I was recently teaching a free video poker class at the South Point. One of my students was accompanied by his 28 year-old son who normally lives near Cleveland. The son was considering moving to Las Vegas to be a professional gambler and wanted my opinion/advice as to whether or not he should.
I wrote about a variation here Although many of the same topics were discussed with “Sam,” in this article I’m going to address a few different things.
The first thing to consider is: Are you successful at gambling? No matter how much I write that Jacks or Better returns 99.54% and the slot club returns xxx% and the mailer is worth yyy% and the comps are worth zzz%, etc., not all players can actually achieve those numbers. I assume perfect play. It’s an easy assumption, but a difficult goal. Truly, it’s an impossibility for many players. How about you?
Second: What kind of bankroll have you accumulated? You don’t need to tell me, but you need to be able to survive the swings. Use Video Poker for Winners or Dunbar’s Risk Analyzer for Video Poker to estimate these swings.
You should probably have at least six months of living expenses in addition to a reasonable bankroll to play the games. Some players who look at bankroll seem to forget the cost of rent, gas, clothes, health care, etc. The possibility of going broke when gambling is very real. It’s not just a theoretical event that happens to other people.
Third: What backup plan do you have? If you’re looking to play $1 10/7 Double Bonus at a Station Casino, what happens when they kick you out (After all, they do have the reputation of restricting more players than other local casinos do)? What happens if they pull the game or make it $16 per point instead of $4? Or let you still play but decide you won’t get any mailer?
Your backup plan doesn’t have to be video poker at all. It can be another gambling game—perhaps you’re skilled at live poker—or you can drive a cab or whatever. Maybe you have skills which allow you to get hired making good money at something completely different. But keep in mind that many Las Vegas businesses have had negative experiences with hiring people who’d rather be gambling. Because of that, it is sometimes more difficult for a gambler with a given set of skills to get a job in Vegas than it is elsewhere.
Are you educated? You don’t need any diploma to gamble, but a diploma may provide you with more options to get a job “in case.”
Sam’s father lives here so moving back in with Dad might be an option. Maybe not. It’s one thing to be helped out occasionally. It’s quite another to become dependent on your folks.
Fourth: Sam has a girlfriend. How is she with this proposed move? Is she going to gamble too? If so, how good is she? If she is not going to gamble, is she fine with working while he gambles? If she’s making $500 a week and he sometimes loses $3,000 in one day, how is she going to handle that?
Fifth: What kind of “leaks” do you have in your game? You can be really good at video poker but can’t resist the “free” drinks, or you “must” bet on the Browns and the Indians, or the scantily dressed cocktail waitresses get your testosterone so worked up that you can’t think straight.
Sixth: If you’ve lost three weeks in a row, how “on tilt” do you get? The worst part of your personality will come out when you’re on a losing streak. Otherwise responsible people have been known to (pick one or two:) lie, cheat, steal, drink or eat to excess, ruin their relationship, use drugs, etc. when they are losing. I can’t predict how you will act. I can definitely guarantee that you will have losing streaks now and then.
Seventh: Have you had considerable experience with gambling? If not, you should get some before you make a big move. Gambling on vacations can be fun and exciting. Doing it day in and day out is another experience altogether.
Eighth: Have you spent time in Vegas in August? It gets pretty warm here. It gets damn hot here! Even if you don’t love the heat, can you put up with it? Some people can’t.
This doesn’t discuss every possibility, but it can serve as a pretty good “reality check.” And that’s a good thing when you’re thinking about making a major change to your life.