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Knowing when to bail out

1 June 2001

There is an old question that has an equally old answer…

How can I double my money? Fold it in half! Not quite the answer you were looking for. Truth of the matter is, it is very difficult to double your money these days. A couple of years ago it seemed like any computer stock was the ticket. Nowadays there's nothing on the horizon that seems to be a sure thing. Seems is the operative word.

When you go into a casino to play, would you be satisfied to double your money? What if I told you your money would be doubled in the first half hour, but then you had to quit.

Would you be satisfied?

Most people want to see how far they can take their winning streak. Also, they truly enjoy the fun and recreation of playing.

The point is that many times during your time at a casino you will find yourselves ahead of the game. Maybe not double what you started with, but ahead enough where you have a degree of satisfaction. Instead of taking your chips and walking over to the casino cage and cashing them in, you stick around for another shuffle, or another time around the crap table. This can lead to your downfall.

Knowing when to bail out is a very important part of your gambling strategy. Also when you are losing, many times you reach a point of no return. Let's say that you are a $5 bettor and get stuck. You are down $200, and you are beginning to steam. That's a gambling term for losing control.

So you figure that you'll buy in for another $100 and play $25 chips. That way if you get a little lucky you'll get even fast. It could happen. But it doesn't. So you lose that $100 quick and then you buy in for another $200 to make it an even $500 that you have in the game. Unless you get lucky really soon or get away from the table you are heading for disaster.

Considering that the person in the example is a $5 bettor and the upside was small, look what has happened in a short period of time.

Anybody that has gambled for any amount of time knows what I'm describing.

Gambling is fun and exciting and in some games it can truly be an intellectual challenge. But you should keep your wits about you at all times. Consider this a word to the wise.

In a bet there is a fool and a thief.

Proverb

"I hope I break even tonight. I need the money".

Losers Lament

"You can shear a sheep many times, but you can only skin him once"

Amarillo Slim

All life is 6 to 5 against.

Damon Runyon

As Always…Good Luck!

Larry Grossman

Larry Grossman is host and producer of Las Vegas' most popular gaming and handicapping radio show, "You Can Bet On It." Since 1989 he has interviewed World Champion poker players that include Amarillo Slim, Puggy Pearson, and Tom McEvoy. Regular guests during the football season include Lem Banker, Mike Lee, Mort Olshan, and Andy Iskoe.

During the 1997 and 1998 season, Grossman hosted a nationally televised show that featured many of the nations' top handicappers.

Larry Grossman is the author of two books, "You Can Bet On It" Volume 1 - Casino Games and Volume 2 - Sports Betting. He is a regular columnist for many gaming publications. Larry has hosted and produced handicapping seminars in Las Vegas. Visit AudioVegas.com to listen to archives of his "You Can Bet On it" radio show.

Larry Grossman Websites:

www.AudioVegas.com

Books by Larry Grossman:

You Can Bet On It! -- Volume 1: Casino Games
Larry Grossman
Larry Grossman is host and producer of Las Vegas' most popular gaming and handicapping radio show, "You Can Bet On It." Since 1989 he has interviewed World Champion poker players that include Amarillo Slim, Puggy Pearson, and Tom McEvoy. Regular guests during the football season include Lem Banker, Mike Lee, Mort Olshan, and Andy Iskoe.

During the 1997 and 1998 season, Grossman hosted a nationally televised show that featured many of the nations' top handicappers.

Larry Grossman is the author of two books, "You Can Bet On It" Volume 1 - Casino Games and Volume 2 - Sports Betting. He is a regular columnist for many gaming publications. Larry has hosted and produced handicapping seminars in Las Vegas. Visit AudioVegas.com to listen to archives of his "You Can Bet On it" radio show.

Larry Grossman Websites:

www.AudioVegas.com

Books by Larry Grossman:

You Can Bet On It! -- Volume 1: Casino Games