There are many casino gamblers who believe that, through various money-management methods, they can overcome the house edges on the bets they make and come out ahead in the long run. They are under the impression that they can beat the casino by managing their money properly. They are wrong. Money management only works positively when players play games in which they have the edge over the house, such as using dice control at craps and card counting at blackjack, among others.
However, because the casino has the edge over the player in almost all games at almost all times, there is no amount of money management that can turn such a negative situation into a positive one. That would be called a “miracle” if it could happen. So what is money management when it comes to slot machines and table games? Are they the same, or will different types of games provide different formulas for managing one’s money?
The answer is a little of “they are the same” and a little of “they are all different.” As you can plainly see, I’m not a man who straddles a fence. In slots, where the casino has edges ranging from a decent 2 percent to an outrageous 17 percent, money management is a lifeline to prevent players from losing their shirts, blouses, pants, skirts, wallets, pocketbooks, arms, and perhaps legs. Realistically put, managing your money properly at slots prevents you from losing your discipline and subsequently losing more money than you wanted—or worse, losing more money than you can afford to lose.
Remember what house edges actually mean in terms of money. Quoting percentages in gambling articles or books often goes fl yang over gamblers’ heads in terms of what these numbers mean. The gambler thinks, Yeah, okay, this percentage; yeah, that percentage. Who cares? I don’t even know what these things really mean.
Translated into monetary terms, the impact of the house edge is dramatic. If the slot machine you play has an edge of 17 percent, your expected loss is $17 for every $100 you wager. Ouch! And think of how fast you can play those slot machines! Combining lightning-fast speeds with high house edges is a prescription for you to lose big bucks and for the casino to treat you to a buffet for doing so. The exchange rate between losses and a buffet is quite high.