By Bill Burton
It seems as if we are rapidly becoming a cashless society. Many businesses are encouraging/forcing their employees to use direct deposit for their paychecks which can be very practical since you don’t have to worry about rushing to the bank right after work. Using credit cards has also become a way of life.
The other day I was at the Post Office mailing out some copies of my book. I handed the clerk money to pay for the postage and was informed that the postal service also accepts credit cards. I prefer to pay cash for smaller items, but I know there are others who think differently.
Many people have credit cards that are linked to a “bonus program” that offers cash back, airline tickets or some other merchandise they can purchase with points they earn for each dollar they charge. This encourages people to charge items rather than pay cash for them. Credit card debt is the financial ruin of many people these days. It is too easy to get caught up in the Buy Now Pay Later mentality.
Carrying less cash does have its practicalities but the one place you should never use your credit card is at the casino. The number one rule of gambling is: NEVER BET MORE THAN YOU CAN AFFORD TO LOSE!
The casinos have a house edge most games so we refer to casino games as having a negative expectation. This means that over the long run the mathematics of the game will grind away at your bankroll. The built in house advantage is how the casinos make money. It is the price we pay to play. Consider it our price of entertainment. Proper money management tells us to budget a given amount to gamble with and stick to that amount, win lose or draw. This brings us to rule number two: NEVER GAMBLE WITH BORROWED MONEY!!
Unfortunately, that is exactly what you are doing if decide to take a cash advance on your credit card at the casino. There are also hidden charges you may overlook if you decide to do this. The casino charges you a processing fee just for issuing you a check from your credit card for the cash advance depending on how much money you want. At one casino I checked a charge for a cash advance of $500 was $21.99. That is 4.4 % paid to the casino upfront. Most credit card companies charge you 3% for cash advance, which will come to $15.66 (3% of $521.99)
That means you are already down $37.65 or 7.4% before you even sit down to play. That is the equivalent to sitting down at a $5 blackjack table and losing eight hands in a row, or getting nothing back after putting three-and-a-half rolls of quarters through a slot machine. If this happened most of us would head for the hills real fast, but you are just beginning and haven't started playing yet. This is why you should never use a credit card in the casino.
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Money: Gambling cannot occur without money. Get rid of your credit cards, let someone else be in charge of your money, have the bank make automatic payments for you, close online betting accounts, and keep only a limited amount of cash on you. If your addiction is severe, you will need as much support as you can get to stop gambling now. Get Help for Underlying Mood Disorders. Many people with a gambling problem also suffer from depression, anxiety, stress, or other substance abuse issues. These can both trigger compulsive gambling as well as make it worse. Get in the Right Environment.
Try an online casino for FREE. We have over 15 No Deposit Bonus Codes. No credit card needed, just sign up and start playing!
Consider Alternatives - Although you should never use credit cards at the casino, there are alternatives to carrying cash. The most popular alternative is to use “Travelers Check.” These can be replaced if they are lost or stolen on your trip. Some banks offer their customers free travelers checks. If you are a member of the AAA auto club you can get free checks from any of their local offices before you leave for vacation.
You can also deposit money into the casino cage and then take a marker at the table. Many casinos will allow you to wire money in directly from your bank or you can deposit your money when you get there. This way you will not have a lot of cash to carry around the casino or leave in your room. The casino is not worried about your marker because it is your own money.
Another alternative to carrying cash is to use an ATM card. Before you take money out with your ATM you should check the cost of the transaction fees. Many players find that the ATM fees are much higher in the casino than at ATM machines in other locations. Using an ATM card is the least preferable of all the cash alternatives unless you can get a low fee for your transactions.
These are the best alternatives to carrying cash if you are only an occasional visitor to the casino. If you visit the casino on a regular basis you may want to apply for check writing privileges or establish full casino credit.
Bill Burtonis the former Casino Gambling Guide and former columnist for the Internet portal About.com and author of “1000 Best Casino Gambling Secrets,” as well as 'Get the Edge at Low Limit Texas Hold'em.' Both books are available online atwww.billburton.com.
You can make money fast in gambling. Faster than you would think. Surprised? Why, that is the truth. Yet, it is also true that you are going to lose even more money in the long run. Disappointed?
You could be betting on sports, trading stocks or currencies, playing poker or blackjack. You can make money from all that on the very first day! Is that fast enough? Does that mean you are going to be profitable for the rest of your life? Of course not.
In fact, 90% of you will end up losing.
Don’t take it personal. It is just how gambling is set up. Come on, you have heard it before:
The house always wins.
For 9 out of 10 gamblers, that statement is spot on. For the singled out gambler, it isn’t. He or she will either break even or manage to make money from gambling. However, even they won’t make money fast, if that is what you are asking.
