (I usually play downtown). The walk to another casino with stops to checkout the blackjack table antics kills a bit of time... time that I'm not playing the machines but time that I'm using to enjoy the atmosphere of Vegas... time during which I am not risking any part of my bankroll. There are usually sights in Las Vegas worthy of putting an eye-ball on!
I usually set "doubling" that 100 unit start as an upper limit. Normally when I reach it, it is the result of quads on Double Double Bonus (my game of choice) and the total is more than the doubled 100 unit start. I'll redeem my win and leave the Casino. Again, walking around checking things out on the way to the next casino eats up a bit of time that I'm not risking my bankroll.
Now, if the worst happens (and it very seldom does!) and I lose the entire 4000 units for the day, then I just do not gamble any more until the next day. At that time, I start out with a fresh 4000 unit budget. If the previous day consisted of overall wins, then that money is ratholled. It's off limits for VP during the trip, though I might tap into it to bankroll some blackjack.
You see, I don't go on Gambling Vacations with a motive of "tearing down the house." I've in the past, hit Vegas with the intent of murdering the casinos with Advantage Blackjack play, but that not only wasn't entertaining, but it required a much larger bankroll to fund the large bets with high counts onfwhich, contrary to popular belief, you do NOT win a majority! You make your percentage on large bets involving double downs and blackjacks! It was just too much effort to keep the true count during play and while the large bets did get the adrenalin flowing, it was more than I cared to deal with!
I go in order to do something I enjoy doing that gets me away from the house. I work from home so do need to "get away" every once in a while. These trips I make are cheap entertainment, yet challenging mentally because of the goal of playing perfectly.
I have never come back from one of these trips with less than 1/2 my original bankroll. I can't recall a time where I came back with more than a 50% win. My trips have over the years averaged out to about even.
To keep it simple, I'll speak in terms of "units" (nickels, quarters, dollars, whatever level you play at, represents a unit).
Let's say that I take 20,000 units as a bankroll to last me for 5 days on a trip to Las Vegas. That is pretty much what I allocate for a ween in Vegas. That breaks down to 4000 units per day. That may sound like a lot but really, playing 5-units a "spin", it can be lost if you hit several losing sessions.
My Session would be the entire 5-day trip. The Intermediate session would be each individual day. And my Mini session would be each sit-down at a machine. I guess if you wish to be picky about it, I could add a "Super Session" which would be my lifetime...however, I haven't set a lifetime bankroll so I don't include that.
I'll plug a machine with 100 units. If I lose that 100 units, I leave the machine. I leave the casino! I go to another casino (I usually play downtown). The walk to another casino with stops to checkout the blackjack table antics kills a bit of time... time that I'm not playing the machines but time that I'm using to enjoy the atmosphere of Vegas... time during which I am not risking any part of my bankroll. There are usually sights in Las Vegas worthy of putting an eye-ball on!
I usually set "doubling" that 100 unit start as an upper limit. Normally when I reach it, it is the result of quads on Double Double Bonus (my game of choice) and the total is more than the doubled 100 unit start. I'll redeem my win and leave the Casino. Again, walking around checking things out on the way to the next casino eats up a bit of time that I'm not risking my bankroll.
Now, if the worst happens (and it very seldom does!) and I lose the entire 4000 units for the day, then I just do not gamble any more until the next day. At that time, I start out with a fresh 4000 unit budget. If the previous day consisted of overall wins, then that money is ratholled. It's off limits for VP during the trip, though I might tap into it to bankroll some blackjack.
You see, I don't go on Gambling Vacations with a motive of "tearing down the house." I've in the past, hit Vegas with the intent of murdering the casinos with Advantage Blackjack play, but that not only wasn't entertaining, but it required a much larger bankroll to fund the large bets with high counts onfwhich, contrary to popular belief, you do NOT win a majority! You make your percentage on large bets involving double downs and blackjacks! It was just too much effort to keep the true count during play and while the large bets did get the adrenalin flowing, it was more than I cared to deal with!
