Money Management ....
In his book
"John Patrick's Craps", Patrick talks about
Bankroll in Chapter 3 (page 24) and says you should set your Loss Limit at 50% of whatever you bring into the casino .... and here is another theory:
Quote:
Intelligently managing your bankroll should be a key fundamental in any craps strategy, because it is the only way of knowing if your plan is working. A good method, but one that many find hard to follow, is to set a loss limit and to adhere to it. Often a player will sit down at the craps table, bankrolling himself a hundred dollars. However, as often happens, the player begins a losing streak, and the money is lost quickly, and the player is tempted to increase his bankroll. On the other hand, it is just as difficult to set a maximum limits for wins, because if you are winning, why leave?
Another method to managing your bankroll can be done by playing only with your winning. For example, say you bankroll yourself one hundred dollars for a game of craps. This should also be your loss limit. Begin playing, and should you lose, follow your loss limit and walk away. If you win initially, then wait until you have $75-$100 over your initial bankroll, and the put that money aside. In this way, in case you should lose all your winning, then you will still have your original bankroll. If you continue winning, then put another hundred dollars aside and exclude it permanently from the game. |
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The Gambler’s Fallacy
Many gamblers believe that they are “due for a win” after a streak of losses. When such players lose a few bets in a row, they often increase their bet dramatically, expecting a win. This expectation is called the gambler’s fallacy.
Unfortunately, losing a few bets or even many bets in a row does not affect the odds of winning the next bet. So even if you’ve lost a few bets running, you shouldn’t bet more than what you had planned. Chasing your losses with big bets is a sure way to the poor house.... |
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http://quamut.com/quamut/craps/page/money_management_in_craps.html
... and although there are probably 1001 theories on Loss Limits and betting strategies, I tend to favor the following:
- Never bet more than 10% of your bankroll for any 1 roll ... and
- Loss Limit set at 25% of my bankroll per casino (50% for the day)
.... what are your favorite Lo$$ Limit guidelines that help you survive the roll of the dice ??
