Hit and Run gambling.

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On to todays topic: Hit and Run Gambling.

I don't really gamble for fun or entertainment. I would rather go see a movie, or read a book. For me, when there's money involved with something, it's not 'just for fun' or "entertainment".

It's not that I'm morally opposed to gambling for fun or entertainment, it's just not my thing. If you want to do it that's fine, go right ahead. As long as you're playing small amounts and not betting money that's meant for the rent, there's no real harm in it.

Instead, I like to engage in what I call "hit-and-run" gambling. Goal number 1 is to walk out a winner. To that end, goal number 2 is to only make bets that have a very small house advantage, percentage-wise. Goal number 3 is to quit while you're ahead. All of this is easier said than done, but let me tell you how I like to do it.

First of all you're not going to be at the table for very long. Maybe only a few minutes, certainly less than a hour. That's not long enough to earn a comp, so don't bother getting a Player's Club card or giving it to the Pit Boss so he can track you.

Secondly scope out all the table games there, and pick the ones with the best odds. Then make the best bets, and only the best bets, on whatever table you're playing at.

So don't sit down at a 6 to 5 blackjack table. If that's all the house offers, then you're not playing Blackjack there. And don't make any side baths, like the Royal Match, or Pair Square. You should look for low limit games with a single deck. Play at 6 or 8 deck shoes only as a last resort, as they are harder to count in to and generally have a higher house advantage. Once there, you should count cards, track aces, and use perfect basic strategy for all your hit and stand decisions.

If you're playing craps, you want to make the pass line bet at the table minimum, then take full odds. Any odds bets that you make get paid off at true odds, so there is no house advantage. Then place the 6 and 8. That's it, no prop bets and no field bets. And don't let the Dealer's talk you into doing it, either.

(If your bankroll is large enough that you can make $20 place bets, then you should be "buying" the 4 and 10. You will get true odds on your payoff, 2 to 1, minus a 5% house fee or ommission, which is only $1 for every $20 won. So you would win $40, minus $2 commission, for a total of $38. If you had placed the 4 and 10, and then won, you would be paid off at 9 to 5, which would win you only $36 for your $20 bet. This is a very good deal for the player, percentage-wise but you have to bet at least $20 on the 4 and/or10 to make this work.)

If you're tempted to play any other table game, like roulette, big six, three card poker, let it ride, or anything else, then you probably should just leave the casino. if you don't, you're playing right into their hands.

Finally,  the key to the whole thing is money management and exit strategy. You need to think about this before hand, as well and once you have decided on an exit strategy, do not vary from it.

I don't think you should ever buy in at a table game with less than $100. If you get down right away, and continue to lose, and never get back up, then it shouldn't hurt too bad to only lose a hundred. (If you can't afford to lose $100 you probably shouldn't be playing at all). The expression is, scared money never wins, and it's true. If you're playing with your last hundred dollars cash or betting part of the rent money, then you're definitely using scared money and you should not even be gambling.

This doesn't mean that you have to lose your whole hundred dollars before walking away from the table either. Sometimes you just get a feeling, and after you've lost 50 bucks you just know you're never going to get back up. It's okay to walk away at that point. That's good exit strategy. Also, don't ever throw good money after bad. In other words, don't chase your losses.  Once you've lost that first hundred dollars do not ever go back into your pocket for more. Just walk away.

Now for what to do if you're winning. You need to have the right mindset, and that is that you are making an investment when you're at the tables. Think of it like trading stocks on Wall Street. If you had invested $1, 000 in a highly volital stock and then watched as the value of your investment went up to $1, 500, you would probably cash out, right? You would at least consider cashing out some of the profit that you've made, right? And if the stock started to tank, you would at least cash it all out before it dropped back down below the $1,000 you started with.

Well you're going to do the same thing when you're at the tables. If you're up at least 50% over what you started with you should probably Rat Hole your initial investment. That means put it in your pocket and don't ever touch it again until you cash out.

At that point you will be playing with your winnings, so you are guaranteed, at the very least, to walk out even. But you're still at the table with your winnings, so if the odds continue to be with you and you keep winning, you're not walking away from a potential monster winning streak.

Now monster winning streaks don't come along that often, but they do sometimes happen. That's why I call this hit-and-run gambling, because you usually not at the table long enough before your winning streak does a reversal on you. And you want to walk away before you lost all your winnings.

Remember, the house has a mathematical advantage on every bet that is made in the casino (except for the aforementioned odds bets on craps, of course). So even if you doing all of the right things at the table, and making all the right bets, the longer amount of time you spend at the table, the greater your chance of losing. Most gambling books call that a "risk of ruin". And that's what you want to avoid at all cost.

So hit and run gambling involves limiting your potential losses, protecting your winnings by rat-holing, and walking away if things are starting to go south. You're not guaranteed of winning every time of course, but if you're doing it right you should win more than you lose in both the short and long-term. And that's the goal.

Good luck everybody.