Dear Mark,
Since I don't gamble
very often and chances of losing eight in a row are very remote, don't
you think it's logical to double my wager every time I lose? Albert M.
I see your logic, if you call it logic, but it isn't. What you are describing
is called the Martingale System, a historic name for doubling up after
every loss. In essence, you the gambler double your previous bet (after
a loss) to recoup that loss plus win back your initial wager. It is
probably-no, IT IS-the worst money management system you can use. You
would think, logically, this form of betting is foolproof because you
have to win sooner or later. The problem is, you don't have an
inexhaustible bankroll, and our friends who own the casinos will limit
the maximum size of your wager. Also, ask any gambler you know if six or
eight losses in a row is not unusual. I'm experiencing it now with a
computer program that picks the pros in football.
But Albert, I really want you to think
this through. Here's you. You bet $2 and lose, then $4 to recoup your
losses. Then $8, $16, $32, $64, $128, $256, $512. Ka-ching, Kaa-ching,
you invested $1,020 just to get your measly two bucks back. Oops, but
you were playing on a game that had a table limit of $200. A string of
six defeats and the casino automatically protects itself plus sets your
loss limit at $252. Wiped out, Albert, in less than three minutes.
The Martingale system is not logical,
it's downright lethal. It's so obvious, Albert. No more, please.
Dear Mark,
What is a hardway number
on a crap game and is it a good bet? Steve. R.
A hardway wager is
a 4-6-8-10, but only paired up as a 2-2, 3-3, 4-4, 5-5 combination. For
example; if you have a hard six wager, a pair of 3-3s would have to roll
for you to win. Not a 2-4 or 5-1 dice roll. Is it a good bet? No! House
advantage on a hardway 6 or 8 is 9.1 percent. A hardway 4 or 10 has an
11.1 percent casino edge. Readers of Deal Me In only make wagers
that have a house advantage of two percent or less. Steve, say adios to
this wager.
Dear Mark,
On my last two trips to
Las Vegas I have found slots ($1 machines at the Stratosphere)
advertising a return of 98%. I didn't seem to get a decent return on
them. Shouldn't the casino, in such a regulated business like gambling,
at least pay back the percentage they advertise? Dottie C.
When a casino advertises that its slot
machines return 98 percent, it means the machine is pre-programmed "over
the long run" to return 98¢ of every dollar played. Don't come to expect
that for each dollar inserted you will automatically get 98¢ dribbling
back into the tray. The operative phrase here is "over the long run." A
"long run" could mean weeks, months, and even years on any given machine.
But let's assume the machine you were playing was paying off 98¢ for each and
every dollar bet. Using a liberal definition of the word "good" machine,
we'll allow the casino a measly 2% edge. Well, Dottie, if you were to
insert $60 per minute into a 98% payback slot machine (not difficult on
a dollar machine at $3 a whack using a credit button), you will lose
about $72 an hour. Multiply that by eight hours of play and you will
come up $576 short in the purse. Even on those advertised high payback
machines, the casino still has a way of grinding away at your gambling
capital.
The way you avoid this $576 grind is to
behave more conservatively by playing on smaller denomination machines
(25¢), for shorter increments of time. Casino operators know all to well
that such cautious behavior has negative implications on the casino win
for the house. They would much prefer you ante-up silver slugs and play
all day.
Oh, by the way, Dottie, all too often
players like you believe that the casino is in the gambling business.
Wrong! They are in the math business. On pre-programmed slot machines
that give the house a certain percentage return, you are the only one
doing the gambling here.
