Compounding
money works only on Wall Street
Dear Mark,
On a certain 25¢ video poker machine that I like to
play, the machine allows me to double up what I've just
won by picking high or low against a pair of rolling dice.
This really can't be a good bet, right? Nancy R.
For those of you who don't know it, some video poker machines
offer you the option of risking your current winning hand
for a chance at doubling your money. Though it can be high/low
against a machine-dealt playing card, in Nancy's case, it's
against a simulated dice roll (2-6 under, 7 push, 8-12 over).
At
first glance, Nancy, many players believe this is just another
way for the casino to pillage your purse. Not so, my friend.
It 's actually one of the best bets in the casino. No house
edge means a 50-50 chance of you doubling your money. Sound
too good to be true? Yes and no.
Though
each decision has exactly a 50-50 chance, the odds of winning
more than one in a row will decline sharply. Experts are
divided on whether you're gambling on individual rolls or
a sequence of rolls (myself in the latter category), but
either way, the bet is heavily stacked against you if your
goal is to string 10 wins together. Also, don't plan on
doubling as often as you wish. We all think of the possibilities,
Nancy, like winning 19 hands in a row with a $2.50 investment
and becoming an instant millionaire.
Unfortunately,
just like the table games where table limits apply, the
compounding of money by parlaying winnings won't work here
either. Machines limit the doubling from as little as five
times in a row to 10,000 coins returned ($2,500).
So
the long and short of it, Nancy, is to show some strong
money management (cash control) and play this wager without
going overboard.
Dear Mark,
I was on the Internet looking for information on casino
gambling for a school project. My topic is called "Should
the United States Promote Casino Gambling?" I found
your column called "Covering All the Bases" very
helpful. I was wondering if you had any other material that
might help. Lynne T.
Because of limited space, Lynne, allow me to temporarily
stand neutral on the proliferation of gambling across America
and the government's active participation in it. For those
who want a phenomenal research treatise on your legislature's
relationships with the gambling industry, look to Robert
Goodman's book The Luck Business, subtitled, "The Devastating
Consequences and Broken Promises of America's Gambling Explosion."
Besides
your school project, I would highly recommend this solid
study to all government policymakers and voters alike who
will decide in the future whether the fastest growing industry
in the nation (gambling) belongs in their neighborhood.
With
half of America now living within two hours of casino gambling,
it's sooner than you think.
Dear
Mark,
Recently I was on a crap game where the dice were rolling
numbers for eight hours. Not non-stop, but it was a player's
game and I just couldn't leave. Good thing I didn't. I bought
in for $100, played just like you recommended (pass line
bets with odds, placing the 6 and 8), and walked out eight
hours later with $3,400. I thought your readers might appreciate
that every now and then, even the small-time player, has
a night worth remembering. Clark D.
Bosses
give you the heave-ho, relatives disown you, friends forget
you, but an unbelievable night on a crap game, ah, that
lasts forever. Thanks for sharing, Clark. |
No
Eggheads 
Allowed