9 ms·

I rarely go to Casinos, but usually go in with $20, if I lose it, that's basically it for me. I can't imagine justifying throwing more money after losing it all

I rarely go to Casinos, but usually go in with $20, if I lose it, that's basically it for me. I can't imagine justifying throwing more money after losing it all, only in video games where gambling is allowed.

3a2d29 3y ago
The key (and way easier said then done) is to take a small amount of money out, accept that its likely all going to be gone, and try to milk it slowly so all the free drinks you get are worth the money. I like in NYC, so achieving the typical cost of drinks is not hard.
- giancarlostoro 3y ago
  Not a bad tip! I will keep that in mind.
blowski 3y ago
It's best to think of it as spending $20 on entertainment.
- mason55 3y ago
  Right. There are lots of things I’ll spend $100 on an entertainment expense for a night out. And plenty of things that people think is worth $100 for entertainment that I don’t find to be worth it. And the house edge at a casino isn’t THAT bad. Eg if you’re playing blackjack at $20/hand, a house edge of 1% means you can play 500 hands for your $100.
underseacables 3y ago
I had a professor once say that when the lottery gets really big, at that point, it's not gambling, it's an investment. But keep it small. It's interesting the types of people who can walk into a casino like you and I and say OK, $20, that's all I'm spending. We lose that and we say good night. Other people… They say no, I can win this, and so they go and spend another $20. That decision point - to continue or withdraw - is utterly fascinating.
- neilk 3y ago
  Out of curiosity I once went into a very small-time casino. I ended up at a blackjack table with various characters, one of whom was a single mom. She said she was playing to get money to buy the kids Easter chocolate. She was quite experienced and was up a few hundred dollars for a while. And she said that was it, she was leaving. And then she didn’t. And then lost it all. And then gained some back. And lost that too. By the time I’d slowly bled away my $20 and gave up, she was still there.
- swozey 3y ago
  Hell I go in with $20 just to get the free drinks and sit there bored out of my mind hitting some stupid button that occasionally gives me another round of drinks or not. I am so sick of Vegas and will never go to another conference there.
- SketchySeaBeast 3y ago
  > I had a professor once say that when the lottery gets really big, at that point, it's not gambling, it's an investment. But keep it small. This seems like funny logic. My local provincial lottery can range from $5 to $50 million. If I were to accept that I could possibly win, anything in that range is a ridiculous sum of money for me - easily more than I am likely to make for the remainder of my career. I know I won't win if I play, but if I thought I might I can't figure out why $5M is gambling, but $50M would be an investment. Either way, it's absolutely life changing "quit my job tomorrow" money.
  - ToValueFunfetti 3y ago
    If a ticket costs $1 and you have a 1 in 10 million chance of a win, any payout larger than $10 million (after taxes) gives a positive expected return. Unwise to invest your life savings on a longshot, but still worth buying a few tickets if the expected return exceeds the market rate. I believe the Kelly criterion gets you to an exact percentage of your wealth to spend on tickets.
    - chii 3y ago
interludead 3y ago
It's a good strategy but I think it's quite hard to notice that gambling is becoming addictive and a problem
Scoundreller 3y ago
I used to do this in Niagara Falls, but that would be enough to get you free parking. Now they cut back on that, I park elsewhere and they don’t even get a chance at my $20 on red anymore.
- giancarlostoro 3y ago
  If you ever go on a cruise, the ones with a casino typically give you about $10 of free in-casino credit.

3a2d29 3y ago

The key (and way easier said then done) is to take a small amount of money out, accept that its likely all going to be gone, and try to milk it slowly so all the free drinks you get are worth the money. I like in NYC, so achieving the typical cost of drinks is not hard.

giancarlostoro 3y ago
Not a bad tip! I will keep that in mind.

blowski 3y ago

It's best to think of it as spending $20 on entertainment.

mason55 3y ago
Right. There are lots of things I’ll spend $100 on an entertainment expense for a night out. And plenty of things that people think is worth $100 for entertainment that I don’t find to be worth it. And the house edge at a casino isn’t THAT bad. Eg if you’re playing blackjack at $20/hand, a house edge of 1% means you can play 500 hands for your $100.

underseacables 3y ago

I had a professor once say that when the lottery gets really big, at that point, it's not gambling, it's an investment. But keep it small. It's interesting the types of people who can walk into a casino like you and I and say OK, $20, that's all I'm spending. We lose that and we say good night. Other people… They say no, I can win this, and so they go and spend another $20. That decision point - to continue or withdraw - is utterly fascinating.

neilk 3y ago
Out of curiosity I once went into a very small-time casino. I ended up at a blackjack table with various characters, one of whom was a single mom. She said she was playing to get money to buy the kids Easter chocolate. She was quite experienced and was up a few hundred dollars for a while. And she said that was it, she was leaving. And then she didn’t. And then lost it all. And then gained some back. And lost that too. By the time I’d slowly bled away my $20 and gave up, she was still there.
swozey 3y ago
Hell I go in with $20 just to get the free drinks and sit there bored out of my mind hitting some stupid button that occasionally gives me another round of drinks or not. I am so sick of Vegas and will never go to another conference there.
SketchySeaBeast 3y ago
> I had a professor once say that when the lottery gets really big, at that point, it's not gambling, it's an investment. But keep it small. This seems like funny logic. My local provincial lottery can range from $5 to $50 million. If I were to accept that I could possibly win, anything in that range is a ridiculous sum of money for me - easily more than I am likely to make for the remainder of my career. I know I won't win if I play, but if I thought I might I can't figure out why $5M is gambling, but $50M would be an investment. Either way, it's absolutely life changing "quit my job tomorrow" money.
- ToValueFunfetti 3y ago
  If a ticket costs $1 and you have a 1 in 10 million chance of a win, any payout larger than $10 million (after taxes) gives a positive expected return. Unwise to invest your life savings on a longshot, but still worth buying a few tickets if the expected return exceeds the market rate. I believe the Kelly criterion gets you to an exact percentage of your wealth to spend on tickets.
  - chii 3y ago

interludead 3y ago

It's a good strategy but I think it's quite hard to notice that gambling is becoming addictive and a problem

Scoundreller 3y ago

I used to do this in Niagara Falls, but that would be enough to get you free parking. Now they cut back on that, I park elsewhere and they don’t even get a chance at my $20 on red anymore.

giancarlostoro 3y ago
If you ever go on a cruise, the ones with a casino typically give you about $10 of free in-casino credit.