As a professional gambler or as a student who really wishes to get much better at gambling, it doesn’t get more interesting than numbering the lessons learned from this practice. The reason why I get so excited is that maybe, just maybe, it will show me how much I have actually learned.
Ladies and gentlemen, lots of lessons can be learned from gambling and if you pay close attention, these lessons might even improve your home budget organization and in many cases, your lives. I know that they have definitely helped me become a more conscious person of the decisions I make, for example.
Let’s take a look:
- You have to understand the rules. Regardless if it is slots, table games, or something else, gamblers lose because they really don’t understand the “rules”. Both, the published rules, the implied rules, and the common sense ones. For example, when playing slot machines, do you even know what the bonus that you (me) are chasing will pay?
- Dropping big bucks chasing what turns out to be a small bonus is a losing gamble. You have to understand what you can take away. Sometimes hunch players can be seen at the Let It Ride game chasing everything, even low hands with no reasonable expectation.
- Watch the slot machines. Pumping bills into a slot machine where the expectation is low is also demonstrating not understanding what you are doing.
- People often have no limits other than when they are “tapped out”.
- Set lots of limits. Divide your trip limit stake into day, session, and game limits. Use envelopes if needed. Whatever it takes, separate your money and organize it.
- Gamblers lose because they have no money management scheme. For example, you might hit a straight flush with a one five dollar bet (An example of flaw number one!) and you win $1,000. If you continue to play with this money, you can lose it by the end of the day. Did you think you would get another one? No!
- You have to play with a way to get YOUR money out of the game, off the table, back to your pocket, wallet, or envelope. For example, with Let ‘Em Ride, set a game stake that will allow you to pay for six losing hands in a row. When your “front row” is full, any winnings you get, put them in your “back row”. Once in the back row, they are never risked again.
- You can also play roulette with your game stake on the table. When you win, you can carve out your original stake. If you start doing really well and they pay in “real chips”, those can go right into your pocket never to be seen again.
These are the main lessons that I have learned and wish to continue perfecting in this game that life and gambling are both about. If you take your gambling seriously, they might actually help you reach goals that have seemed impossible until now.