Hit and run gambling

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And don't forget about my article, called "Sports Betting: Advanced middle techniques for college and pro football wagering." It's all about a way to bet on sports with very little risk but high potential rewards. Click here to go to the eBay listing. It's only $4.99 plus fifty cents shipping.  Now on to this weeks topic. 

I'm sure some of you invest in the stock market. Almost every one has a 401k if their employer offers it. Some off you  might even invest in individual stocks or a mutual fund in a private brokerage account. 

So let me ask you what you would do if you got a hot tip from a friend about a tech stock, a "highly volatile" tech stock, that was poised to go through the roof. Maybe they're about to release a new app, and there are rumors that Google is going to buy them out.

Maybe you've squirreled away some "mad money", a grand or so, and you decide to take a risk on this stock. It's trading at $10 a share, so you buy a hundred shares with this $1,000. 

What would you do, if in just a few days the stock doubled in price? And then, before you knew it, it doubled again. You're $1k is now worth $4,000! You'd consider selling it, wouldn't you?  And at the least you would cash out most if not all of your $3000 profit, right?

So why don't gamblers think that way? Even if you are just a quarter or nickle slot player, if you sit down with ten bucks and run it up to $30 or $40, you should either just cash out and leaving, or at least put your winnings to that point in your pocket and just keep playing on your initial bankroll. 

In blackjack or craps, if you start with $100, the minimum I think you should buy in with at any table game, and you double it in short order, think about walking away. I know some of you are thinking that "you're possibly walking away from a monster winning streak". And while those kind of streaks are very rare, they do happen. Thatis why I recommend "rat-holing" (puttingyour winnings in your pocket as you play). 

Rat-holing also keeps the pit boss and surveillance from accurately tracking your winnings, which is also fun to do. And once you've put that money away, don't ever go in after it, except to cash out at the end of the night. If you start losing, walk away, don't chase you losses.

Maybe it's because many gamblers think of gambling as "recreation". Just a fun thing to do after dinner on a Saturday night. I can certain understand that if you go to Nevada once a year, and this is your only opportunity to gamble. That's fine, if that is how you want to spend your vacation money, do it.

I don't look at it that way for two reasons. Firstly, I live in Nevada, and secondly, I HATE to lose. I would rather win $20 and leave in ten minutes than play for hours and walk away down twenty. Gambling is not fun, or recreational, or social for me. If it's my money at risk I consider it serious business.

The casinos count on this, by the way. It's how they make their profit. Get people in, get them drinking and socializing, next thing they know they've lost their paycheck. And they only stopped in to just use the ATM, or have "just one drink", or a cheap buffet. 

Don't let it happen to you. Be smarter than that. Know your limits and when to walk away. Like I always say, smart money management and sticking to an exit strategy is the key to being a more profitable gambler. 

Most casino employees call it "grinding". I call it "hit and run" gambling, and it's (mostly) how I make my living.

See you next time. 

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