If You're Gambling, Do It Right – When You're Well Enough Ahead, Take the Money and Run

If you want to become a responsible gambler, try to exercise some discipline when you're winning so you can leave a winner. It takes self control but believe me, you'll feel a lot better when your cash out ticket (s) and / or chips tally up to a larger sum than what you walked in with.

The late Frank Lefty Rosenthal, a sports handicapper whose real life character was portrayed by Robert DeNiro in the movie Casino, once said during an interview, "When you're gambling, it's not hard to win, it's hard to quit."

If you have a circle of friends who visit casinos, you probably heard these responses time and time again when you asked, "How did you make out at the casino?" And with some hesitation it's typically, "Well, we did OK." Or, "We're about even." And then there's, "I had a good run in blackjack but I lost it all on the slots". Sometimes you'll hear, "My husband won a little but I lost a lot." Then there's the best one all, "Hey, what the heck, we did not expect to win, we were just out for a good time."

Just because your entertainment dollars are part of your disposable income does not mean that you have to dispose of it so quickly at the casino. Sure you're going to lose occasionally, but there are times when you're going to win.

We've all seen casino advertisements that brag about their loose machines and generous odds. They boast about paying millions in winnings to players.That may be true but that does not mean that all those winnings ever left the casino.

Here are a few tips for you when it may be time to ponder, should I Take the Money and Run?

Before Playing

• Keep your gambling dollars separate from your other money.
• Set a win goal and a loss limit such as:

1. Win Goal - When your session buy-in amount is doubled
2. Loss Limit - When your session buy-in amount is lost

When Playing

When your in the casino and ready to play, think about trying the following with your budget:

YOUR MACHINE BUDGET - Consider dividing it into separate sessions. For example, if you're playing three credit quarter slots with a $ 100 budget, break it up into five $ 20 deposits instead of putting the hundred hundred into the machine. If you hit a payout or payouts that double deposit amount, ($ 40) Cash out the ticket right away. Take a little break before you continue gaming.You'll feel good with that extra $ 20 in your pocket or purse when you're not playing.

YOUR TABLE BUDGET - Considering buying in for least 20 times the table minimum for each session. For example, buy-in for $ 200 at a $ 10 minimum blackjack table. The same applies when playing other card games, roulette, or craps. While playing, try separating the chips that you won from the buy-in chips. Only bet with the original units. If you're having a decent run and the winning stack is at least double the buy-in, tip your friendly dealer and say goodnight. If you lose the $ 200, just say bye bye!

Remember, the house edge always belongs to the casino over the long term. When there's an opportunity to pick up wins in the short run, take advantage of it. Remember, responsible gambling money management is to Take the Money and Run! Good Luck!

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Source by Dennis J Occhino