Gambling in Vegas for cheap

As I have mentioned before, I enjoy gambling.  I know that it's a loser's game.  You can win a few hands, or come out ahead for an entire trip, but if you keep going back, the house will always beat you.  It's pretty obvious, they aren't building billion dollar casinos on the brunch buffet profits.

Nonetheless, I enjoy it.  Call it an indulgence.  I go to Vegas about three times per year, and I always spend some time at the tables and slots.  I have never lost more than about $400 in one trip, but have never won more than about $200.  I have found that there are a couple of keys to having a good time gambling, while not breaking your budget.

Here are my rules:

1. Have a budget and stick to it.  Shouldn't that be the first bit of advice for just about anything you are doing?  Whether it's a vacation, a major purchase, or a day at the races, you better know before you go how much you are comfortable spending.
2. Understand the house advantage.  There are more websites out there than you can count, but look for ones like this which give you very specifically what the house advantage is for all of the major casino games.  Note that the narrowest house advantage is typically in blackjack, craps and baccarat.  This house advantage is dependent on how you play these games.  If you are hitting on a 15 with the dealer showing six, you just added to the house advantage.  Also, craps is a lot of fun, but just standing in the corner playing pass, with 100x odds not only requires a massive bankroll, but gets pretty boring.
3. Play off strip.  There is no doubt that the Las Vegas Boulevard, also known as "The Strip" is where the action is at.  However, the action is fast, and the money flows quickly.  The table minimums are typically higher, with $10 or $15 blackjack table very hard to find, or already very crowded.  Go to the "locals casinos".  In Vegas that would include places such as Green Valley Ranch, Sunset Station or the new South Coast Casino.  You will generally be able to find $5 tables, and the drinks are just as free.
4. Play slower games.  Craps and blackjack are the classic favorites, but the bankroll can disappear pretty quickly with a short run of bad hands or rolls.  Pai-Gow Poker is one of my favorites to slow things down.  Again, the drinks are just as free, and while the house advantage is slightly higher than BJ or craps, you are much less likely to look up and find your bankroll dwindled down in ten minutes.  The players are also less aggressive, making for a more enjoyable experience.  The play is often communal, with players showing each other and the dealer their hand and seeking advice on the best way to play it.  If you can find a $5 table sit down, and don't leave.  You won't find one on the strip for certain, but even off strip you will see more Pai Gow tables with a $10 miniumum than $5 due to the slow pace of the game.
5. Avoid the "Carnival Games."  These are all the new table games with flashy signs.  You walk up curiously, and ask, "hmmm... how do you play this?"  Typically, they are poker based, and require an additional bet for the progressive or bonus payout.  It's the sucker bet, but really the only way to win these games.  Often the dealer needs to have a "qualifying hand" which just means that you can have a kick ass hand, but if the dealer's stinks, you only win roughly half of your bet.  The odds are usually not as good, and despite the $5 or $10 minimum posted, the multiple bet per hand requirement generally means that the true minimum is much higher.
6. Partake in the free drinks.  Don't go crazy, but have fun.  Most gambling books tell you not to drink because you become a poor gambler.  Maybe, but I'm not trying to count cards, or break the bank.  I'll have a few beers, thank you very much.
7. If your luck isn't going your way, REALLY slow is down by playing Keno or Bingo.  I wrote a post a long time ago about the joy of Bingo.  It really isn't just for your church social.  It's a lot of fun!

So, have fun, and good luck on that ace.

Comments

[Miserly Bastard]

Let me add one other suggestion: learn to play poker. There is no house advantage (only a house vig). The game is beatable.

[lamoneyguy]

Very true. I play poker with friends pretty regularly, but have been somewhat intimidated with the idea of playing at a casino. I guess I can start with some low limit stuff.

[Kim]

Don't go too low limit. There are lots of poker rooms in Vegas with 2-4 limit, but it's very hard to beat the rake in that game without considerable luck. Go for at least 3-6, or play 1-2 no limit like we do. :)

[financial freedumb]

My friends rave video poker is the only thing they will play in Vegas. I've never had much luck at it, but they typically hit one or two jackpots a trip. Mind you, these are folks that only play video poker. I can't imagine it being fun for 10+ hours a day!