Bankroll to Bankrupt in Three Minutes
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? Randy M. St. Ignace, MI
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 Randy, 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. Cha-ching, cha-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, Randy, in less than three
minutes.
The Martingale system is not logical, it's downright lethal. It's so obvious,
Randy. No more, please.
Dear Mark,
What is a hardway number on a crap game and is it a good bet? Steve. R.
Incline Village, NV
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.
Before I Shuffle: I was walking down the strip in Las Vegas recently
and overheard a couple vehemently arguing over how "The Strip"
got it's name. The husband said; "Bugsy Siegel named it when he built
the Flamingo--and I should know, I played there the second week it was open."
The wife believed it was Liberace who named the Strip.
The dialog was hideous and I would have butted in, but like I said, they
were arguing, actually screaming at a level that brought security out of
Caesar's Palace. Now, I've seen some skirmishes over positioning in a $3.49
prime rib buffet line, but over how the Strip was named? It's a first.
So for those vaguely interested, here's how "The Strip" got it's
name.
Known also as Las Vegas Boulevard and earlier the Los Angeles Highway, The
Strip's name came from a Los Angeles Police Captain named Guy McAfee, who
said it reminded him of Sunset Boulevard (Strip) in LA. The story doesn't
end there with Captain McAffe. He was a Las Vegas casino owner as well.
McAfee purchased the Pair-O-Dice on the Los Angeles Highway in 1938 and
reopened it as the 91 Club.
Liberace's early fame came from being the first to demand, and get, $50,000
a week to preform in Vegas.
Got a question about gambling? Write to: Deal Me In, 774 Mays Blvd.
Suite 10, Incline Village, NV 89451 or e-mail:winners@winner.com
· To order Mark Pilarski's "Hooked on Winning" audio cassettes--laminated
win cards package ($12.95 plus $2. S&H) call (800) WINNERS.
Return to Main Menu
All contents copyright © 1996, Winners Publishing. All rights reserved.
URL: http://winner.com/bankrupt.html
