5 Fast Ways to Lose Money at any Casino
It might seem counterproductive to talk about fast ways to lose money at the casino, but there’s a reason why I picked this topic today. There’s a lot of bad information out there disguised as good ways to beat the casino. In fact, many of these so-called winning methods are nothing more than quick ways to part with your money.
The following myths, habits and gambling systems are all good ways to lose money quickly. So if you want to save your money, avoid falling into these same traps. If you have some sick desire to lose money, then feel free to implement any of these things into your gambling strategy.
1. Use the Martingale System
The Martingale System is one of the best ways to lose a lot of money at any online casino. There are dozens of variations but at its heart, the Martingale System is all about increasing your wagers every time you lose. The simplest form of the Martingale System is to double your wager every time you lose.
The Martingale System is often promoted as a way to win money because it sounds good on paper. The idea is that if you lose your first wager, you can just double your next bet to cover your losses. If you lose yet again, you double your next bet and hopefully win. Eventually, the logic goes, you have to win. And when you do win, you’ll recoup all your losses.
There are a number of reasons why the Martingale System doesn’t work in practice, but I’ll leave all the details for this Martingale discussion. The most important thing to remember is that it’s a lot easier than you might think to lose multiple bets in a row. A run of 10 losses in a row is not that uncommon. And when you constantly double your wagers, you will eventually hit a bad streak. Thus, it’s easy to win a little money with the Martingale System, but it’s even easier to lose a whole bunch.
2. Wager Large Portions of Your Bankroll on a Single Bet
This piece of guaranteed-losing advice goes for every game of chance in the world. If you wager a large portion of your bankroll regularly, you will quickly go broke. Even in games in which you have an advantage (such as poker), you cannot rely on skill alone. There is always a chance that you lose any single wager.
The whole reason bankroll management was invented is to help reduce the risk of ruin. For example, you wouldn’t want to wager your life savings with a 51% chance to win even if it is technically a good bet. The same thing goes for gambling. You have to keep all wagers small relative to the overall size of your bankroll to last long at the casino.
The optimal size of every bet depends on the size of your bankroll, your advantage and your risk tolerance. The greater your advantage is, the more you can bet. If you are working with a small advantage, your bets need to be much smaller.
I can’t give you single number for optimal bet sizing because there are so many different games and so many variables. You can often find in-depth guides by doing a few Google searches. Do a search for the name of your game with the words “bankroll management” behind it.
3. Do Not Set Strict Loss Limits
This is an awesome way to lose a painful amount of money. If you don’t set strict loss limits, there’s no clear-cut definition of when you should quit. This can get dangerous if you go on a bad run and become tempted to chase your losses.
The only thing you need to do to lose a lot of money is to ignore loss limits and gamble until you finally break even again. This gives you the maximum potential to turn a bad night into a terrible night. If you’re lucky, you might even dip into your rent money or your kid’s college tuition.
4. Get Black-Out Drunk
So, you want to lose a lot of money tonight but you’re feeling lazy. Well, my advice to you then is to get black out drunk while you’re at the casino. If you don’t remember it, it’s like it never happened, right? So hit the Vegas clubs for a few hours, go to the casino and take advantage of all those free drinks.
Remember, casinos give you free drinks because alcohol lowers your inhibitions and makes it harder for you to make smart decisions. With all that money in front of you, they have every reason to feed you as many drinks as you can handle.
5. Feed the Anger
Anger is a powerful ally in the fight for losing money. When you let your emotions affect your play, you are bound to make risky bets and wager more money. Anger comes in handy at the blackjack tables, poker tables and slot machines. Let Anger take you away and tell you how to play. Don’t take a break or stop for the night, just keep gambling while you and Anger dwell on how much Lady Lucky screwed you tonight.
Anger also has a cousin named “Desperation.” Desperation often comes along to clean up after Anger has ripped your wallet to shreds. You’ll know Desperation has come for a visit when you start thinking about your losses, feeling panicky and getting the urge to take drastic measures to get even again.