I was unable to post a link roundup this weekend because I was away at Niagara Falls for a few days. I had a fun weekend as usual. There was just one thing that caught my eye once again– the sheer amount of people in the casino spending money at all hours of the day.
I wanted to look at a few tips to ensure that you don’t lose your savings at the casino.
Yes I do realize that gambling is a serious problem, which should be treated by a professional. These are just tips for beginners who are just getting into gambling. If you have a serious gambling problem (or if a friend does) then help should be found immediately.
Only spend money you have.
I have a friend that brings a certain amount of money with him to the casino every time. He calls this his “entertainment money.” It’s the money he would normally spend on entertainment on a weekend night. If consciously set aside some money for your entertainment then you won’t get yourself into serious trouble. If you are in credit card debt and at risk of digging yourself deeper into debt, the risk associated with gambling isn’t worth it.
Avoid excessive drinking.
After a few drinks you drop your inhibitions. You make decisions very lightly. That $50 on the blackjack table doesn’t seem so risky anymore. I realize that drinking can be fun and that gambling can be fun. However, when you mix both you’re only setting yourself up for a potential disaster.
Don’t go looking for a payday.
No matter what type of gambling you’re into, you should necessarily view it as a payday. If you enjoy the camaraderie of spending an evening with your friends at the casino then that’s fine. One thing most people had in common this weekend was that they were planning on winning money at the casino. I don’t want to be the bearer of bad news– but if the casino’s weren’t turning a profit, they wouldn’t be around this long.
Those are just my quick thoughts on how you can gamble without losing your savings. I hope I didn’t come off as a preacher. I just want to make a few observations. Do you guys have anything to add?
A few links from the past week…
What P90X Can Teach You About Becoming a Successful Entrepreneur — I always enjoy me a good motivational post. I personally tried this work out for a few months and I really liked the pump it gave me. I’ve since moved on to different workout programs. I recommend everyone give the workout and the post a look.
How to Pay Off Your Credit Card Debt Fast — As you grow older and want to enjoy what life has to offer, you want to work on paying off your credit card debt ASAP. If you find yourself in credit card debt, don’t worry because there’s lots of help available for you. You can start off by reading this article and checking out the kill debt section here!
What is a Really Good Credit Score? — I know that in the heat of the summer the last thing on your mind is your credit score. I just want everyone to keep in mind that your credit score will become extremely critical to your life within the next few years. Your credit score can affect everything from landing your dream job to get interest rates on mortgages.
I'm a 24 year old dude that studied finance in school and now wants to make it fun. Over the past three years I've been helping readers like YOU make more money and keep more cash in your pocket. I've appeared live on Fox Business News and I've been mentioned in the NY Times.
{ 4 comments… read them below or add one }
Avoiding gambling and drinking at the same time is a great tip. Often I see the drunkest people making the highest bets. I can’t imagine how they feel in the morning when they see how much money they lost!
I’ll start off by saying that my husband and I only get to a casino once or twice a year max…we’re not addicts…it’s just for fun (it’s a different kind of entertainment than the board gaming groups and potlucks we usually participate in).
We take set amounts (that we fully understand will probably be lost) and only play video poker, Pai Gow, and penny slots. Some video poker machines and most Pai Gow tables have the highest odds in the whole casino, so your money will last longer. Penny slots are great time wasters and also don’t eat your money as quickly.
Our one “trick” is to sit down at a machine, figure out how many “plays” we can get with x amount, and then cash out no matter what at the end of that many plays. Rarely do you lose every single time.
For example, $20 at a 25 cent video poker machine with a max bet of 5 equals 16 max bet plays (20 / 1.25). That means we will play 16 hands and take home whatever’s left…usually it’s between $10-$30. We only play machines with 90% odds or better.
Like you said, as long as a person realizes that the odds are not in their favor and they can afford to lose all of the money they play with, I think gambling is like any other entertainment expense.
I’ve seen my husband play some really stupid hands before (I probably have too), but no, he’s not the guy who goes to the ATM when he’s out of gambling cash. We usually take about $200 a person and we’ve “run out” of cash before since we ran it through the machines and we sometimes touch the money we’ve put aside to go home, but we’ve never left with less than $175. Thankfully, my hubby can enjoy himself without losing himself…we’ve gone hog wild and stupidly lost $20 before on some silly chance bet, but we keep control overall.
Treat drinking like investing. Only spending money that you have already allotted that you can do without. You mentioned this, and I completely agree with you on it. When I gamble, and yes I do gamble while on the occasional cruise vacation, I am always betting the minimums. I don’t really care about making a lot of money from gambling. I do it because it’s honestly a huge RUSH!:) And it’s a “vacation Activity”. Makes it that much more fun to only do it on vacation!:)