Still, you see Joe Blackjack sitting at a table in Vegas throwing down $100 per Blackjack hand. Sometimes the wager is higher, MUCH higher (i.e.; in the $1000’s). Joe Blackjack continues to pull out his wallet to retrieve more money, even though he might be $5000 in the hole. You might even see Joe Blackjack head over to the ATM machine to use his credit card, which he will probably eventually max out.

This behavior is VERY typical among addicted / desperate gamblers.

Answer: Just a note: I mentioned in the title this is for the newbie, but this article can still be very beneficial to the experienced gambler.

I am tempted to say, “Don’t Gamble”, but I won’t. Just as anything in life, things should be done in moderation. Drinking is not bad, if done in moderation. Smoking is not…ok, yes smoking is bad…, but if you go to do some gambling and drop $50 in a night, for most people, you won’t be suffering any consequences.

When you choose to go gamble, you need to make a conscious decision about how much money you have and how much is going to be spent.

Set some rules

You need to set some personal rules for yourself prior to leaving your house/hotel room when it’s time to go gamble, whether that’s horse racing, the casino, lottery tickets, or 3 Card Monte on the streets of New York City.

Determine what you want to play

Determine how much the games are going to cost and/or what table limits ($5, $10, $100, etc.) you want to play IMPORTANT! - Determine how much you are willing to lose before even stepping out of your hotel room / house. DO NOT go above this limit at any point during your evening. You have to go to the casino with the mindset that the money you have will be gone at some point. If that money is gone, can you pay your rent? Can you eat that night? Can you pay your bills? Will $200 down the drain affect you in any negative way besides leaving you disappointed? Once you have determined your LOSS AMOUNT, ONLY take that much money. Place that money in a location that will be relevant to ONLY gambling. If you put the money in your pockets, stuff the $200 in your RIGHT pocket. Then, bring some additional money, like $25 - 50, that can be used for food, drinks, and miscellaneous items. Place that money in your LEFT pocket. AT NO TIME do you reach into your left pocket for gambling purposes. If you lose the money you specified for gambling, you’re done. Leave, hang out with friends, go to the bar for a drink, or whatever. If you are winning more money then you brought, take a portion of the money and stuff it back into your right pocket. Proceed to play WITH YOUR WINNINGS, not your total bankroll. The idea behind this is that if you are losing your winnings, you still have a chance to break even for the night. At some point, you need to determine a stopping point, especially if you are winning. The goal, obviously, is to maximize your winnings and minimize your losses.

A plan I personally follow

Caribbean Stud Poker and Black Jack are my two personal favorite casino games. While in college, we had a riverboat casino about 10 minutes from the school, so once a week; I would go over to the riverboat on a friday/saturday night. I would always find the cheapest tables, typically $5 tables. Hey, I was a college student, I didn’t have a whole lot of money to blow…now that I think about it, I still don’t have a lot of money and I still play $5 tables.

Anyways…

Typically I would sit at a blackjack table and buy $50 worth of chips. Without even placing a chip on the table, I would take $25 worth of the chips and place them in my pocket. The goal was to use as little of my chips to build a small bankroll. Sometimes I would do well and would turn that $25 worth of chips on the table into $50 in a matter of a few hands. Then, I would take $25 out of the $50 on the table, and again, place them in my pocket. So now, I have $25 on the table, and $50 in my pocket. I would proceed to do this after ever $25 increase. However, sometimes I would lose money and would have to delve into my pocket for more chips. However, $50 was what I was willing to lose, so if I lose it, I won’t be starving that night or homeless.

Just be smart

There are some nights when gambling just does NOT go your way and you blow your money very fast. This happens, and it should be expected. It is important to realize that the money you want to gamble with may be gone by the end of your day. Ask yourself again, “Will I be ok if this money is gone?” If the answer is yes, then proceed to go gamble. If the answer is no, then don’t even think of stepping foot into a gambling venue. You are not prepared, no matter how desperate or lucky you feel.

Too many good people completely ruin their life and the lives of family members due to uncontrolled gambling. People lose cars, houses, jewelry, savings accounts, college tuitions, and sometimes, their life.

Set some personal rules and boundaries that you can abide by. This article obviously won’t help anyone who is $100,000 in debt because of gambling, but it may help those that are starting off into the gambling world with no map or compass.