Swain Scheps - Casino Gambling For Dummies

Everyone wants to walk away a winner. Cashing out a winner is one of the greatest feelings in the world, and it’s the ultimate goal of everyone who gambles. But remember — one of the worst feelings is dumping all your winnings back when you’re up a lot and then losing for the day. So, quitting when you win a predetermined amount ensures that you have some winning days during your visit.

Some people set up target goals, such as quitting when they get ahead of their daily bankroll by 50 percent or 100 percent. If you wisely add your profits back into your bankroll (rather than spending them), you have a larger buffer to withstand future negative swings.

Keep in mind that quitting early never helps you in the long term because you have absolutely no way of knowing when the cards are going to turn for the day. But you reap a tremendous psychological benefit if you stop playing when you win a certain amount.

Most people feel safer using credit cards rather than cash on vacation because, if stolen, credit is easier to replace than cash. But you have to turn that strategy on its head on gambling vacations. If you want to play it safe when gambling, always use cash instead of credit.

The more credit you use (or perhaps abuse ), the more you have to replace when you get home. For example, if you set a personal loss limit of $400 and blow your $400 in cash, stopping is easier because you’re out of money. But with a $2,000 credit line, after you burn through the first $400, you can still tap into more funds, which can ultimately lead to serious debt trouble.

This section explains the downside of relying on casino credit. But there are also some advantages to going this route, so we’ll talk about how to set it up and when to use that credit in a positive way.

To understand the lure — as well as the danger — of casino credit, you first need to understand it. Casino credit is no different from store credit, something most people take advantage of every day. To make shopping easier, many department stores offer customers a little plastic card with a line of credit. Similarly, the casino offers you a line of credit based on your credit report and the size of your bank account. This line of credit allows you to borrow money from the casino in order to gamble — either because your funds have run out or because you just prefer not to carry cash.

The whole casino industry is designed to make you forget that you’re playing for real money, which is why casinos use chips rather than cash at the tables. And taking the next step — playing against your line of credit — can move you one step further from the harsh reality that eventually you have to pay the piper.

Credit is convenient, yes. But, it’s also a very risky venture. First, access to credit tends to make some people spend more money than they otherwise would — both in gambling and in the real world. But with casino credit, the problem is compounded. If you buy a $300 sander from the local home-improvement center on your credit card and your spouse promptly persuades you that you don’t need that item, you can usually return it and get your $300 back. But when you borrow $300 from your favorite casino and lose it at craps, it’s long gone. Even worse is when you lose that $300, followed quickly by $600 more, and return home with bigger debts than you can handle.

Pop quiz. Have you ever been labeled as impulsive? If the answer is yes, congratulations on being spontaneous and unpredictable. This advice is for you, Mr. or Mrs. Life of the Party. Steer clear of casino credit. If you can’t even stop eating potato chips until the bag is empty, it’s safe to say casino credit may be another bag you don’t want to dip into.

Recognizing that borrowing from the casino can lead to gambling debt is a critical step as you consider managing your bankroll. Yet credit can benefit people who are extremely disciplined inside the surrealistic confines of the casino. And casino credit does offer the following clear advantages:

Makes you a prime target for attractive comps (free meals and entertainment, for example)

May lead to invitations to big casino events

Allows you to cash personal checks at the casino cage instead of using the ATM or borrowing on your credit card, which can result in additional service fees

Allows you to gamble without the risk of carrying large amounts of cash

Establishing a line of credit is easier than you may think because the casino doesn’t want to make borrowing money hard for you. You can set up a casino line of credit in one of two ways:

At the cashier’s cage upon arrival

Over the phone prior to your visit

On the casino’s website or app before your visit

Because credit approval may take a few days, plan ahead; fill out an application in advance. That way, your line of credit is available to you as soon as you arrive.

High rollers may want to ignore the previous warning about the dangers of casino credit. And in fact, serious gamblers (bankroll of $20,000 or higher) will enjoy some serious benefits from working against a line of credit rather than playing with cash.

The first advantage of credit is its safety and convenience. As of the writing of this book, the $100 bill is the highest denomination in common circulation. If you’re gambling thousands of dollars per session, casino credit lets you avoid the risk and hassle of carrying around a pocket full of Benjamins. Your gambling experience will be as simple as sitting down at a table and signing a marker in exchange for chips.

The other big advantage of gambling with credit is that it allows the casino to track your action more easily. As a result, you qualify for higher levels of comps and make the A-list for special casino events and functions.

Most casinos around the world comp high rollers to room, food, and beverage (RFB), but that’s only the beginning. Other perks may include taking a free limo from the airport and skipping those long, tedious lines at check-in or at restaurants and showrooms. And frequently, casinos comp airfare for their biggest bettors.

For exceptionally high rollers, comps can be truly over the top: Tickets to big ball games, skiing junkets, Caribbean trips, and more. These perks are certainly appealing and just may entice you to step up to the big leagues.

But remember, for most players, the more they gamble, the more they lose. And just because you have money to burn doesn’t mean you should. Bill Gates is, without question, one of the richest men on the planet. But whenever he plays poker in Las Vegas, Billionaire Bill sticks to the $3 to $6 tables, which is probably a good life lesson for everyone else.