Manage Your Money and Get the Most from Winning

By John Grochowski on Monday March 29, 2010

gaming, money, strategy

A woman wrote to me to say that she was embarrassed. She’d drawn every video poker player’s dream hand — a royal flush that was worth $1,000 on a 25-cent machine. But she decided she’d use “their” money to chase even bigger riches. She moved up to dollar video poker and slot machines, and in a few hours she had lost every penny.

Her first mistake was treating her winnings as “their” money. Once you win it, it’s YOUR money. It doesn’t belong to the casino any more.

I’ve long advised players to put at least half of any sizable win away, not to be touched until you leave the casino. If you want to use a portion of the remainder to chase bigger winnings, that’s your business. Once you get home, whatever you buy with what’s now YOUR money will seem that much sweeter.

I know how good it can feel from personal experience, dating back to my first royal flush. Many years ago, my wife and I were playing in a video poker tournament. Neither one of us won any money in the tournament, but while she was playing in a session, I did a little extra play on my own, and drew a royal flush in hearts. I was thrilled when the attendant started peeling off $100 bills.

To top it off, we were just coming into the holiday season. Marcy and I went home and did our Christmas shopping with $100 bills — no post-holidays credit card bills that year. Sweet indeed, but not possible if you treat YOUR winnings as THEIR money and give it back.