Introduction to Changing Your Slots Strategy
Strategies for $300 bankrolls aren’t the same strategies for succeeding at $3k bankrolls. Make sure you know the changes necessary for significantly raising or lowering your bankroll.
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Changing to a New Bankroll
Change is a constant. Some things, like how much you take to the casino, for instance, can change over time. Whether increasing or decreasing your bankroll by a lot, for many good reasons, doing so means a significant change to our gambling style.
But if we don’t adapt to that new bankroll, a world of hurt lurks around the corner. Let’s talk about making a bankroll adjustment and what you need to be aware of for it to go well and also be a great and positive experience.
Transitioning to a different size bankroll means changing your winning slots strategies. Several circumstances can drive wanting to make such a change. For example, becoming bored with a current gambling style because everything that can be done to improve performance has already been done, so the player is ready for the next challenge.
Or personal finances have significantly increased in terms of disposable income, so the gambling style chosen originally no longer matches a player’s lifestyle as well as it once did.
Whatever reason exists for wanting to make a gambling style change, including simply gaining a better understanding of how casinos and the gaming industry works, the critical element for making such a change involves improved money management skills.
Changing styles often significantly change the relative size of the bankroll needed, whether increased or decreased. Do you understand? Changing bankroll sizes means changing gambling styles.
But the reverse is also true. Changing gambling styles also means changing bankroll sizes.
For example, a few years ago, my slots gambling experiences involved large bankrolls, yet changes in economic conditions and ownership of the local casino led to gambling with smaller bankrolls. I also made this decision for another reason, which was better to understand the entertainment style of gambling for my audience.
Essential Gambling Records
Using different size bankrolls generally results in learning to handle more or perform better financial record-keeping than was previously done. Not keeping good gambling records is common when spending a few hundred dollars during a single casino visit. But that is no longer a luxury you can afford when jumping to $1,000 or $3,000 bankrolls.
For example, you may hire an accountant to handle a significant increase in hand-pay jackpots and their associated income tax forms. Or, a player may purchase and use spreadsheet software to effectively manage an increase in gambling records and notes driven by the change in gambling style rather than just the change in bankroll size.
Have you ever gotten a hand-pay jackpot? A W-2G tax form? If so, imagine getting a stack of them, where each one must be individually entered into your income tax preparation software. Casino name, complete address, telephone number, and tax ID. For instance, for 50 W-2Gs. Or 100. Or 250. I entered forty to fifty W-2Gs for two years running, and it was a lot of work come tax season.
Changing bankroll sizes is a great deal of fun. I’ve enjoyed going from a $500 bankroll for six months to a $3,000 bankroll for a couple of years, then back down to a $300 bankroll for my trip reviews at new-to-me casinos.
Yes, it may be a bit of a challenge to make such a change. However, it may not be fun for everyone in and of itself. But such a change certainly has the potential financial windfall that offers compensation.
Learning a New Gambling Style
This compensation can apply to increasing or decreasing the bankroll size. If a player changes their gambling style, they need to educate themselves about the new form and then go ahead and do it. This change includes switching styles to support a reduced bankroll.
Have patience with learning a new style, as re-training yourself and learning the appropriate habits may take a while to adopt. But, as usual, have fun and enjoy!
My best advice isn’t about changing a particular gambling style from one highly individualized approach to another with a higher bankroll. Instead, it’s the unexpected pitfalls of making significant changes to your gambling style.
We’re all on a slots journey hiking through jungles, over mountain passes, and navigating ocean journeys. If you watch where you place your feet, you should be fine. I hope.
For instance, are you ready to go up to the next tax bracket? Or, going up to the next tax bracket after that? What is the highest income bracket, anyway?
How do you determine the fair market value for an influx in comps received from the casino to not get in trouble with the IRS when submitting those comps as taxable income? And how do you keep track of all that? Hint: See my online courses, some of which are entirely free.
Those Pesky Income Taxes
Players may be surprised to know that understanding city taxes is vital to continued financial health when switching gambling styles, especially those that significantly increase the number of taxable jackpots won. I was shocked when I found out.
I recommend you see if you pay local or city income taxes. If so, what’s the relative difference between the local income tax rate and the local income tax for any casino where you’ve won hand-pay jackpots?
State and federal taxes may allow gambling deductions if you’ve kept sufficiently good records, but some states have income tax rules that can be surprising. For instance, the state of Oklahoma has placed a cap on gambling deductions for non-residents. It was $17,000, but I haven’t checked lately to see if it’s changed.
Income tax burdens aren’t pleasant, but unexpected income tax burdens are much worse. I am not an income tax professional, so please check with one.
Consulting with your accountant or income tax professional, and sound financial record-keeping can result in either an annual tax refund or no significant tax payment from both state and federal income tax returns. This non-problem is what some gamblers refer to as “a wash.”
