|
|
 |
|
|
 |
Psyching Out Vegas
By Marvin Karlins, Ph.D.
To the devoted climber there is the lofty peak of Mt. Everest; for the avid golfer there is the wind-swept fairway at St. Andrews; and for the gaming devotee there is the neon-studded allure of Las Vegas.
I know, I helped build the town; one losing trip after another. It was a great arrangement; the casino gave me a free room and I paid for the hotel. I grew very popular with the gaming emporiums on the Strip. I think they saw me as an important part of the food chain. I received more Christmas cards from casino hosts then from friends and family. And, in 30 years of gambling, I discovered the five biggest mistakes gamblers make in the casino. How did I discover these mistakes? Because I made them! And how did I know they were mistakes? Because they cost me the most money I ever lost in the casino! And, they will cost you the most money too, unless you vigorously avoid making them in your own play. So, here are the mistakes. Avoid them and you'll give yourself the best possible shot at winning; duplicate them, and you'll be doing your part to build more casinos throughout the world.
Mistake # 1. Betting too aggressively when you are losing and too conservatively when you are winning. This is a loser's way to gamble. You need to turn this strategy on its head: when you are experiencing a string of losses, "don't throw good money after bad;" be more conservative and keep your bets at a minimum level. Never INCREASE your bets after a loss! When you are winning, "ride with your luck," be more aggressive and increase your bets until the "string runs out."
Mistake # 2. Do not assume you will ever be a winner in the long run at negative expectation games (e.g., craps, roulette, baccarat, keno, most slots). It has never happened, and it never will, (unless you cheat, find a flaw in the casino equipment and/or have psychic powers heretofore unknown to the scientific community).
Mistake #3. Don't assume that you can make a living at gambling activities that CAN be beat, (e.g., blackjack, poker, race and sports betting, some slot machines), unless you have the intellectual and emotional skills necessary to be a consistent winner. Very few people have such skills.
Mistake #4. Don't bet more than you can comfortably afford to lose. Some players feel they must wager "significant" money; bets large enough to "significantly" help them win, or "significantly" hurt them if they lose. Such a strategy can create gambling excitement, but the price one pays for such a thrill can be far too great (financial ruin).
Mistake #5. Gambling when you can't control yourself at the tables and/or when your casino activities are having a deleterious impact on your life (e.g., financial health, interpersonal relationships). Recreational gambling can be fun and enjoyable, addictive gambling can destroy you. Believe me, it's a gamble not worth taking.
There you have it, the five biggest mistakes you can make in a casino. Now, some of you might be thinking, "well, I already knew about these mistakes." Well, maybe you do, but are you still making them? Knowing about the mistakes and doing something about them are two vastly different things! Remember: knowledge gained without knowledge used is knowledge wasted! Or maybe you think what I'm telling you is "common sense." Possibly so, but, based on how many people continue to make these mistakes, I'd say there's a vast difference between "common sense" and common practice, when it comes to acting sensibly in the casino!
Take my advice: avoid the five biggest mistakes a gambler can make, and you'll be a financially healthier, tougher player at the casino of your choice.
Back to Wisdom | More Marvin Karlins Columns | Mail this Article to a Friend
|
|
|
|
