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| Win-Loss Limits by William J. Enslen, Jr. |
Be smart, play smart, and learn how to play craps the right way.
I've read a lot of my colleagues' books and articles and, as best I can remember, they all say that failing to set win/loss limits
is one of the worst things you can do. I disagree--partially.
I agree with setting loss limits. Divide your vacation time into sessions and set firm loss limits for each session. Without
them, you could go broke the first day and have to spend the rest of your Vegas vacation watching the fountains and
sinking pirate ship 10 times a day. Therefore, disciplined loss limits allow you to manage your money so you don't go broke
before it's time to go home.
I disagree that you should also always set win limits ("always" is the key word). Many of my colleagues advocate quitting
when your winning streak ends. If you're a local and can return to the table day after day without restriction, then perhaps
win limits may serve some purpose. But if you're an occasional gambler who visits Vegas twice a year, I believe that win
limits are generally inappropriate.
Suppose you start your four-day vacation by playing your first craps session using your favorite craps strategy or system.
Suppose your win/loss goal is to quit the session if you lose your $100 buy-in or if you get $150 ahead. Two minutes after
you buy-in, the table goes berserk with a blistering hot roll. The shooter throws for almost an hour without a 7-out. You
interrupt your screaming, jumping up and down, hugging, and kissing to count your chips. Holy cow, you're $900 ahead!
The shooter finally rolls a 7-out. Now what? You've won six times your original win goal. Do you quit? If so, how long do
you quit? Do you quit altogether and not play the rest of your trip? If you quit, what will you do in the time that you planned
to play craps?
That's the dilemma you face if you're only an occasional gambler, which most of us are. Personally, I keep playing. Why? I
came to Vegas to play craps. I didn't come to exercise in fancy spas, or go shopping, or sight-see, or eat at fancy
restaurants, or look at boring water fountains, or ogle half-naked pirates, or do anything else but gamble. So, why quit
when I'm ahead? If I quit after a $900 winning session, then what? Sit at the bar drinking beer watching everyone else have
fun at the craps table? No way! Like you, I'm a knowledgeable player who understands and accepts that I'm likely to lose
by the time I check out of the hotel, but that's okay with me. It's pointless for me to quit after getting $900 ahead. If money
were my motivation, I wouldn't have spent $1,200 for two airplane tickets to Vegas, $700 for a hotel room, $500 (maybe
more) for food, $500 for my wife's massages, and $1,000 (probably more) for my wife's shopping spree. It doesn't add up.
If all I care about is money, I would have saved tons of it by staying home. As long as I'm winning, I'm playing. The only time
I stop is after I've lost my buy-in money for a particular session. Then, when it's time to start the next session, I drop another
buy-in allotment on the table and start having fun again.
However, win limits may be suitable for non-gamblers who rarely play. Suppose you visit Vegas to attend a convention.
You've never gambled, you don't know how to gamble, you think it's a silly waste of money, or it just isn't fun for you. Your
friend talks you into going down to the casino to play craps. You don't want to go, but your friend won't take no for an
answer, so you reluctantly say, "Okay, but only for an hour." Your friend has the mojo working in high gear, rolling number
after number. You don't have a clue what you're doing as you mirror your friend's bets. All you know is that the dealer
keeps giving you green chips and you keep stuffing them in your pocket. The streak finally ends after 20 minutes and you
find yourself $300 ahead. You tell your friend, "I'm taking my money and running." Rather than staying for the remainder of
the hour that you said you'd play, you reached a comfortable win amount and decided to quit before losing it all. For this
type of non gambler, a win limit makes good sense.
If you don't want to lose your shirt, you must learn the secret to craps. Don't fall for bogus winning systems or ridiculous
dice-setting claims.
Now you know! Remember, be smart, play smart, and learn how to play craps the right way.
back to Articles
I've read a lot of my colleagues' books and articles and, as best I can remember, they all say that failing to set win/loss limits
is one of the worst things you can do. I disagree--partially.
I agree with setting loss limits. Divide your vacation time into sessions and set firm loss limits for each session. Without
them, you could go broke the first day and have to spend the rest of your Vegas vacation watching the fountains and
sinking pirate ship 10 times a day. Therefore, disciplined loss limits allow you to manage your money so you don't go broke
before it's time to go home.
I disagree that you should also always set win limits ("always" is the key word). Many of my colleagues advocate quitting
when your winning streak ends. If you're a local and can return to the table day after day without restriction, then perhaps
win limits may serve some purpose. But if you're an occasional gambler who visits Vegas twice a year, I believe that win
limits are generally inappropriate.
Suppose you start your four-day vacation by playing your first craps session using your favorite craps strategy or system.
Suppose your win/loss goal is to quit the session if you lose your $100 buy-in or if you get $150 ahead. Two minutes after
you buy-in, the table goes berserk with a blistering hot roll. The shooter throws for almost an hour without a 7-out. You
interrupt your screaming, jumping up and down, hugging, and kissing to count your chips. Holy cow, you're $900 ahead!
The shooter finally rolls a 7-out. Now what? You've won six times your original win goal. Do you quit? If so, how long do
you quit? Do you quit altogether and not play the rest of your trip? If you quit, what will you do in the time that you planned
to play craps?
That's the dilemma you face if you're only an occasional gambler, which most of us are. Personally, I keep playing. Why? I
came to Vegas to play craps. I didn't come to exercise in fancy spas, or go shopping, or sight-see, or eat at fancy
restaurants, or look at boring water fountains, or ogle half-naked pirates, or do anything else but gamble. So, why quit
when I'm ahead? If I quit after a $900 winning session, then what? Sit at the bar drinking beer watching everyone else have
fun at the craps table? No way! Like you, I'm a knowledgeable player who understands and accepts that I'm likely to lose
by the time I check out of the hotel, but that's okay with me. It's pointless for me to quit after getting $900 ahead. If money
were my motivation, I wouldn't have spent $1,200 for two airplane tickets to Vegas, $700 for a hotel room, $500 (maybe
more) for food, $500 for my wife's massages, and $1,000 (probably more) for my wife's shopping spree. It doesn't add up.
If all I care about is money, I would have saved tons of it by staying home. As long as I'm winning, I'm playing. The only time
I stop is after I've lost my buy-in money for a particular session. Then, when it's time to start the next session, I drop another
buy-in allotment on the table and start having fun again.
However, win limits may be suitable for non-gamblers who rarely play. Suppose you visit Vegas to attend a convention.
You've never gambled, you don't know how to gamble, you think it's a silly waste of money, or it just isn't fun for you. Your
friend talks you into going down to the casino to play craps. You don't want to go, but your friend won't take no for an
answer, so you reluctantly say, "Okay, but only for an hour." Your friend has the mojo working in high gear, rolling number
after number. You don't have a clue what you're doing as you mirror your friend's bets. All you know is that the dealer
keeps giving you green chips and you keep stuffing them in your pocket. The streak finally ends after 20 minutes and you
find yourself $300 ahead. You tell your friend, "I'm taking my money and running." Rather than staying for the remainder of
the hour that you said you'd play, you reached a comfortable win amount and decided to quit before losing it all. For this
type of non gambler, a win limit makes good sense.
If you don't want to lose your shirt, you must learn the secret to craps. Don't fall for bogus winning systems or ridiculous
dice-setting claims.
Now you know! Remember, be smart, play smart, and learn how to play craps the right way.
back to Articles
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