Do you want a better analogy?
90 out of 100 gamblers will lose money by gambling in the long run, 5 will break even, 3 will end up small winners and only two out of 100 gamblers will see their names at headlines! Why headlines?
Because it sure is very difficult to win big in online gambling. Let alone, fast!
Did you actually mean to ask how to make money fast or how to make a lot of money? Because, making money fast doesn’t necessarily mean to win big. And when I say big, I mean to make a comfortable living out of stock trading, online poker, sports betting or by becoming a card counter at blackjack.
SportsTradingLife.com discussed months ago how long it takes to become a profitable Betfair trader. First things first: What is Betfair trading? Go read that if you haven’t heard of that before. I’ll wait for you…
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Ok, now that you have an understanding of what sports trading is, let’s return to that question.
How long will it take to start making money?
The issue here isn’t how long it will be before you make money, rather than for how much longer you are going to make money, if you are finally successful.
At SportsTradingLife’s post they are quoting Centre Court Trading.
Expect to be learning for years.
While that is true, I am a bit skeptical. Not that I don’t agree with that, but let’s face it. In what line of work are you not expected to be learning? To be adapting? To keep up with the industry’s standards? To evolve and learn new tactics, new methods to improve your work? For years to come.
Can you imagine a surgeon operating in the same exact way for 35 years, or a teacher educating your children nowadays with absolute zero knowledge of internet, just because internet wasn’t so evolved in the 90s? How about an engineer building bridges or your home, based on what they learned 15 years ago.
Sure, the fundamentals are still applicable. Surgeons still need to cut through with a scalpel, teachers still teach algebra and engineers still have to start from the foundation of a construction. But new technology and new techniques will make their job easier and more efficient.
And if they don’t improve their skills, their competition will
And then, patients will look for another surgeon, parents will search for better schools and you will employ an engineer who will build an inexpensive sturdier house quicker!
In gambling terms, your strategy will no longer work. You will stop making money because the competition play/trade/bet better and smarter than you. Finally, you will end up wondering what went wrong, cursing your luck.
Believe me, luck is totally unrelated.
Now you are not worried why you don’t make money fast, but why you don’t make any money! You are back to ground zero.
Hence gamblers, investors and traders never stop learning their craft. Much like any other craftsman.
You can make money fast in gambling right from the start
So, let’s go back at the very first point of this article. I told you that you can make money fast, even from day one. Luck does have an effect on that though. Half of you will be lucky to get away as winners on their first day of gambling, while half of you will return home empty-handed. Doing the same exact thing. How is that possible?
Let me explain.
Variance will decide who wins or loses
Variance. What is that, right? Flip a coin. Tens of times. I bet the results won’t be heads-tails-heads-tails…. In other words, the coin will not land on either side half of the times, and even worse, it won’t follow that exact pattern, switching back and forth between heads and tails.
The same principle applies to you. Some of you will win, some will lose, some will have 3 winning days in a row and a few unfortunate souls will be losing money for 5 days straight!
Now, remember what I told you:
90 out of 100 gamblers will end up losers.
Those people who were lucky enough to make money fast for 3 consecutive days are probably among those losers! And that is because their strategy is flawed, their money management is non-existent and they cannot stop gambling when the odds are against them. For them, there is no turning back, unless they quit and begin studying the mathematics of gambling. They are like doctors who haven’t studied medicine for more than a year.
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I am sure they won’t be good gamblers as they wouldn’t have been good doctors. Don’t be one of those.
On the other hand, those unlucky ones who experienced the longest losing streak could be the big winners there. Can you rule that out? It’s really too soon to say. Variance is testing their patience. For them it seems like the coin always lands on the wrong side.
Eventually, they will manage to make money in the long run though. Not because of their luck, but because of the proven record of their profitable strategy, because of managing their money properly and because of having the discipline not to gamble away their money.
They didn’t plan to make money fast. Their plan was to make money in the long run.
Making money isn’t a sprint, it’s a marathon
Photo: entrepreneurhandbook.co.uk
Personally I have been none of those gamblers. Variance was kind to me and my bankroll began climbing right from the start. Even when my risk of ruin percentage was through the roof. Even when I was taking bigger risks than my capital afforded.
Have I been super lucky? Of course I have.
But remember.
I always had a strategy that guaranteed I would make money in gambling. It was just that I wasn’t bankrolled enough to sustain big drawdowns, when I was counting cards at the casino. As most young gamblers are.
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So, if you have found that strategy, it won’t be long before you become profitable in gambling. But if you haven’t, please stay out of gambling, stop wondering how you could make money fast and come back when you have tried your strategy on paper. You would still have money to invest in your strategy. Money you saved by not gambling randomly, based on your ego, trying to make money fast.