Loss Limit

I'm starting to get many readers pointing their anger towards me instead of their normal subject in Eric. How can they let his Three's Company song about golf get let off the hook and I take a beating on my pop, lock, and drop it post. I guess they are giving him a pass since he is in France planning an extensive land war against the Mirage Sportsbook.

Anyway, I wanted to comment a little more in depth about Eric's question about entertainment vs. making money on the Vegas trip. This has been a huge issue with me over the course of 11 years out in Vegas. I used to think that "Well, I have a budget and if I don't come home with anything, then so be it. As long as I had fun with my friends, I'm happy." This would allow me to handle losing sessions a little better and not become depressed when I came home with nothing. But after 10 years of this happening, I started to I realize that when I had this attitude, it made me very careless with my money and I had a tendency to stay at tables when I should of gotten up and walked away. This all changed last year.

When I was reading my posts from all of my trips last year, I found a common theme. I became more focused on my budget and I planned on making money. This resulted in much smaller losing sessions and my 1st actual winning trip. And when I looked at how I planned out those trips, it all came down to limiting the budget on those areas that cost me the most in years past, the Sportsbook and Roulette. I know that some people plan a budget for the entire trip, or by day. This never worked for me, so I actually had to budget by type of game.

Now that doesn't mean that I won't play them at all, but I have to have some type of controls and limits when I do. For example, in 2006 and prior, the Sportsbook would bleed me to death. I would have about 4 games that I liked. I would bet them heavy and then after a couple of drinks I would bet some more. Then if I started to lose, I would panic and bet even more games, or if I won, I would bet more games. No matter which way my day turned, I would be betting more and losing more at the end of the trip. In the end it would be a disaster. And I'm not a good college basketball handicapper. That's why I started a book. I also discovered that I could get just as excited with $20 on a game than $50 or $100. So knowing that I suck at college basketball and I enjoy the games just as much with a smaller amount, why would I just throw money away. So now, I set a lose limit of $600 for the trip, bet a smaller selection of games and that's it.

The same works for Roulette. I let myself have two full sessions at roulette. If I lose everything allotted during those two sessions, then that is it. But if I win, I will allow myself to play a little bit more at Roulette. But I won't roll that money over into another type of game to cover those losses. Once I hit my loss limit for a game, then that is it. And during the course of last year, I never hit my loss limit on a type of game since I was a little more careful with my money.

I also know that there is nothing that is going to stop the stupid bets that happen when the 8 of us get together. $100 on black, $100 a hand for Pai Gow, or $500 on the Lady Boilermakers. But as long as this fits into my budget for that game, then I'm OK with it.

So now my viewpoint is that I want to win money. But I also know that my enjoyment is not only tied to coming out ahead, but also gambling a lot at different games. So by setting a hard loss limit, I'm able to enjoy myself as well as come out ahead.