Money management is as important as playing correct basic strategy.
When playing blackjack using basic strategy you will lose money over time. As you have seen, you will receive more back in the form of comps. These comps are what turn a losing game into a winning one.
4 Rules of Blackjack Money Management:
- You need to set aside money specifically for your blackjack bankroll. I use the term 401(g) for this gambling bankroll. It is named after the 401(k) retirement plan.
- Every time you receive a comp you need to add to your bankroll the cash value of the comp to replenish your bankroll. Remember you would have spent this money if you didn’t receive comps.
- You should never take money out of your blackjack bankroll. If you can’t afford to lose this money you should not play blackjack.
- Even if you win, you can’t take money out of your bankroll.
Here is a chart of a hypothetical bankroll fluctuation:
|Trip||Blackjack Win/Loss||Comps||Net Win||Bankroll|
So as you can see, you lost $600 by playing blackjack, but you received $1,000 in comps so your blackjack bankroll increased by a net of $400. Another way to look at this is that you received $1,000 in comps for only $600. Where else can you take 5 vacations for $600?
Discussions of bankroll requirements and when to increase your level of play will be in future posts.