Playing blackjack

[TexasHusker]

So my daughter had a volleyball tournament in Vegas this weekend. At check in I got $50 in free poker chips. They also gave me a nifty little wallet card that showed me probabilities of different outcomes based upon my draws and the dealer’s.

So I had a couple of hours last evening and went and sat down at a $5 limit blackjack table. The dealer said I could use my handy card.

Over the course of two hours, I slowly accumulated $300 or so in chips. I finally got tired and cashed in. All I did was do what the silly card told me to do. Yes, I lost plenty of hands, but I just kept playing, betting the same amount - first $5, and then $10 - every single hand. When I deviated from the card - 3 times - i lost all three of those.

Now this could not have been luck, as I played probably 100 hands. I was just patient and did what the silly card told me to do, and never got greedy.

I would guess that there were 15 or so players that came and went. All of them lost all of their chips. Several were drunk. None had any sort of system or method whatsoever. Just randomly plunking down chips here and there hoping for the big blackjack.

A few made fun of me with my card, but they all went away with no chips while I just kept on building.

The moral of the story is, my experience at the gambling table is a microcosm of our investing, finances, and living life in general. Impatience is never a virtue. Clear-mindedness is always best. A plan that you stick to will likely get you somewhere. And don’t be greedy.

[mumof2]

good job...extra money in your pocket as well...

[bjl584]

Good advice and cool story.
I've never played blackjack but I know a few people who are pretty big into it

[disneysteve]

I’ve played blackjack quite a bit. I practiced online a ton essentially memorizing the strategy card you are referring to so that I could sit down and play without the card in hand because it makes you look like a rookie and, as you found, elicits criticism from other players.

Yes it works. It gives you the best chance against the dealer. However, even playing perfect strategy the house still has an edge. It’s slim but it’s there. You were smart and left when you were up. But you also didn’t play that long. You said you only played about 100 hands. Had you stayed at the table longer, the house advantage would have eventually started showing up. It’s sort of like flipping a coin. If you flip 10 times you might get 1 head and 9 tails. 100 times might be 35 and 65. The more times you flip the closer you will get to 50-50 which is the true odds. 100 hands isn’t a significant sample.

All of that said, I totally agree with your point. And congrats on your good luck at the table.

[james.hendrickson]

Umm Texas, you know that in the long run gambling results in a net loss for wealth building, right?

[TexasHusker]

Umm Texas, you know that in the long run gambling results in a net loss for wealth building, right?

I think you missed the point.

[james.hendrickson]

I think you missed the point.

Texas, its possible I missed the point, that happens a lot.

Its a pet peeve of mine. I see all these poor and working class people in Portland playing the lottery at Plaid Pantry (which is the local equivalent of a 7-11 type convenience store) and it kills me. Ninety-nine percent of those guys will never make any money in the lottery.

[disneysteve]

Texas, its possible I missed the point, that happens a lot.

Its a pet peeve of mine. I see all these poor and working class people in Portland playing the lottery at Plaid Pantry (which is the local equivalent of a 7-11 type convenience store) and it kills me. Ninety-nine percent of those guys will never make any money in the lottery.

There is a huge difference between the lottery and blackjack played with optimal strategy. Craps and full pay jacks or better video poker would also be on the list of casino games that a skilled player can actually do well at (though finding full play JOB machines is getting harder and harder).

And TH’s point was the importance of having an intelligent unemotional strategy and sticking to it no matter what everyone around you is doing.

[TexasHusker]

Unlike in life, I never gambled a dollar of my own. I was given $50 in free chips from the casino.

[LivingAlmostLarge]

maybe i'll try that if i ever go to vegas again.

[TexasHusker]

I’ll definitely do it again if they give me the gambling money to start with like this time.

[myrdale]

There is serious science and psychology in the design of a casino floor. No clocks, no windows. You want to eat? Well you're walking through the slot machines to get to the cafeteria. Give the customer a couple of $5 drinks for free and they loose an additional $50. Odds, 49:51 are the best they will ever be. Every thing is stacked against you from the bottom up.

I think poker is maybe the one exception where you are playing against other people that you might stand a chance with skill.

It is an interesting point though, being sober and having a plan.

[disneysteve]

design of a casino floor. No clocks, no windows. You want to eat? Well you're walking through the slot machines to get to the cafeteria.

That's the old stereotype but it isn't as universally true as it used to be. I've been to numerous casinos that had large windows with the sun streaming in and plenty of places where you didn't need to set foot in the casino to get to the restaurants. There's actually one casino in AC (Golden Nugget) where I really like both the casual restaurant and the buffet and I've gone there just to eat and not even entered the casino. They have free parking so we'll stop there, eat, and then go elsewhere to gamble.

There are still no clocks, though.

[rennigade]

There are only a few things more dull and boring than gambling. i dont understand why people do it. Every casino ive been in is so depressing. Just the people it attracts, its such a downer. More power to those who enjoy it though.

[myrdale]

That's the old stereotype but it isn't as universally true as it used to be.

I have a relatively small sample size. I've been inside two casinos in my life. Once in Mississippi about 15 years ago with my father, and once with my mother in North Carolina about 3 years ago. In each case I just did people watching.