Budgeting money while gambling in Las Vegas

Posted: 02/09/2007--25/11/2008 || Rate this Article: 3 || Views|| Sign In || Register ||Hello Guest

Las Vegas is known for a variety of things, from the spectacular stage shows to entertaining hotel resorts but primarily for the gambling aspects. But the first time you visit Vegas can be your last if you don't prepare yourself beforehand in regards to what you want to spend on gambling. Let's go over a few simple tips to make your visit to Las Vegas a winning one, even if you don't win at any of the gambling tables!

Your budgeting should start before you even get on the plane, preparing ahead of time and avoiding the sudden urges that are guaranteed to overtake you once you step on the Las Vegas Strip. First, set aside all of your credit cards except the single one you're prepared to place the majority of your trip's expenses on. Credit cards give easy access to instant money, but there's a cost that comes back to you with a vengeance. Even the most generous credit card companies charge a very high interest rate when you take out a money advance. There's a very good chance that even if you win with the money you've taken out on the credit card that you'll still end up paying more due to the interest being accrued from the minute you take those bills from the bank machine.

It may seem hard to take only a single credit card, but it will lessen the urge to borrow from multiple cards and giving the illusion that it's not all that much money. Too often people return from trips to Las Vegas and discover the next month that their resources have been drained almost beyond repair thanks to multiple money withdrawals.

The best approach to take to gambling in Vegas is to take only as much cash as you're willing to lose - in other words, consider the money to be part of your expenses as you would paying for a stage show or meals. If you happen to win that big hand of blackjack or score on a slot machine that would be great but don't count on possible winnings to pay for your vacation. Too many times tourists count in gambling winnings as part of their budget before getting the actual money in their hands. This can lead to monetary disasters as you leave Vegas and return home with a financial crisis on the horizon.

But talk is easy - let's take a short virtual visit and see what sort of temptations you'll have to deal with.

When you land at McCarron airport you may be overwhelmed by the sudden urge to gamble - there are slot machines sitting right by the luggage claim carousels! And while it may be a great feeling to drop some quarters into the slots while waiting for your luggage to appear from your flight remember that slot machines are, statistically speaking, the worst odds you can play.

After picking up your luggage and checking into your hotel you'll be drawn to the gambling tables - after all, that's what Vegas is all about! But if you do a little research beforehand you may be able to increase your odds of taking more money home than you came to Vegas with.

Slot machines offer the worst odds possible for the casual gambler. They may appeal to you visually but they don't offer much of a chance to earn back the money you keep dropping in. The popular games such as craps, roulette and blackjack are great fun, but don't forget that the odds are always with the casino. Statistically your best odds in any casino sit with the video poker games, which offer a good chance of you breaking even or even making a profit off your gameplay.

Don't forget that Vegas is geared to make it easy for you to spend your cash. With bank machines around each corner and a non-stop flow of alcohol it can be tempting to go over your budget and splurge if you feel lucky and that's what the casinos are counting on.

As we stated above, your best bet is to take only one credit card for emergency use and to take only cash set aside specifically for gambling. But don't forget that you want to eat and to enjoy the other sights and sounds of Las Vegas. Budget in money for meals and for true tourism outside of the casinos and tuck this cash into a separate envelope, far away from the money set aside for gambling exclusively.

And if you do win at the tables, try to walk away when you're ahead. Too many times people hit great winning streaks and then turn around and not only lose their profits but also dig deeper into their pockets and end up digging themselves into a deeper hole in hopes of recapturing the winning streak. It's hard, but if you do achieve a profit then try to put that into your pocket and walk away from the tables, even if the casino hosts offer incentives to keep playing. Remember that the odds are always in the house's favor and they want your business - even more so if you win!

Going to Las Vegas can be a fun and exciting trip for the casual gambler, but it can just as easily turn into a financial nightmare if you don't prepare beforehand. With a little foresight and preparation you can walk out of Vegas having had a great and entertaining time, making you a winner even if you don't win at the tables!