I go in order to do something I enjoy doing that gets me away from the house. I work from home so do need to "get away" every once in a while. These trips I make are cheap entertainment, yet challenging mentally because of the goal of playing perfectly.
I have never come back from one of these trips with less than 1/2 my original bankroll. I can't recall a time where I came back with more than a 50% win. My trips have over the years averaged out to about even.
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shadowman
- Video Poker Master
- Posts: 3587
- Joined: Mon Oct 23, 2006 5:42 pm
I've started this thread to discuss why one would utilize session limitations and what different criteria is used by different individuals in defining them.
I expect to hear three different schools of though on it discussed.
1. No limits other than exhausted bankroll because in the Long Term, limitations make no difference.
2. Limitations set so that players walk away with a profit from the session.
3. Limitations set so that a bankroll can be stretched as far as possible or at least through the end of the "trip".
There may be other reasons, but those are the three that come to mind after being involved in such discussions on other forums.
All three choices have merit. However, there is NO mathematical advantage to session limitations. Any limitations are personal preferences and no more. That doesn't mean these preferences are wrong. They just won't improve one's results over time.
I expect to hear three different schools of though on it discussed.
1. No limits other than exhausted bankroll because in the Long Term, limitations make no difference.
2. Limitations set so that players walk away with a profit from the session.
3. Limitations set so that a bankroll can be stretched as far as possible or at least through the end of the "trip".
There may be other reasons, but those are the three that come to mind after being involved in such discussions on other forums.
All three choices have merit. However, there is NO mathematical advantage to session limitations. Any limitations are personal preferences and no more. That doesn't mean these preferences are wrong. They just won't improve one's results over time.
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MikeA
- Video Poker Master
- Posts: 1615
- Joined: Tue Oct 24, 2006 3:50 pm
All three choices have merit. However, there is NO mathematical advantage to session limitations. Any limitations are personal preferences and no more. That doesn't mean these preferences are wrong. They just won't improve one's results over time.
I do not disagree with you SM. It is true that no matter how you look at it, your lifetime of gambling is really nothing more than one long session with periods of time during which you are not playing! To get an accurate picture, a player must add all the losing sessions together with the winning ones to get a net for his career.
I do want to know why others might impose session limitations on themselves though. The criteria I use changes if I'm going for a one-day run to a casino 200 miles away than I use for an extended "vacation".
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shadowman
- Video Poker Master
- Posts: 3587
- Joined: Mon Oct 23, 2006 5:42 pm
I do want to know why others might impose session limitations on themselves though. The criteria I use changes if I'm going for a one-day run to a casino 200 miles away than I use for an extended "vacation".
When I go to a casino/trip I bring a certain "stake". If I lose that stake I go home. I never go to an ATM. Like you, the stake is different based on the kind of trip. This approach works for me - MY "personal preference". I know others who carry NO cash and always use ATMs. This approach is probably a better financial one since you only withdraw in small increments and only what you intend to play. I would dislike constantly running to the ATM when on a bad run.
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Minn. Fatz
- VP Veteran
- Posts: 519
- Joined: Mon May 07, 2007 12:22 am
Bottom line, the most important limit to set is how much you'll lose before you walk away. You can't lose any money that you don't wager. You have got to have the discipline to walk away -- for the session, for the trip, for the year, or for good -- when you hit that one. Got to. Check the Responsible Gaming link on the main page.
Within that limit, divide your sessions up however you like. I'm a fan of the idea that whatever you put into the machine to start, cash out if you double up. But I tend to divide my 100 credits into two tranches of 50 for one sitting at a single-line machine, if only because if I double up on one of them I'm assured an even session.
Within that limit, divide your sessions up however you like. I'm a fan of the idea that whatever you put into the machine to start, cash out if you double up. But I tend to divide my 100 credits into two tranches of 50 for one sitting at a single-line machine, if only because if I double up on one of them I'm assured an even session.
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