Casino Tips What to do with winnings?

Over the past week I have made a few grand from slots, and want to make sure I do not feed it back in... I am paying some bills, buying something nice but want some way I can keep the rest away. I can control myself but have been known to be a bit crazy from time to time.

What would you do with the money to keep it safe?

Source.

 

Be sure to report the winnings on your income tax.

 

Put the money in a CD or buy something that you would never want to return. Or, if you have discipline, create a gambling account (401G) for just such money.

 

I say physical gold and/or silver.

 

Hard assets.

Emergency supply companies, oil, natural gas, water suppliers.

 

Nothing whatsoever is what I'd do. If you act differently (or need to act differently) when you win or lose, something is wrong. Winning streaks are actually part of the normal return of a machine and no more or less interesting than the sun rising in the morning. If you squirrel away money out of your recent Jackpots thinking they are actual "winnings" you'll run out of bankroll very fast when the also normal and expected losing streak comes around.

The best practice is to ALWAYS calculate your advantage in advance of playing (Hourly earn, percentage edge, etc...) and then act accordingly for the amount of theoretical money you earn.... NOT the actual amount of money you make or lose on a daily, weekly, monthly, or even yearly basis.

In other words: If you are playing a 1% edge on a game where you can cycle through $1000 an hour, you should assume your income is $10 an hour. If you then put in a 40 hour work week, you should assume you made $400 for that week, regardless of result. To continue in this thought line: if you then decide you'd like to spend 10% of your weekly income on "entertainment" you could spend $40 a week on movies, gifts, and eating out and keep to budget.

I have played many games where the daily ups and downs were greater than the weekly theoretical earn. If I had done any of the things people are suggesting to you, I'd have been out of work in my first month and looking for a new career. It's simple logic, if you get 100% of all the losses, but only 75% of all the wins because you keep scrapping off the top no game with daily swings would be playable in the long term.

Also please note: If you are playing with an edge there is no reason to set aside money from winnings. Set aside money from your EARN just as you would money from a normal job...

 

Actually the future random walk dictates that your expectation moving forward is just that, expectation. If you've won a large amount, then you shouldn't expect to lose it back if... you truly have an edge over the casino. However, if you don't have an edge, and you're just lucky, then you should expect the machine to gradually consume all of your winnings.

 

The ups and downs in blackjack can be staggering. I once lost a little over 10K in one hour. Your averages are not translatable in a weekly way; the are created over time. To play seriously as an AP you must have a large bankroll to a small bet so that no bad streak can destroy you. (And that means the small bet is your largest bet as you go up and down the betting ladder based on your count.)

I've had winning streaks that were seemingly miraculous as well. But to win you must be playing with an edge. No way around that fact.

Every advantage-player as been on the receiving end of casino punches. That the nature of the contest.

 

Select small cap gold/silver mining stocks.

 

(roulette)...... Myself, 60% goes back into my overall BR and the other 40% is for me. Bills, fun stuff etc.

Works out pretty good.

Ken