Managing your Money while Playing Slots
Use Money Management at the Machines
Everything requires control of the money we use to invest in the outcome of these contests. The games themselves are just the objects that we invest our money in. The games themselves are just the objects that we invest our money in: or have I said that sentence before? Must be important!
My book on slots has over thirty systems in it. Big deal, they are worthless unless you follow the rules of how to handle your money. I ain't got room to put all of the slot systems in this book, so I'll show you how to use money management at the machines and then list three or four methods to apply these measures.
Praying Is Optional
When it comes to knowledge of the game, there isn't much to know about slots, except the quite obvious:
1. You're gonna play them regardless of what you hear
the vig is anywhere from 7 percent to 14 percent against you and much, much, much worse in riverboats and in casinos not controlled by legislation that requires a certain percentage payback
3. You're intimidated by table games and nobody can accuse you of "fouling up" at the slots.
All of those things bring a nod of agreement from most of you, but let me give you some thoughts of my own that maybe you're not aware of:
1. Every single gambling endeavor requires money management
2. Slot machines and video poker machines should be approached with a money management method
Yeah, I know, slots are strictly inserting a coin and pulling a handle. Praying is optional. Well, you couldn't be more wrong. Machines, just like a spinning roulette wheel, a pair of ivory dice, and pieces of paper with numbers and symbols on them called cards, are also objects without thoughts, ideas, or feelings (a lot like some people I know).
Welcome to the World of Reality
Years ago, the slot machines operated on a system of random stops. You put in your nickel (yeah, I said nickel) for the big bettors and pennies for us average guys and had a decent shot at a return - called luck.
Today the machines are controlled by computer chips which the geniuses of the world were so kind to make available to the casinos - to make sure the patrons didn't overstep their chances of getting a couple of jackpots during their trip to the slots.
The chip makes sure the machine makes money for the - you guessed it, the casinos.
How many times have you put in three coins and zeroed in on that center line, which is your payoff signal. Three blanks appear. One line up is three red 7s and the line below the payoff line has two triple payoff symbols and a triple bar.
Welcome to the world of reality. But you're gonna play the slots anyway.
Money Management
Playing slots either online or at the casino is serious business. In no time at all, you can lose a lot of money playing a slot machine. Slot machines usually have the highest (or
worst) house advantage. But there are things that you can do to manage your money and have a good time.
Why should you start managing your money when you start to go to the casino? Is it worth all the time and energy to make one? The answers are because you want to pay your mortgage at the end of the month, and yes it is definitely worth all the time and energy to make a budget.
First any form of gambling is highly addictive to certain people. Either you get on a roll and crash back down to earth and you end up chasing your dream again, or you're just going to win your money back.
One of these times I'm bound to hit it and then I'll stop. So you may or may not realize how much money you have won or lost over the month, or even years. By the end of the month who knows if you will have enough money to pay for the mortgage, or the bills, or things that your family needs, if you let it get that far.
That's one reason why you should set up a monthly or a weekly budget that you can afford to lose playing slots or any form of gambling you like. If you set up a certain percentage of your paychecks every time they come in like from the extras that you don't need to pay for the bills, mortgage, or anything else you need to pay down on. Plus you should always still put some up for your bank accounts for emergencies. You should never play with that much money in the first place, but only an allowance amount of money.
Even though the goal is to win money, and there are plenty of people out there who do, you have to take care of business first before you gamble with your money.
Well, another part of money management should be making of a spreadsheet, or some other form of excel spreadsheet, or something that you can view how much your allowance.
You should also show how much you have won on a certain date, and you should also show how much you have lost on a certain date. You should start whatever you are documenting your budget with, and at the end of the month you should show the money you have left from your allowance.
You will then be able to see if you took a win or a loss, and by how much that win or lose in your money were. You should add your allowance to your budget every month so that you can see your progress and what happened every time at the casino. That way you can get a better idea of the type of gambling you do at the slot machines.
Let's say at the end of like three months you were to look at your budget sheets. Have you lost all your money? If so it might be time to reevaluate how much your allowance is and how much you should be playing at the slots.
If you discover that you have a gambling problem there are hotlines, support groups, and different ways for you to get some help. Sorry to those who don't but you might discover a thing or two about your gambling budget after you take the time to look at three plus months of your gambling budget.
Thank you for taking the time to read up on how to budget your money between personal and essentials. We have talked about setting up an allowance to gamble with, and developing a three month budget worksheet which you can continue for as long as you wish.