It’s due to having no significant annual tax payment or tax refund for gambling. If a player has local or city taxes, they may find themselves effectively blocked from gambling at a relatively high level. Many hand-pay jackpots can result in an increased tax burden.
And, if not aware of the difficulty, players could get in severe financial hardship if they proceed to gamble heavily anyway. I did.
Why? Because it is more than likely the local income tax office will not accept any tax deductions related to gaming. This caution is for players required to submit an annual tax revenue form to the local or city government.
It includes the often relatively massive gambling deductions routinely accepted with state and federal income tax returns. Perhaps you don’t entirely understand this potential local tax issue. I know it shocked me.
More Hand Pays?
Increasing your bankroll can result in hand pays, many hand pays, and W-2G jackpots. Routinely handling W-2G jackpots becomes a necessity with larger bankrolls.
Once again, this time with feeling, if you have local income taxes, be sure to consult with your local income tax preparer especially if dramatically enhancing your slot machine gambling performance.
By, you know, watching my content and educating yourself about slots to improve your gambling performance. We’re all on a slots journey! Let’s say you always took a $300 bankroll to the casino for slots, and now find yourself able to comfortably take $1,000. Again, why can be for all sorts of reasons.
For me, it happened because I was suddenly getting overtime pay for the first time in my life. Honestly, I never thought I’d get that as a salaried engineer. It was only straight time but working 60 to 65 hours a week was a regular thing for me.
So, I spent $500 every couple of months at the casino. I would take $500, spend half of it, and then leave with $250.
But then I had my epiphany about winning at slots if I can use that word, when it was ten years in the making, and suddenly I was bringing a $2,500 to $3,000 bankroll to the casino three or four times a week.
I enjoyed earning fifty or so hand pays while also getting Seven Stars status in six weeks with the Caesars Rewards program. But it was a big change.
If you instead jump from a $300 bankroll to a $1,000 bankroll, it’s different from jumping from a $500 bankroll out on the main casino floor to making $20 to $30 bets in high limits with a $3,000 bankroll. Most times, $1,000 is not enough for the high-limit room unless you’re using my 5-spin method.
Going from $300 to $1,000 Bankrolls
The difference between $300 and $1,000 bankrolls means only a small change in gambling styles. If you use a WinnersBank200 or GambleBox lockable wallet (see the Amazon link at the right or the bottom of this article), that’s pretty much over. They are too small.
This means you may well lose your previous preserving gains method, and you’ll have to come up with another one. Here’s mine. I use my “deposit-only” front pocket.
One front pocket in a pair of men’s jeans can hold up to $20,000 in hundred-dollar bills! Increasing bankrolls may mean disciplining yourself to switch to that preserving gains technique may be necessary.
The difference between a $300 or $1,000 bankroll and a $3,000 bankroll is significant. Yes, you can use that size bankroll out on the casino floor, barely, making $8 or $10 maximum bets on a penny machine. But your high-limit room becomes an option with a $3,000 bankroll.
Switching to $3,000+ Bankrolls
Having a $3,000 bankroll gives you lots of options at a casino. So, it would be best if you had a plan. As I tell my university students on career day, “I don’t care what your plan is. I care that you have a plan.”
What about bankrolls over $3,000? Playing slots with $3,000 to about $5,000 or even $10,000 bankrolls are pretty much the same. But things start getting tricky again when you get to over $10,000 bankrolls.
Please don’t play slots on your casino’s single $100 denomination machine. Or its single $500 denomination machine. You want a selection of slot machines to play, whatever the denomination, not one or two. I’ve seen that mistake too often, even done it myself early on.
How much bankroll do you need to play a $100 denomination machine? Well, what size bets do you make with your normal bankroll?
Let’s say you have a $300 bankroll and make 90-cent bets on penny machines. A $100 bet is 111 times 90-cents. And 111 times your $300 bankroll means you’ll need a $33,333 for $100 denomination machine. Unless it’s a 2-credit machine, so you’ll need twice that.
Just to have about the same chance of winning as you have with your 90-cent bets with your $300 bankroll. So, do you win more than $300 with your $300 bankroll? Sometimes?
And so, you would sometimes win more than $33k with your $33k bankroll on a 1-credit, $100 machine. Or maybe you make $100 over your $300 bankroll. That’d be the same as winning $11k over your $33k bankroll.
And how often do you spend your $300 bankroll and get back $200? With a $33k bankroll, that’d be like taking home only $22k of it.
If you plan on using a bankroll in the tens of thousands, check with the casino how you’d put get it into a machine. Casinos can quickly load a slot machine for you which doesn’t involve filling the cashbox with $100s.
Summary of Changing Your Slots Strategy
Strategies for $300 bankrolls aren’t the same strategies for succeeding with $3k bankrolls. Make sure you know what $3,000 players do that you don’t.
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