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Gambling Management

 

I'm not going to waste effort trying to convince anyone to want to win ... and to have fun. You either do, or you don't. And if your idea of fun is to join the legions of losers waiting for planes at McCarren, or driving tight-lipped back up the Atlantic City Expressway ...it's your call!

But since you bought this website and have read this far, I'm going to assume you're on the side of winning. So let's establish a few ground rules that will help you win-at least some of the time:

Do Not Play Any games Unless You Have Studied the Rules, the Probabilities, and the Proper Playing Method

Pretty basic, huh? You bet. But by being a student of the games you are playing, you immediately separate yourself from the masses, and give yourself a chance-in fact, the only chance. We've all played next to knowledgeable players and unknowledgeable players at any of the games; online blackjack games and craps give stark examples of winners and losers. Over the long run, only the knowledgeable will win.


Video online poker games, with 99 percent paybacks, actually pays back only 95 to 96 percent in total because of imperfect play. Most people will not tackle a new endeavor without learning something about it, so why gamble without prior knowledge? Yes, gambling is entertainment, but do we want to put our hard-earned money on the line without maximizing our understanding of the rules and proper strategies required to make us potential winners?

OK! Sold on knowledge? I sure am. Now:

Do Not Begin to Play Any games, Machine, or Session Without a Firm Playing Strategy in Mind
A plan must include:
- a specific bankroll for the games at hand, adequate to cover initial losing streaks. Most gaming websites suggest minimum bankrolls for each games.
- stop loss/quit point, usually one-half to two-thirds of your bankroll for that session. You always want to walk away with something! • a commitment to using the "Ratchet Method" (See page 5) as a means to protect your winnings.
- a commitment to not replay your winnings.
- an alternate activity, if things don't go well. Have dinner, go to a show, take a walk, go to another casino, but have something else to do as part of your plan.
- not reaching for your wallet or purse when in a losing streak; do something else to break it.

While some parts of our plan seem negative, we do have to avoid the downside trends. Equally important are the parts of the plan that enable us to take advantage of our winning sessions, i.e. the Ratchet Method and not replaying winnings.

We now have the knowledge and we've put together a plan that fits our circumstances.

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Lessons

 
If you call one bet and a later player raises, you may still be getting immediate pot odds good enough to call the raise. But if you look at the total amount of money that you put into the pot during the round compared with the final size of the pot, your effective pot odds are less favorable, which means you might have folded if you knew a raise was coming. This is one reason why you are at a big disadvantage when you must act early in a betting round: The more players who act after you, the greater the chance one of them will raise, which increases the chance that your pot odds will end up less than they are when you make your decision. The effect of this is that if you are first to act in a game like hold'em, where your betting position remains the same throughout the hand, you must have much stronger cards to call than if you were in late position. In an aggressive game in Ns7hich earl e raises are common, you should generally not call one bet from early position unless you would be willing to call one or more raises later. If you are in late position, there is a lesser chance that a later player will raise, and you can safely call with weaker cards. At this point, by the way, you should be starting to see the importance of position in poker.
 
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