The dictionary defines a recession as an economic setback in commercial and industrial activity. The question that concerns the Benson client is whether a recession affects the world of gambling. As you would expect, the answer is yes, but even more interesting, the answer is also no.
The answer is yes because a recession affects the supply side of the gambling business. That is, the hotel and casino. As prices rise in every area for the casino, the overhead increases. In order to attract more business the casinos must give away more comps and bonuses, which also increases their overhead.
But the answer is also no because the demand side of the gambling business, which is the people who gamble, is unaffected and is practically recession proof. The gambler, unlike the casino, has no major overhead. The gambler has no rent, employees, food and services costs, insurance, loan payments and all other aspects of business overhead. His expenses are his bankroll, which remains the same in and out of a recession, and increased gas prices which are minimal compared to the increased overhead of any other business.
Of course, a compulsive or bad gambler can be affected by the recession. If he loses his job or business, he is forced to stop gambling. (He’s probably better off.) Meanwhile, the gambler who loses but is still secure in his job or business continues to gamble as though everything is normal. No matter how high gas prices go, this will not keep him away. The increased gas prices are probably less than the cost of one bet.
That only leaves one type of gambler: the consistent winner. This type of gambler is least affected by the recession. That is, the pro, semi-pro or the person who is just a consistent winner at the end of every year. Many Benson clients fall into this category.
The consistent winner never had to worry about losing his investment or bankroll during a recession. In fact, his profits are increasing all the time. This is unlike the losing gambler who loses his investment almost every time he plays. Truth is, the winning gambler has the best of all worlds. He has no overhead, he’s always gaining principal and his comps keep escalating.
So, the Benson gamblers are on the recession-proof side of the table as long as they follow the systems and departure rules. I know many Benson clients who are consistent winners through the implementation of our many winning systems. Even when the recession is over, it hardly matters to these winners because it didn’t affect them in the first place. My advice to everyone during this recession is sharpen your game, learn more, and follow the rules carefully, especially the departure rules.
Have a plan.
Wednesday, July 16, 2008
BEATING NEGATIVE EXPECTATION GAMES:
Can you “beat” a negative expectation* casino game, such as baccarat, blackjack or craps? I would like your feedback on this. I”m Leonard Benson and my viewpoint is a definite “yes.” In fact, it’s not only my viewpoint . . . it’s a fact according to my personal experience.
The reason I want to put this up for discussion is that some people believe it cannot be done. One of the answers may lie in the definition of the word “beat.” To me, it means being able to make a living — and a good one at that — at one or more of these games.
How? By not playing continuously and by taking advantage of the natural player-based fluctuations in all games. I like to use as an example the tossing of a coin. We know that over a period of hundreds of flips it will come out 50/50. But in the short run of let’s say 50 flips, you could get eight heads in a row or more. Even though we never know when these eight heads in a row will reoccur, there is a way to take advantage of streaks when they are happening.
This is basically true of almost all casino games. To oversimplify: Take full advantage of streaks and keep losses low when streaks don’t occur.
With the exception of breaking even, there are only four outcomes in terms of money that can take place when you’re gambling: Win a lot, lose a lot, win a little, lose a little. Eliminate “lose a lot” from this equation and you are a winner!
__________________
* “Negative expectation” represents the casino’s mathematical advantage over the player of a specific game.
The reason I want to put this up for discussion is that some people believe it cannot be done. One of the answers may lie in the definition of the word “beat.” To me, it means being able to make a living — and a good one at that — at one or more of these games.
How? By not playing continuously and by taking advantage of the natural player-based fluctuations in all games. I like to use as an example the tossing of a coin. We know that over a period of hundreds of flips it will come out 50/50. But in the short run of let’s say 50 flips, you could get eight heads in a row or more. Even though we never know when these eight heads in a row will reoccur, there is a way to take advantage of streaks when they are happening.
This is basically true of almost all casino games. To oversimplify: Take full advantage of streaks and keep losses low when streaks don’t occur.
With the exception of breaking even, there are only four outcomes in terms of money that can take place when you’re gambling: Win a lot, lose a lot, win a little, lose a little. Eliminate “lose a lot” from this equation and you are a winner!
__________________
* “Negative expectation” represents the casino’s mathematical advantage over the player of a specific game.
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