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Originally Posted by pecivil
Jim, congrats on the winnings. 18k is staggering!
I tried gambling on my 2 trips to vegas and just cant do it. money is to hard to come by to blow it like that, for essentially nothing except the excitment? of the moment. I can bet a 20 spot on football or basketball game, but thats it.
I would rather save it or buy something to go on one of my cars.
The stress of having that much $ on the line I can't imagine.
18 GRAND! Yikes!
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Hi,
I hear what both you and z12358 are saying. But, I never had $18k on the Line. Craps is a good game because the House adds are at their lowest of any Game there, meaning that you have the better chance to win.
Remember, in Vegas, they actually payout 98.5% of all the money taken in as winnings. They need to do this to induce people to play - if no one ever won, they wouldn't bother to play. All Gambling is like that, but many of the Tribal Casino payouts are lower, something like 97%, which is really quite a difference once you total it all up.
The interesting thing about it is that in the case of your friend at the Slots, assuming it was a $0.25 machine, 4,060 people (or plays) lost (given a 98.5% payout rate) so that the machine could payout $1,000 to your friend.
The other interesting thing to think about is with a 98.5% payout, the entire City of Las Vegas, with all it's spectacle and finery, was built from 1.5%! Amazing!
As I said, I never had $18k on the Line. In Craps, there are bets which give you favorable odds (of course these are the harder ones to win at), so if you're winning, your gain can multiply pretty quickly.
Add to this my personal rule that I start in a Casino with a certain amount of money which I can afford to lose. In this case, it was $500 on Monday (for the entire week). Fortunately, we came away up $700 (+ $500 seed money =$1,200 total) which was good.
Then, I never make a bet larger than my last win, so essentially, I'm playing with free money. Yesterday, I won my 1st bet of $100, which payed me $133 because of odds. Then, I took back my initial seed money leaving me with $33. I bet $30 (didn't want to look like a Hayseed betting $33) on the next roll and won $40 with that bet, then I bet the $40, and so on. So, from my 1st winning bet, I was walking out of there with the original $700 I started with no matter what. I limited my top bet to $1000. Of course after a while, I was betting $1k on every roll because I was so far ahead.
I actually won over $24k, but the TaxMan took about $6k from me. Also, I won
and lost money (
their money) all the way through, it wasn't a run of straight wins. But, in the end, I had a pretty good day. I well exceeded my expectation which was $1k or so, and decided that if I stayed any longer I'd probably just start giving it back which I'm very averse to doing. That's also why I decided not to gamble anymore this trip.
Heading home tomorrow mid-day, can't wait, Vegas can be a little tiring. The only thing I'm not looking forward to is that I saw on CNN that it's in the teens in Mpls. right now - YIPEE!...
Happy Motoring!... Jim'99