My Best Recreational Money Management Strategy

[FloridaPhil]

After 10 years of recreational play, I finally got it though my thick head, “Money management is where it’s at”. I assume most forum members already know this stuff.  I’m posting for new players or players that are tired of going home with empty pockets all the time.  Here is the best long term money management strategy I have been able to come up with.
“You are playing video poker for “recreation”, not to make money.  You may make money some of the time, but in the long run you will always lose more money than you win.  Your goal is to have fun, enjoy your wins, keep your loses to a minimum and leave the casino with some money in your pocket.”
Basic Recreational Strategy Ground Rules
1.       Play the game you enjoy most
2.       Look for the best odds for that game in the casino you are playing in
3.       Use software to train and learn to play the games as perfectly as you can
4.       Always play max coins or enough to get the 4,000 coin Royal jackpot
5.       Play at a denomination that allows you to play a minimum of 1,000 coins per session without using your winnings to play
6.       Never buy more than 100 coins at a time.
7.       Cash out immediately on all 4-of-kind, SF, quad deuces and Royals and put the ticket in your wallet
8.       Keep track of your total cashed tickets.  Never double up or move up in denomination until you have locked up tickets equal to your session budget
9.       Never cash your tickets until you are ready to leave the casino or put a cashed ticket back into the machine.
10.   When you run out of cash (not tickets), the session is over and you are done for that session.
Here’s an example of my average session.  I walk into the casino with $250 in 20s.  I play DDB quarters and cash out according to rule #7.  I play $20 at a time according to rule #6. On an average day I cash out 1-2 tickets an hour worth from $60 to $200.  Once in a great while, I have a $500 or $1000 ticket, but that doesn’t happen very often.  $250 usually lasts me about 2 hours.  Most of the time I am able to walk out with at least $150 in tickets.    There are days when I never cash a ticket, but thankfully they are almost as rare as Royals. About 50% of the time I cash out at least $250 in tickets and have cash left to play.  I usually move up in denomination and play the rest of my cash.   
I’m not trying to write a book here.  I’m trying to help someone to avoid some of the mistakes I’ve made over the years.  In no way do I claim to be an expert on video poker, but you may get something out of my experiences. Hope it helps! 
 
 
 

[BillyJoe]

Very well thought out, Phil... I like it..

[sam434343]

Sounds, good to me 9&10 little harder to do(lol) Phil that is good name too my fathers name! Sam

[FloridaPhil]

Ah yes, #9 and #10 are the hardest.  My problem is staying until I get a hand I can walk out on, which only happens about 10% of the time.  90% of the time I walk out totally busted.  This strategy lets me live to play another day.  I finally convinced myself they weren't going to close the casino and I could come back later. 

[OTABILL]

“You are playing video poker for “recreation”, not to make money.  You may make money some of the time, but in the long run you will always lose more money than you win.  Your goal is to have fun, enjoy your wins, keep your loses to a minimum and leave the casino with some money in your pocket.”.
Agree. I would only add that I view losing a budgeted amount at a casino playing VP equivalent to spending money going to a concert, visiting a theme park, fishing on a charter boat or if it were my passion playing golf - i.e any other form of recreation/entertainment.    

[FloridaPhil]

Agreed.  I wonder how many professional video poker players really win money in the long run these days not counting selling books, training or consulting with casinos. Etc.  I'm sure there was a time when this was common.  With today's odds and comps, it's got to be tough.

[sam434343]

Phil, with all the over 21people that can gamble at a casino, in the US only less than 1%or .005% of the total population of the whole world population in all casinos of the world. This might not be 100% right it is only my opinion.(lol)Sam

[Vman96]

Agreed.  I wonder how many professional video poker players really win money in the long run these days not counting selling books, training or consulting with casinos. Etc.  I'm sure there was a time when this was common.  With today's odds and comps, it's got to be tough.

Considering the competition/paytables in Vegas (not the Strip), there are probably a handful out there, but the living most of them make won't be that great. And outside of Vegas, likely very few and far between, and likely make even less.

And the list is good Phil, but I often switch 1 and 2 around. And 2 sometimes overrules 4, or if I am playing at the bar for comped drinks and I want to minimize average total loss.    I'm definitely a rec player, but I still look at the bottom line a lot.

[FloridaPhil]

I switch them around too if I find an opportunity. One good opportunity exists at the Tampa Hard Rock. The $1 Deuces pay schedule is about 2% better than the quarter schedule, so I play one coin dollars when I get the urge to play deuces.  I know the Royal is worth 2% by itself, but it only happens when I play one coin quarters...   I gave up playing one coin quarters for that reason.   

[Vman96]

I know the Royal is worth 2% by itself, but it only happens when I play one coin quarters...   I gave up playing one coin quarters for that reason.

A royal is worth about 2% yes, but playing one credit still awards you a Royal at 250 for 1, so the payout difference between max credits and one credit is usually closer to 1.25%.