I consider myself financially savvy. One of my “hobbies” however is very financially unsavvy. I love to gamble, plain and simple. I live a couple of hours from Atlantic City, NJ so every now and then me and a couple of my friends will drive down and spend the night there. I generally don’t do high roller action, mainly just $5, $10, $15 blackjack tables.
Here are some rules that I always follow when gambling:
Play with what you’re comfortable with. I have never used an ATM in a casino and never plan to ever. I bring down what I am comfortable with playing and that’s it. If I bring down $200 and I manage to blow it all on $5 blackjack (a rare occurence), that’s it. I’ll hang out and watch my friends continue their action.
Don’t ever play with an amount of money that you’ll regret losing if it ever comes to it. Gambling is entertainment to me and it should be for most people. It’s not entertaining or fun if you lose more than you can handle.
Understand the game you’re playing. It amazes and annoys me how many people play casino games they simply don’t understand or fully grasp. I’m a blackjack player so I took the time to read up on it and learn optimal play.
Don’t ever gamble for comps. Casino comps are when the casino gives you freebies for your play. Generally a portion of your theoretical loss based on the house advantage of the game being played is comped back to you. Play to win and think of comps as icing on the cake.
Know where you’ll get the most comps for your play. In Atlantic City, playing $10-$15/hand for a couple hours at Harrahs casinos will easily get you comped a free weekday night. If you played at the Borgata you’d probably end up with free comedy tickets or maybe a meal at most.