Profiting in Vegas - The Ins and Outs

Fri, 6 Aug 2010 15:59:17 -0700

I mean, it’s all here: from the best shows to top-notch restaurants; from day pools to rounds of golf; from nightclubs and lounges at every stop to live music, cigar bars, and frozen concoctions; from shopping to sightseeing; and of course, from the tables to the slots and into the sportsbooks, Vegas has plenty of options to keep yourself busy.

So with the multiple options of things to do in Sin City, how does one make any money?? We’ll address that topic in today’s discussion.

Duane: Whew, so how do you make money in this crazy place? It’s tougher than most people think. First thing you need is focus, not so much money (you can always get a line of credit). Day after day, it can get tough walking by ladies dancing on the tables, while others offer you drinks, and others are hanging out at the pools, etc. The list goes on. The temptations are great and are nothing more than distractions to throw you off your game.

Speaking of game, the next thing you have to do is pick your poison. Are you playing against the house with blackjack, table poker, craps, etc, or are games of chance your thing, slots or “the infamous wheel”. Whichever game you decide upon, you should definitely stay focused on it and not bounce from game to game. That’s a recipe for disaster.

Steve: I agree with being focused and I’ll add in that you also need a plan. First off, are we talking tourist or locals, amateurs or pros, b/c the answer is very different.
It’s much more difficult for a tourist to make money versus a local. The 2 main reasons are because the tourists are working against a clock and are usually limited to the strip area. They have a usually short window to get everything in and are trying to make their money before hitting the airport and heading back to their regular lives. A local can hit up the tables or the books whenever they like taking advantage of lower limits, specific dealers, and specific places. Most locals avoid the strip altogether unless they’re playing live poker. I know several blackjack pros who make their living from the game and not one of them plays at a casino near the strip.

I feel only a few amateurs can make money in Vegas. There are some high rolling business people that come into town and mostly, they just end up losing bigger. There’s a reason the casinos love these people, they’re keeping the lights on.

You have to pick your spots and stick with a plan. If you’re randomly throwing money around because you are drinking or trying to be a big shot, you will be broke fast.

Duane: Good stuff. Do you care to elaborate on the so-called plan?

Steve: A plan to hit the casinos is nothing more than knowing when to get up from the table. I’ve seen so many people get ahead in a game like blackjack only to lose it all it’s not even funny. That’s the difference between an amateur and a pro. An amateur is playing while taking the free drinks and enjoying his or her time. There’s absolutely nothing wrong with that, but it won’t make you money. A pro is treating that same situation as a business and he or she is looking for a return on investment.
If the amateur and pro sit next to each other and buy-in for $500 each, it’s going to be the pro that gets up when the goal (ceiling) is met or maximum to lose (floor) is hit. More than likely it is $100-$200 in each direction as this would represent a 20%-40% window. This is done without question.
Most people think pros don’t lose. Nothing could be further from the truth. Pros lose like everyone else. The difference is that a pro will only lose a limited amount while the amateur may blow his stack in one sitting. There are similar results in sports betting.

Duane: Being focused and having a plan seems like a good start to making money in this place. Anything else?

Steve: Using mathematically sound approaches will help also. Knowing the house advantages for whatever game you’re playing is a pretty smart thing to do prior to putting your money down.

So there you have it, being focused with a sound mathematical plan are the keys to beating Vegas. Whether you’re an amateur or a pro, you can’t go wrong following this advice.

Good Luck!

Black BeltS BloGGINg

Profiting in Vegas - The Ins and Outs