10 ways to Gamble Smart

Last update:  October 2020

I know, some people consider "gambling smart" to be an oxymoron.  After all, wagering on games where you'll probably lose does sound kind of stupid.  As one person told me, "If I ever feel like gambling, I just drive by the casino and throw some money at it."  So if you don't want to gamble, I don't blame you.  I even made a huge list of other things to do in Vegas.

On the other hand, with proper strategy, you can expect to lose less than $10/hour.  That's about what you'd spend on a movie, and a lot less than many other forms of entertainment.  For someone who can easily afford a $10 loss, I have a hard time calling that stupid.

So if you're intent on gambling, let's learn how to do it right.

1. Set a daily loss limit.

There's a sure-fire way to avoid losing too much:  Set a daily limit for how much you're willing to lose, and when you lose it, stop playing.  I know, you'll say that's either too obvious or no fun, and I'm trying to harsh your mellow.  Whatever, but the fact remains, if you make a loss limit and stick to it, then you'll never get in over your head.

Don't set only a trip limit, because you might lose it all on the first day of your trip.  A trip limit and a daily limit is the way to go.  Set it and respect it!

2. Quit while you're ahead.

You'll do this by setting a session win limit.  Pick an amount that you'd be happy to win, say $50, $100, $300, whatever.  If you get ahead by that much, then stop playing, at least for a while.  If you keep playing, you're likely to just give your winnings back to the house.  You will have blown not just your winnings but the opportunity to feel like a winner for more than a few minutes.  So stop, and do anything besides gambling.  Whatever it is you're doing, you'll feel like a winner while you're doing it.  It beats feeling like a loser, which is how you feel if you turn around and give your winnings right back to the casino.

If you absolutely must continue to play, then set your winnings aside and never play them; play only your original bankroll.

3. Calculate your average loss.

Don't fly blind, get an idea for how much you'll lose on average.  My Average Loss Calculator makes quick work of that:

4. Don't play slots.

Slots bleed you dry quickly.  Check the average loss calculator above and see what I mean.  If you must play slots, then see my page on slot strategies.

5. Play only Blackjack, Craps, or Baccarat.

As you'll see from the Average Loss Calculator above, these are the only games that won't bleed you dry.  Video poker can be a good bet if (1) you can find a decent machine, like 9/6 Jacks or Better, but those are extremely rare on the strip, and (2) you use the proper strategy.  If you just guess, your loss will be so high that you might as well be playing slots.

6. Use the proper strategy for whatever game you're playing.

The figures shown in the Average Loss Calculator assume that you're making the best plays.  If you make bad bets or bad strategy, your loss will be much higher.

7. Bet small and play slowly.

The more you bet the more you'll lose.  And the faster you play, the more you'll lose.  So, bet small and play slowly.  The best way to play slowly is to play at full tables.  It's fun to play with other people, anyway.

You can play blackjack for a mere $1/hand at OYO and the Downtown Grand.  It's 6:5, but for $1 a hand, you certainly can't complain.

8. Don't play on the Strip

Strip casinos have the worst odds and the highest minimums.  You're likely to lose three times as much on blackjack and five times as much on video poker there versus a locals casino.  Near the strip, try the Orleans, Gold Coast, or Palace Station.  Downtown casinos generally offer much better odds than the strip, too, though locals casinos are usually even better.

Craps and baccarat have the same odds everywhere, but the strip casinos still get you with very high table minimums.

The one exception is for high rollers:  High limit rooms typically offer 3:2 blackjack (not the horrible 6:5), and sometimes some decent video poker.  And high rollers won't care about the higher table minimums for craps and baccarat.

9. Get a player's card and use it.

Every casino has a Player's Club desk where you can sign up for a Player's Card, and it's always free.  This is absolutely the best deal in Vegas, for many reasons:

1. You often get something good just for signing up, like a hat, a deck of cards, or valuable coupons that are actually worth using.
2. Just by signing up for the card, there's a good chance you'll get mail offers for free or deeply discounted rooms.  Even if you don't gamble at all.
3. If you do gamble, you can get even more goodies like free meals, show tickets, and rooms.  See my article on getting comps.

10. If you must play slots, play online

I strongly recommend playing just about anything but slots, since slots suck your money away rapidly.  (Of course, if you're betting 25¢ total or less per round, or if you're rich, then more power to ya.)  If you must play slots for any significant amount of money, then it's better to play at an online casino like Bovada, where your money will last three times as long as in a land casino.  Land casinos have to pay rent and utilities on huge casinos, as well as for the physical machines.  Those expenses aren't cheap, and so their slots are a lot tighter than what you get online.  Online casinos typically take about 2-3% of players' slot bets on average, while at land casinos it's usually closer to 8%.

For table games, it's the opposite:  table games in brick-and-mortar casinos are played slowly, but online they're played at lightning speed, and faster play means bigger losses.  If you're playing a game like blackjack online, play for smaller stakes than you would in a land casino.  If you'd bet $5/round in a land casino, bet only $1/round online.

Related articles:

• Figuring your expected loss
• Figure how much you can afford to bet
• All about betting systems