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The smart way to deal with your casino winnings

By Bill Burton

Once all of your money is gone, it’s best just to wa lk away. Don’t look back and don’t stop to the ATM to take out even more money. It’s best that you just walk right out of the casino or leave the comfort of your computer chair and just forget about what just happened. Unfortunately, every time you look at your bank.

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Many players feel that when they’re up, they’re playing with the “casino’s money.” They tend to look at the money they won differently than the money they brought with them.

I can’t count the number of people who have told me they “never win” at the casinos. To this, I always ask if they were ahead at any point during their visit. Many times, the person will admit that they were ahead at some point—but they wound up giving it all back.

It’s easy to walk away when all of your money is gone. It’s a lot harder to quit while you’re ahead. I’m not saying that if you do win that you should immediately go home. If you’re ahead, lock up your buy-in and a small profit. Play with the excess, and when that’s gone, get up and take a break. Walk around, see a show or get something to eat.

Few things in life feel better than winning at a casino. Players should learn to savor these wins. By taking a break from the games while you’re ahead, you can enjoy that winning feeling while you engage in other activities at the casino. You can always go back and keep playing the games later.

On the flip side, nothing feels worse than going home broke, knowing that you could have walked away a winner, but instead you gave back all of the money. Many players feel that when they’re up, they’re playing with the “casino’s money.” They tend to look at the money they won differently than the money they brought with them. In reality, however, once you win, it becomes YOUR money.

It’s not that most people never win when they visit the casino. It’s that they never leave with their winnings. The problem with many players is that they have unrealistic expectations when they sit down to play a game. They want to turn ten dollars into a thousand dollars, or a hundred dollars into ten thousand. That would be a 1,000% return on your starting bankroll, and it’s very unlikely to happen.

Over the course of your playing sessions, you will probably have many small wins, a few medium wins, and maybe an occasional big win (or possibly even a life-changing win). Here are some suggestions for handling jackpots of various sizes.

Small Wins

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A small win would be five times your starting bankroll or less. For example, if you started playing with $20 and you won $100, that would be five times your starting bankroll. The best way to ensure that you go home a winner is to lock up your initial starting money along with a small profit. I suggest about ten percent of your win. You can then play with the remainder of your winnings. If you continue to win, add a percentage to your profits and keep playing. Remember, over time you will have many small wins, and saving a little each time will create a larger win at the end of the day.

Medium Wins

A medium win would be 5-10 times your starting bankroll. If you start with $100 and win a $1,000 jackpot, that would be ten times your starting bankroll. With a medium sized jackpot I like using the one-third rule, which means I’ll continue playing with a third of the money, and put one third into my gambling account to use during my future casino visits. I’ll spend the remainder of the money on something special that isn’t gambling-related. This might be a nice dinner at a gourmet restaurant, or some new electronic gadget I’ve had my eye on.

When you purchase a special item with your winnings, you have something tangible to show for it. Every time you use that item you will be reminded of your win, and have a good feeling about it.

Large Wins

A large win is any jackpot that is more than ten times your starting bankroll, or a jackpot of more than $1,200 which requires the casino to give you a W-2G slip and report your winnings to the IRS. When you receive a W-2G, you will have to pay taxes on your winnings when you file your tax return.

If you hit a large jackpot I suggest using the “quarter rule.” This means you immediately set aside 25 percent to cover the taxes, so you won’t get caught short come tax time. I would then put 25 percent into my gambling account to use for future visits. I also spend a quarter of the money on a special item. As the remaining 25% of your winnings, you can use it for gambling—however, if it’s a very large amount, you should probably use less. (If you hit a $10,000 jackpot, I don’t suggest gambling away $2,500 that day.)

Life Changing Wins

Any jackpot over $100,000 is a life changing amount for most of us. One of the most sensible solutions for dealing with a big financial windfall is simple yet practical: put two thirds of the money you win into a bank CD or some other investment that you can’t touch for a full year.

The reason for this is that it will give you time to think about the money, and formulate a plan for your financial future. As for the third of your winnings that you didn’t lock away, you can enjoy that money now.

Don’t Get Greedy

Regardless of the size of the jackpot you hit, you’re only a winner if you actually leave the casino with more money than you started with. Hitting a jackpot, and then letting the casino win it all back from you, makes you a loser.

Greed is the #1 downfall of players who win a chunk of money. You have to remember that anything you win is your money—not the casino’s—and you should be prudent as to how you spend it.

Until next time, remember: luck comes and goes, but knowledge stays forever.

Bill Burton is the author of “1000 Best Casino Gambling Secrets” and “Get the Edge at Low Limit Texas Hold’em,” which are available online at www.billburton.com. He’s also an instructor for Golden Touch Craps: www.thecrapsclub.com

Subcategories

First, let’s say a few words how the big guys work in this business.

The gambling industry is mostly made up of sports betting operators, casinos and poker rooms. These are the industry’s big winners, due to how games are stacked against players. Bookmakers make money due to vig, casinos are guaranteed to profit due to the house edge and poker rooms receive rake from every pot.

Total global gambling market gross win from 2003 to 2015 [Courtesy of Statista.com]

If you want to win big and constantly, you need to start a gambling business. No other way around. You cannot take a bigger cut of the gambling pie unless you are one of these companies. Even the most successful poker players and sports bettors cannot compete them in profitability.

Yet, these businesses are not one-man shows. Plenty of people work in the gambling venues, from dealers and odds compilers to marketers and public relations staff. They are real businesses with business plans that guarantee them a profit for offering a service to the public. That service is entertainment. Because that is what gambling is.

