Dear Mark,
While surfing the
Internet I found your column on the Detroit News webpage. My guess is
that you must be familiar with casino gaming coming to the Motor City.
Recently I have come into a small inheritance and would like to invest
it in a business close to these new casinos. Any suggestions would be
appreciated. Nathan B.
For starters, a Cash for Gold or a pawn
shop could complement gambling well. A Plasma Center would work. Oh,
don't forget, Nathan, tell your customers they really don't need two
kidneys.
Dear Mark,
Is there any one
sure-fire way to win at the slot machines? Jerome C.
Sure-fire ways, sure, I will give you
three: (1.) Get a casino gaming license and operate your own slot
business. (2.) Invest in the solid companies that manufacture slot
machines. (3.) Buy an antique slot machine and sell it when the demand
increases.
Dear Mark,
Could you please explain
the Kelly System of betting? Ken W.
Called the Kelly Criterion, it is a money
management system that, at least on paper, Ken, gives you the ability to
maximize your expected winnings by betting an amount that is
proportional to your bankroll. By using this method a player wagers a
certain percentage; example, 10% of his current total bankroll on every
play. After each win or loss, you then recompute your bankroll and bet
the same percentage accordingly. The biggest positive is that when you
are on a losing streak, your bets become smaller and smaller, helping
you avoid a gambler's meltdown. On a winning streak, your bets become
larger and larger, allowing you to parlay your funds. Many gamblers find
this to be a very effective systematic approach to money management.
I plan on giving the Kelly Criterion a
run this college basketball season using the free picks of Roger Right
(http://dealmein.org/roger.html). Starting with a modest bankroll of
$200, I plan on wagering 15% of my current bankroll on each of Roger's
picks throughout the entire season. I will let you know how it played
out.
Dear Mark,
Can I make more as a
part-time gambler than I could a full-time teacher?
Susie H.
Taking into consideration the importance and magnitude of your job, the time,
the effort and commitment, yes, even a losing campaign as a part-time
gambler probably pays better.
I would not be the first, Susie, and
hopefully not the last to say that you are both underpaid and
undervalued in your honored profession.
Dear Mark,
When is the best time to
surrender in blackjack? Thomas H.
When surrendering in blackjack, Thomas,
you give up half your wager for the privilege of not playing out your
hand. Known as one of the more sophisticated moves in blackjack,
surrendering is best used when the dealer is showing a 10 or ace and
you have a hard 15 or 16. This particular hand will lose more than three
out of four times as opposed to you only losing half you bet. If your
favorite casino allows surrendering in the above scenario, wave the
white flag.
Dear Mark,
Playing craps with a
pass line bet and a point of 9, I asked the dealer what were my chances
of winning. He said 40%. Was he right? Janice G.
Janice, the dealer was correct when he
told you 40% with this simple formula illustrating it. There are six
ways a 7 will appear (3-4, 4-3, 5-2, 2-5, 6-1, 1-6), and four ways a 9
can show (5-4, 4-5, 6-3, 3-6). Obviously, one of these ten combinations
must happen for your bet to be decided. So, because, on average, you'll
make the point of 9 four of ten times, there's your 40%.
