Risk Management Strategies for Casino Gamblers
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First thing to remember, when gambling, is that you do not have to worry about risk, too much, because even if you lose you can always make
it back. So, relax.
The second most important thing to remember is that you are in a line of work that is more mentally rewarding (not to mention financially)
than any average (not to mention lousy) day job. So, you don't only go to the casino to make money, you are also there to have fun, while
you're making money. And you do all that while the average Joe has to break some real sweat to make a paycheck (and deal with some obnoxious
boss). As a gambler you can make his entire yearly income in one single roll of the dice. So, relax.
In a nutshell, don't lose touch with reality and don't lose perspective. Think big.
Before we start talking about risk management, let's start by reciting an old (and wise) proverb.
The people that take the most risks in life are people that never take any risk at all.
Following the same logic we have expanded this philosophy: the people that take the least risks are those that take the biggest risks.
In plain English, put it all on red and wait for the ball to drop into the winning slot. At the other end there is a great potential reward
waiting for the winners. And the winners are never those that never took any risks. And that winner could be you. And if you want to cash-in
big time, don’t beat around the bush, by playing even bets; put it all on a straight-up number and collect 35 to 1 on a single spin
of the roulette wheel.
The most important thing about gambling is to remember not to put all the eggs in one basket. For example, there are 38 straight-up numbers
to pick from in roulette. Also, there are many outside best. So, instead of putting all the money on one number a smart player always spreads
In addition there are plenty of games to pick from in any casino. So, in the course of an evening, a casino player can try many different
bets in many different games.
In the investment jargon this spreading of assets is called diversification. In fact, we don’t think of casino players as gamblers,
as much as investors. To be more precise, gamblers are short-term investors. And what are short-tem investors? Those are investors that don't
have to wait for a long time to collect the returns on their investments. And it gets better. Not only are the returns form gambling quicker,
they are also bigger in size.
To be successful a gambler must develop a feel and follow some sound strategies. The strategies are discussed in the chapter on gambling
systems but the feel for gambling is something that can only be acquired through years of practice.