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by M Malmuth
"The Extremely Silly Subject of Money Management"
I see it in print all the time. "What's that?" you ask. Its those silly
words "money management". I'm sure you have read it too. If you don't
have good money management then you can't win and should expect to go
broke. Also, money management will allow you to beat all sorts of games
like Roulette, Craps, slot machines, and many pseudo authorities will
tell you that this is the most important aspect of gambling. The reader
shall see that I don't exactly agree with this. In fact, nothing could
be further from the truth. Nor, I'm not the first to say this, but, "I
hate money management". I hate it because it is bunch of junk.
The theme of money management seems to be constantly on the mind of the
losers. Now here is an absolute truth. If you are a loser, and you keep
gambling, you will lose it all no matter how you handle your money. Anyone
who tells you otherwise is just plain wrong. If this was not absolutely
correct, there would not be so many large casinos in Nevada, New Jersey,
and throughout the world.
One well known gambling book, that I read, recommends in its large money
management section to only play those games where the house has no more
than a small advantage. The author "smartly" rules out games like Roulette
and Keno. But if you only play games like Craps and Baccarat, and play
them long enough, you are assured of losing. So why play them at all?
One possible reason to play the low house percentage game is that these
bets really don't cost very much and you can maximise your time at the
"very exciting gaming tables". Is this really true? Well suppose you compare
Baccarat to Keno, where do you lose your money faster. At Baccarat, the
house edge has an edge of just over 1 percent, while at Keno it is approximately
30 percent. The problem is that you can get more bets down at the Baccarat
table, in a specified period of time, than you can sitting in a Keno lounge.
It seems to me that you might actually be better off playing Keno, even
though the house edge in this game is "astronomical".
Date Posted: 30-Aug-1999
Excerpt from "Gambling Theory and Other Topics" by M Malmuth
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