Introduction to Get Out
None of us were born already knowing how to budget bankrolls for playing slots at casinos. Most internet advice for practical slots money management is all jumbled up with myths and misunderstandings. Let’s discuss how to GET OUT of the casino with your winnings successfully.
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Revenue Minus Expenses Equals Profit or Loss
I provide clarity on slots money management in 11 Money Management Tips to Keep Your Bankroll. I sort through internet suggestions to uncover the best and most practical tips for you.
But let’s focus on just one bankroll management technique: Preserving Gains. Revenue minus expenses equals profit. Revenue means winning at slots, but it’s only turned into profit if you keep your gambling expenses low.
Your casino has set itself up to be taken advantage of by you, one way or another. Everything goes sideways at those casinos if you’re not using a slots strategy to try and take advantage of them. That’s loss limits, another bankroll management technique.
Right now, we’re not talking about winning at slots. Nor are we talking about assessing your casino to determine which of my winning slots strategies deliver a profit to you. Here, I’m assuming you’ve already figured that part out.
Or will. Now, we’re talking about the money management method called Preserving Gains. Because you’ve won, and your next steps, figuratively and literally, are critically significant.
Your Gambling Goals
If you aim to take home more money than you arrived with, you need to try winning something. And before that winning happens, we avoid spending too much of our bankroll. That’s loss limits.
But let’s say you’ve won. And if you win as much as your bankroll, revenue equals expenses, and profit is zero. In other words, it’s a wash, although you may value the entertainment and club points earned on your card.
Choosing not to make a profit is like going to any retail business or amusement park where you purchase what you want. But purchases are not the same as gambling.
Winning on a slot machine means revenue can exceed expenses, sometimes by thousands of dollars.
That’s what many of us hope for, but far too few of us get. Instead, most of us go to a casino to purchase entertainment or to earn free stuff. And that’s okay if those are your gambling goals.
But some players want to make money gambling. Maybe you, too, even if it’s not our primary goal. Most people go to a casino for entertainment value. Whether you take the money home or stay and use it to fund more entertainment is entirely up to you.
Yet how do we take money home when it’s so hard to leave a casino before spending all our bankroll and winnings beforehand? In other words, how do we preserve our gains?
Systematically protect your winnings when playing a specific slot machine. Because whichever strategy you use includes timing your cashouts. And preserving gains goes alongside using a loss limit.
Unlike loss limits, preserving gains isn’t about losing money carefully. Instead, it’s about your actions immediately following a win, perhaps even a substantial win.
Let’s review four possible winning scenarios and what to do when you experience each.
Consider these triggers. First, let’s say you get a win that doubles or more than doubles your original bankroll. If your gambling goal is to make money, my best advice is to GO HOME.
Second, let’s say you win the amount of your initial bankroll. In this scenario, put those winnings away to take home but continue playing with the remainder of your original bankroll. If no other wins occur, you won’t lose money on this casino trip. I feel a certain amount of freedom when this happens, especially if it occurs soon after I arrive.
Third, win over half your original bankroll but less than your initial bankroll. I recommend putting away 50% of your winnings where you won’t spend it. The hope here is that it’ll happen again.
Fourth, win less than half of your original bankroll. Here, continue to play until reaching your loss limit, as that’s why you have one. This scenario is typical for slot enthusiasts who randomly select slot machines.
Here, consider using what you have left on another slot machine or not. You can continue to accept these losses because you can afford them or check to see if my slots strategies work at your casino. It’s your call.
Two Practical Difficulties
Two difficulties get in the way of keeping these scenarios practical. First, slot machines don’t allow you to cash out only part of your bankroll. How do you eject only a portion?
You can’t. Herein lies the charm of not using all your bankroll at once. With only part of your bankroll inserted into that slot machine, you can print a voucher for the entire balance and enter more cash without stepping away from that winning slot machine.
The second issue is where to put your winnings so you don’t spend them. And there are so many ways to do this! So many ways that it gets confusing fast.
Deposits Only Work
One approach is to use a WinnersBank200 or Gamble Gram Box, both available on Amazon using links on the right or below this post. These lockable metal containers are slightly smaller than a wallet, if somewhat thicker. Lockable wallets allow players to push bills in through a slot while the container’s key remains at home.
Unfortunately, at most, it holds up to 30 or 50 bills. And both can jam well before inserting 30 bills. Binding is less likely if you elaborately fold each bill as instructed, but I doubt about how I’d do that when sitting at a slot machine.
Fortunately, neither lockable wallet is necessary if you instead develop a few good habits. In only a few tries, I’ve successfully used a pocket for the same purpose. And a typical men’s jeans front pocket will hold 100 bills of any denomination without any bills peeking out.
The lockable wallets hold less than $10,000 in $100 bills. And if you use both front pockets, meaning you find someplace else to put your phone, that’s 200 bills or $20,000. I’ve been there and done that.
I use one front pocket as deposit only and the other for where I put the bankroll I’m working with. The bankroll pocket gets dipped into a lot since I don’t tend to hold a fistful of money when I go from machine to machine during my casino visits. But the first pocket is for deposits only.
You can train yourself to use your pockets in this way. Because it is a habit, always use the same pocket for deposits only. You’ll need to train yourself to take nothing out of it while at the casino.
I recommend thinking long and hard before making a deposit. Once it’s in there, it’s not supposed to come out. Treat it that way.
Discipline is a Learnable Skill
I was surprised that it only took me about three tries before I never took anything out of that pocket until I got home. For each attempt, the money stayed deposited longer and longer. By my fourth attempt, I got home with what I’d deposited.
You can use a pocket once you get into a habit and never have to worry about losing a key to a lockable container which, in essence, doesn’t hold that much anyway.
Pockets are much faster to work in a busy casino environment rather than struggling with tightly folding bills and pushing them into lockable containers. And, of course, it doesn’t have to be the front pockets in a pair of jeans.
It can be a wallet, purse, jacket pocket, and more. But getting into the habit is easier if you don’t often switch what you use for deposits only. There are also hand pays, which presents opportunities to get a cashier’s check or put a large portion of it into income taxes.
The simplest thing you can do is run. Get out. It might not be convenient because you might have just arrived but GET OUT works well.
Whatever method you choose, work it out in advance. Winning money at slots is not when you are doing your best thinking. Know what you’re going to do in advance.
Summary of Get Out
None of us were born knowing how to budget bankrolls. My audience tells me that when they win, they hear my voice saying, “GET OUT!” Maybe you will, too.
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