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Originally posted by: MoneyLA
Just came back from a quickie all nighter... and in the end it was a break even trip. At one point I was up about $4,000 but gave it back trying to hit a royal.... or get one more quad-something. But when I was back to "even" I knew it was time to leave. (Actually I had a small profit of about $300 on the night, but let's call that "even." after playing $5 bonus and DDB VP for about 7 hours.)
Part of me says "damn, why didn't I quit when I was ahead?" But the other part of me says -- "gee if every trip was a break even trip I'd be in heaven."
So how do you view a break even trip?
(By the way, I had a "win goal" but never reached it. My win goal was hitting quad aces with a kicker or a royal or reaching a net gain $6,000 -- whichever came first.)
IMO, there is no such thing as "Breaking even". Any casino visit I make will result in either a win, or a loss, but there is no way I will ever "break even". Neither will you. (There is an exception to this statement.)
For the purpose of this message, I am discounting all costs and expenses for the visit, and focusing on just the gambling. The actual expense to visit the casino may be some wear and tear and a little fuel for your mode of transportation, or costly airfare, meals, accommodations, etc.
When the gaming begins, starting on the very first wager, the player will be "ahead" or "behind". Whether credits accumulated on a machine, TITO's put into a pocket, or chips on a table game, the initial stake will increase or shrink. And continue to do so for however long you continue to gamble.
The original message indicates that at one point, the player had accumulated about $4,000.00 more than "origin", yet when departing the casino, did so with $300 more than "origin". They consider that a break even casino visit.
Excuse me!
For the purpose of this message, the scenario is that "you" enter the casino with a total bankroll of $5,000 available for gambling. That is the amount you are willing to risk, and lose. (Of course, most of us will have less than 5K for gaming, especially with -EV games, WHICH IS ANOTHER TOPIC)
"I" begin playing with 1,000 units ($5.00 each) and find that, due to luck and circumstance, I have won 800 units, and at that moment I "have" $9,000. A $4,000 profit.
YAHOO! or "Eh", depending on your philosophy and respect for money.
WOW. I cash out, and begin all over again. At the end of my play day, I leave the casino and get home with $5,300. My casino visit was a success, I won $300. (If I'm a high roller, I essentially broke even)
NOT the way I see it. NOPE.
I had $9,000 at one point. I left the casino with more than I arrived with, so I had a "winning" trip. BUT I LOST $3,700!
It was in my pocket. It was my money, not the casino's money. I could have left any time with that money, but chose to continue to gamble. I chose to give it back. Such a LOSER! Loser, loser, loser. What else can you call losing $3,700?
We all do it. There is no way to see the future. We know the casino has the advantage and if we continue to play those -EV games, we will eventually lose. But we dream of the "big one". And when we do get miraculously lucky and hit the big one, we still continue to play, thinking maybe we will hit it again!
I am a proponent of quitting a winner. I am not saying "quit" when you hit a nice score, nor am I advocating running home and ending your day because you do.
I do say that "adjusting" during a gambling session is important, and the way you view your results is tantamount to casino success. Turning $5K into $9K in 10 minutes is absolutely fantastic.
But I strongly believe that when that $9K is yours, that your "origin" needs to change. You "start" over with $9K, and hours later, if you leave with $5300, than you need to reevaluate your philosophy in calling that a winning or break even trip.
When the money is in your control, it is never the casino's money.
The exception I mentioned earlier?
IF you are generally a loser, if you consider your gaming as recreational, play -EV games, and don't respect real money, whether $5.00 or $5,000, than claiming it "break even" is OK with me.
I would never delude myself if I jumped out a "big" winner, lost most of that win back, left with a very small profit, and call it a winning trip or break even trip. No way! I had a big profit, and gave it back. I threw away $3,700.
Of course, I would also continue to play. But I continually set new goals along the way, and set new stop losses as well. Realistic goals.
And if my end result was a cash out of $7,000, I would consider the visit a success, but when asked how I did, my answer would be something like, "I lost $2K, but had a very good trip."
It was MY MONEY I lost. It is never the casino's money when in my hands.