Entertainment.

For all that people to work and get paid their salaries, gambling companies need big cheques and margins. Otherwise, their business isn’t sustainable.

There are two ways to accomplish that: by either having bigger-than-average profit margins or increasing their turnover. Usually, brand new gambling companies go for the former. As they build up their customer base, they reduce their margins to attract more turnover and compete with the big guys. By the time a gambling operator generates sufficient revenue and net profit every year, their business is safe, as long as they don’t fall behind to competition.

Then, it’s a matter of how many more gamblers find their service attractive. The more they do, the bigger the cut for the company.

Either way, gambling companies are after punters’ money. Those 300 billion dollars. Gamblers are feeding the whole gambling industry. Even in poker where at first glance whales (wealthy bad players) lose to better, regular players. Note “regulars”. Eventually, those regulars will keep playing, paying rake on a daily basis, giving a portion of their winnings back to the poker room.

So, here’s how to stop feeding the gambling industry.

Stop gambling!

If you have been gambling, stop. Unless you are a winner, you need to stop. And since you are reading these lines, you have been losing money. So, stop losing money!

So simple.

Now that your bankroll stopped depleting, it’s time to understand the ins and outs of the gambling industry. That is known as the iGaming industry if you are gambling online.

Size of the online gaming market from 2003 to 2015 [Courtesy of Statista.com]

In gambling, someone has an edge. It’s either you or the man on the other side of the betting line. That usually is the house, standing for bookmakers and casinos. That edge is either predetermined (think of roulette, where you are paid 35-to-1 on a 37-number wheel) or fluctuating (think of betting odds that move up or down).

The best way to comprehend the edge is a coin toss.

Imagine you bet on a coin flip, at less than even odds. No matter your choice of heads or tails, you are going to lose money, in the long run. You are betting on a 50-50 chance but only get paid less than double your money on each coin flip! Depending on how much less you are getting paid, your bankroll will withstand a certain amount of bets.

So, if I’m offering you 1.90 (decimal odds) for each coin flip, your money will end up in my pockets after 200-300 coin flips. That’s how you have been feeding the gambling industry. And that’s what the house edge is all about.

But how do I know how big is your bankroll?

Risk management in gambling

Before you even think of beating the casinos or the bookies, you must understand risk management. Also known as bankroll or capital management, risk management will be the decisive factor in your success. No matter how much edge you gain over the gambling companies, bad risk management will make your betting bankroll evaporate.

If you are going to remember one thing from this article, note this:

That’s easy to remember, right? Set aside a specific amount of money for your gambling habit and split it into 100 parts. No matter your gambling medium, you should risk no more than one part on each bet you are placing.

That’s pretty much it!

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That would also get you in a safe distance from disastrous staking plans, like martingale systems. When the time comes, you’ll move up to more advanced staking strategies than flat betting, such as the Kelly staking plan. Until then though, stick to risking 1 per cent of your bankroll and you’ll be fine.

Remember that this rule applies to small and big bankrolls alike! So, your bankroll’s size doesn’t matter when it comes to risk. Size only determines how much money you will make or lose in currency terms.

Find a gambling system

Now comes the really tedious task of creating a profitable gambling strategy. Finding an edge in the market isn’t easy, I’ll tell you that. If it were that easy, and given the simple risk management rule I explained, everyone would be a winner. But you already know that only 5% or so of gamblers can make it pay.

In order for you to make money, someone has to lose. It’s a zero-sum game, where gambling operators also get their cut. Thus, we need to exploit the market, looking for leaks and biases, like the favorite-longshot bias . The average gambler follows specific betting patterns. You mustn’t do the same. Always do something different, always think different.

Be the first to … or be the best in exploiting a known fallacy.

Oh, and if you do, don’t let the world know unless you are after fame and reputation. Otherwise, your edge will diminish as more people will imitate you, and market finds its new balance.

Finally, don’t worry if your first betting system fails!

Be disciplined, stay on your toes and avoid burnout

So, by now you should have a viable system and know how much to bet on the next game. You are on your way to becoming one of the elite professional gamblers. What can go wrong?

First, you may not be disciplined enough to follow your own rules! Wouldn’t it be pity to lose money, after all that research and study? Yet, even reputable and notable sharp bettors may lose their discipline after a long losing streak.

Don’t be that guy.

Trust your proven strategy, stick to your risk management plan and always be prepared for variance. Embrace the drawdown and never question yourself at tough times, as long as you are doing everything by the book.

By the time you experience several months or years of successful gambling, there’s a big chance you feel… bored! Yes, believe it or not, no matter how much money you are making, doing the same, dull thing every single day, will get you bored. At first, making money from gambling seems like a dream. But like in every other business, routine will take the pleasure away.

Find the missed fun, by exploiting new markets, trying something new or improve your methods.

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Finally, burnout is a serious hazard in all kinds of successful gambling. Take breaks, go on holidays, and enjoy your profits and hard work. Don’t let gambling consume you, no matter how big you are winning.

Enjoy life, because in the end, isn’t that the meaning of living?

Let’s not hurry things up though. Most probably, you’re having a difficult time to break even to say the least. Winning in the long run seems too far away at the moment. Don’t despair. Stop gambling your money away, find an edge, forward test your system in paper and when you feel ready, do not risk more than 1% of your bankroll. I am sure, we’ll be hearing from you soon!