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Downright Lethal vs
Pretty Good
Dear Mark,
Please explain what you mean by "winning progressive"
betting? You mentioned it in a column without an
explanation. Does it differ from doubling your bet after
each loss? I play in Atlantic City, generally blackjack
(I¹m relatively new to the game), and $10 a hand (hard
on weekends to find anything lower). Keith B.
The latter part of your question, Keith, describes
the "Martingale System," an historic name for doubling
up after every loss. In essence, you, the gambler,
double your previous bet (after a loss) leaning on the
statistical certainty that sooner or later you¹re bound
to win. Sounds great, Right?
MID-TERM QUIZ: Why is it the worst money management
system you can use? Read on.
Far too many players believe the Martingale system is
foolproof because you have to win eventually. The three
problems with this money management system are: 1) you
do not have an inexhaustible bankroll, 2) the casino
owns the bank and sets the rules‹like the table limit,
and 3) your hourly wage if you win could be something
like $0.01.
Let me show you, Keith, how fatal this form of wagering
can be. You bet $10 and lose, then $20 to recoup that
loss. Then $40, $80, $160, $320, $640, $1,280, $2,560
and finally $5,120. You have just invested $10,230 to
get your $10 back. And let us not forget, Keith, "the
Donald" (Trump) might have his $10 games set with table
limits of $500. A string of six defeats and you¹re up
against the table limit‹maxxed out, as they say. On the
bright side, they¹ll probably say; "Thanks, Keith, and
have a beer on us."
Ever met a gambler who has not lost six, eight or even
10 hands in a row? I haven¹t. That 10 bucks could buy a
first class bandanna for wiping sweat from forehead.
Horsemen sometimes use a Martingale bit to control a
fractious horse; each twitch of the reins doubles the
discomfort in the horse¹s mouth. There may be a
connection‹don¹t know, seems likely.
The far superior "Winning Progressive" betting method
goes like this:
You set a predetermined percentage increase to follow
any winning bet, and pull in your horns after losses.
Example? OK. On the advice of my brilliant better half,
I increase the bet that follows any winning bet except
the first by 50%: First $10 bet wins, next bet also for
$10 wins, and now we¹re off on the 50% gallop: $15, $22,
$33, $50, $75 etc, then drop to the table minimum‹"flat
betting"‹after every loss.
Side note here: Many players increase their bets after a
win by 50% after the first win. I just happen to be a
little more conservative with my hard-earned
money‹actually, only when my wife is standing next to
me‹ and wait out the second win before plunging.
Either way, Keith, a winning progressive method of
betting, will minimize your losses and usually protect
your winnings.
Online Gambling quote of the week: "When you enter a
casino, remember that you are entering a place of
business run by very shrewd business people who
understand human emotions."‹Henry Tamburin
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