Baccarat, Money Management

This is the hardest area for recreational gamblers to digest, simply because it requires you to come up with a betting scheme to dovetail with your gambling theories to maximize your profits. Translated that means: bet smart to win big.

From old timers to some of the more astute gamblers on the Strip, the best money management strategy can be reduced to this simple directive: bet slow and small when you are losing and bet more when you are winning (see the information on streaks above). In other words, one of the worst things you can do is "chase" your losses. This means betting more and more until you finally win. I have seen losing streaks of as many as 10-15 hands. It seems like you are a genius when you are making the right decisions and winning and a torrid loser when you couldn't name the missing letter in the word m-o-n-y. You need to account for these possibilities. If you are a $5 bettor, increase your bet to $10 or $15. When you lose, decrease it back to $5. On the other hand, if you keep losing, change tables. Don't be afraid of that four letter word: walk.

One other tip: if and when you win, don't give it back. Try not to think of your winnings as "theirs." You've won and it isn't their money any longer. Do you honestly believe casino-managers take your money thinking, "Ah-ha, now I'm playing with their money."' If you won the money, it is yours, period.

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