Harry Porter wrote:
No matter what my bankroll, I'd be loathe to risk such large stakes
unless I were playing with at least a .5% advantage, and preferably
more.
This is one player's philosophy. Mine is similar, except that I'm
more concerned with risk of ruin than with the edge over the game.
Everyone has their own tolerance for risk, and you must decide that
for yourself.
My recommendation is to take the following three steps:
1. Decide how much money you are willing to consider your gambling
bankroll. This should not exceed what you have available after
setting aside enough for the house/rent payments, food, clothing, and
all other necessities. Never bet beyond this bankroll. If you
regularly go beyond that limit, you are a candidate for Gambler's
Anonymous.
2. Decide what risk of ruin you are willing to tolerate. This is the
probability of losing that entire gambling bankroll, and it is a very
personal thing. Some people might feel that it's only money that they
don't really need and are thus willing to accept a 99% RoR. Others
may be very conservative and not want greater than a 1% RoR.
Personally, I use 5%.
3. Use the Sorokin formula to evaluate the RoR for your game of
choice. Many articles have been written on its use, or you can do it
the easy way by using that feature in Optimum Video Poker. Find out
whether your bankroll is sufficient to play that game at the
denomination you like to play without exceeding your acceptable RoR.
If your bankroll is insufficient, then you should play a lower
denomination and/or find a better game.
Anyone can do the final calculation, but only you can do the first
two steps. You are the only one who knows the size of your gambling
bankroll, but even more importantly, determining what RoR you can
tolerate is a very personal and emotional decision. The best I can do
is to suggest using your past gambling experience as a guide.
Recreational and therapeutic values may weigh into this decision.
Dan
ยทยทยท
--
Dan Paymar
Author of best selling book, "Video Poker - Optimum Play"
Editor/Publisher of VP newsletter "Video Poker Times"
Developer of VP analysis/trainer software "Optimum Video Poker"
Visit my web site at www.OptimumPlay.com
"Chance favors the prepared mind." -- Louis Pasteur
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