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Things a Wise Gambler Should Know

The first ironclad rule of wise gambling is to play within your limit.

This doesn't mean something vague, like "don't drink more than you can hold". It means a specific dollar limit, set before you ever enter a betting parlor, or a poker game, and held to, no matter what, during the course of play.

Poker, at least partially, is a game of skill. Roulette is totally a game of chance. Whatever the odds on any bet, whatever the requirements of any game, a good gambler can always find ways to manage his or her gambling, keep losses to a minimum, and maximize the opportunities to win.

In this sense, there is always a "system", and the wise gambler will always know, and heed, the laws of probability, the rules of the game, and the rules of self-preservation.

It is never fun to lose more than you can afford to lose, even if you are an oil sheik, or a European banking prince.

Never, ever, allow yourself to revise the limit in the heat of battle. If you make your limit your law, and never deviate from it, you'll never be tempted to do something foolish on the spur of the moment, and you'll never spend a minute regretting that you didn't leap at some foolish chance.

Best of all, you'll never walk away from the window, or the table, knowing that your impulsiveness has just gotten you into really deep trouble. Determine beforehand just how much you can afford to spend on the business or pleasure of gambling, and do not spend more.

If this sounds simple to say, just remember that, in practice, it can be the soundest (and most difficult) discipline you'll ever inflict on yourself.

The second general rule is even harder to stick to: Bet small when you're losing, higher when you're winning. In other words, try to gamble the house's money, not your own.

The tendency of the inexperienced gambler is just the reverse. Winning sends a thrill of euphoria along the nerves that's hard for any of us to suppress.

When you see your winnings piled up in front of you, you may get conservative because you think of it not as the house's money, but as your own. By the same token, losing can make us want to redouble our efforts to win, and also win back what has been lost.

And the longer you can play without becoming a loser, the better your ultimate chances of walking away a winner.