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Kenny Rogers and Money Management
03-25-2009, 04:20 AM
Post: #1
Kenny Rogers and Money Management
Note: the following is based on advice of gambling pros in "Gambling Wizards."

"Never count your chips when you are sitting at the table, there will be time enough for counting when the dealings done."--"The Gambler" by Kenny Rogers.

Before he lent his name to a chicken franchise, this was a very popular song. And it is true in some parts. But today I want to talk about how it relates to money management and winning.

Casinos are made to make you lose your mind and money, in that order. Lots of noise and excitement. And your money turns into "chips" or "credits" at table games and machines. Sure it is easy to bet some colorful chip or spin off a few more credits without thinking of it. But think of it you must. Until you are ready to make a wager that is! Does this sound like it is contradicting itself? When I explain you will see where it does not.

My brother told me about a trip to Vegas with his fiancee. She spun off $60 or so in slots in short order. He said, "You know, that was a new pair of shoes!" (She loves shoes.) She was a bit upset at what she had done. So point one is know your budget, decide if you want to spend it gambling or spend it some other way. You can drop $100 in slots or you can buy a hamburger for $100 in Mandalay Bay, how you get enjoyment is up to you.

But once you have your budget set, you must seperate "what it can buy" from your play in table games. This is most true in poker. If you have a set of aces in a non-drawing board and someone raises you $25 you cannot think about the steak dinner it would otherwise buy. If you bet $25 at BJ and you get A-A against a dealer 6 upcard you must split without hesitation. To not do so is to give up winning plays and that is the last thing you want to do in a building where there are few such plays.

Note I don't say play reckless nor do I say not to quit while you are ahead. What I am saying is once each new hand starts you must commit to playing it out right if you hope to maximize your chance of winning.

So, don't give up a good play to save that last $5 chip. Just always bet with your head, not over it.
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03-25-2009, 06:58 AM (This post was last modified: 03-25-2009 07:01 AM by KillJoy.)
Post: #2
RE: Kenny Rogers and Money Management
(03-25-2009 04:20 AM)AZDuffman Wrote:  Note: the following is based on advice of gambling pros in "Gambling Wizards."

If you could make a short review about this book when you have time Smile

(03-25-2009 04:20 AM)AZDuffman Wrote:  "Never count your chips when you are sitting at the table, there will be time enough for counting when the dealings done."--"The Gambler" by Kenny Rogers.

This is not such a good advice, because you should always know how many chips you have so you can play accordingly. Idea

It was the whiskey speaking out of him Big Grin (don't drink while playing poker for big bucks Wink)
Quote:So if you don't mind my sayin', I can see you're out of aces.
For a taste of your whiskey Ill give you some advice.
So I handed him my bottle and he drank down my last swallow.--"The Gambler" by Kenny Rogers.



(03-25-2009 04:20 AM)AZDuffman Wrote:  Before he lent his name to a chicken franchise, this was a very popular song. And it is true in some parts. But today I want to talk about how it relates to money management and winning.

Casinos are made to make you lose your mind and money, in that order. Lots of noise and excitement. And your money turns into "chips" or "credits" at table games and machines. Sure it is easy to bet some colorful chip or spin off a few more credits without thinking of it. But think of it you must. Until you are ready to make a wager that is! Does this sound like it is contradicting itself? When I explain you will see where it does not.

My brother told me about a trip to Vegas with his fiancee. She spun off $60 or so in slots in short order. He said, "You know, that was a new pair of shoes!" (She loves shoes.) She was a bit upset at what she had done. So point one is know your budget, decide if you want to spend it gambling or spend it some other way. You can drop $100 in slots or you can buy a hamburger for $100 in Mandalay Bay, how you get enjoyment is up to you.

But once you have your budget set, you must seperate "what it can buy" from your play in table games. This is most true in poker. If you have a set of aces in a non-drawing board and someone raises you $25 you cannot think about the steak dinner it would otherwise buy. If you bet $25 at BJ and you get A-A against a dealer 6 upcard you must split without hesitation. To not do so is to give up winning plays and that is the last thing you want to do in a building where there are few such plays.

Note I don't say play reckless nor do I say not to quit while you are ahead. What I am saying is once each new hand starts you must commit to playing it out right if you hope to maximize your chance of winning.

So, don't give up a good play to save that last $5 chip. Just always bet with your head, not over it.

Very good advices. Thanks! Smile

"Depend on the rabbit's foot if you will, but remember it didn't work for the rabbit." - R. E. Shay
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