New gamblers are like kids on their first trip to Disneyland.
It’s easy (and fun) to be caught up in the excitement of a casino—the flashing lights, bells, yells, and music. While winning on slot machine is entertaining, so is ending the night with more money than you started with. Excitement won’t buy you dinner.
#1: Think Like a Pilot
Commercial airliners are safer than cars because pilots go through a pre-flight checklist.
Two Scenarios: You play a slot, you win big, then you decide to go do something else…completely forgetting to cash out your winnings. Or, you get a nice line hit, then gamble it all away in a few spins. The things that make a casino exciting are also distracting.
SOLUTION: A simple list. The first time we left money on a slot, it was $12. The second time, $450.
Our solution was to repeat three words whenever we get up from a slot: “Ticket, Card, Phone”. We repeated this EVERY time we leave a slot machine. It seems silly at first, but repetition builds good habits.
#2: Use Your Loyalty Card
Casino loyalty programs are a great benefit.
We always use our loyalty card when playing, and as a result we get free hotel room, we never pay resort fees, we never have to wait in line at check-in (and get free snacks), we don’t pay for meals, and the casino gives us free credits or “freeplay” to gamble with.
SOLUTION: Use your card. The casino comps you can earn from using your loyalty card can easily cut the cost of your next trip to Las Vegas in half, especially if you receive free or discounted hotel rooms. In the eight months since we started gambling, we’ve received about $18,000 in comps. If you have a credit card that gives you points based on how much you spend, you already understand the benefit of this.
#3: Stop for Breaks
This bad habit is the most difficult to correct.
It’s not stopping if you’re not winning or while you’re ahead. While it’s human nature to want to see what’s over the next hill, if the next hill is of unknown height and width, you’d think twice about continuing your journey. The same is true on slots.
Cash is King
If you’re lucky enough to get a significant win, take a beat to evaluate whether it’s time to do something else. A “significant” win varies by individual. For us, it’s typically 15%-20% above our starting point, but it’s also been as little as a dollar. More times than I care to admit, we’ve gotten a decent line hit ($80) and promptly gambled it away.
The other time to stop is if you’re not winning. The great advantage to slot machines is that you can start or stop playing instantly when compared to table games. Moving to a new machine takes seconds. I’ve watched (in horror) as people burn through hundreds of dollars on a slot that simply isn’t paying anything back. In that instance, I played the game right next door and won $517…on the first spin.
All Wins Are Significant
If we’ve won ANYTHING over our starting amount—be it $5 or $100—we’ll stop to decide whether to continue, move to a different slot, or go do something else. The result is that at the end of the night, we’re almost always in profit.
Remember that staying even on a slot machine can be thought of as a win, since the odds are against you, as much as 25% in Nevada. Enjoying the experience is a huge part of gambling. If you’re not having fun, stop, and do something else. It’s really that simple.