11 Gambling Resolutions for the 2022 New Year

Some people enjoy making New Year's resolutions, but the majority of them fail almost immediately.

One of them is me.

I decided to make a dozen gambling-related resolutions for 2022 and share them here.

I'll try to remember to update this blog at the end of the year with a post about how well I kept these resolutions.

1. I resolve to play slots less frequently.

Slot machines are entertaining, but they are a costly game to play. Not only am I placing a large number of bets per hour, but the house edge on those bets is extremely high.

The average slot machine player spins 600 times per hour. Last spring, I went to the Winstar Casino in Oklahoma with a friend, and I watched her spin the wheel at breakneck speed. She had to be spinning at least 800 times per hour.

I, on the other hand, moved at a slower pace.

But I'm sure I was spinning at least 500 times per hour.

Even if you're playing for lower stakes, that's an insane amount of action compared to most other casino games.

A slot machine game has a house edge of at least 5%, but the average is probably closer to 9%. For the purposes of this article, I'll divide the difference and say the house edge is 7%.

How much money will I lose if I play for a dollar per spin?

When you multiply the number of hands played by the house edge, you get the expected loss per hour. I'm putting $500 into action at 500 spins per hour.

7% of that equals $35.

When compared to almost any other game, that is a significant hourly loss.

I'll look at the expected hourly loss for some of the other games I'm interested in further down.

2. I intend to play video poker more frequently.

For an experienced player, video poker moves just as quickly as slots. Let's face it: once you've mastered the game, you don't waste time agonizing over every decision.

The difference is due to the house edge. Even the worst video poker games have a house edge of 5% or 6%. The house edge on the best games is less than 1%. We'll split the difference and call it 3% on average for the purposes of calculating the hourly expected loss.

Expert players will most likely stick to games with a house edge of 2% or less. Another factor to consider is that obtaining such a low edge requires some skill. I'm pretty good at video poker strategy, but I'm no expert.

Even with a 3% house edge, the amount I lose at video poker is significantly lower than at the slot machines.

I mostly play quarter machines, but video poker requires you to bet 5 coins per hand. (You want to activate the royal flush bonus payout.)

That comes to $1.25 per hand. That's $625 in action per hour at 500 hands per hour.

3% of that is $18.75, which is nearly half the hourly loss I'd expect to see playing slots.

And video poker is more appealing because it adds the additional challenge of making the right decisions while playing.

3. I resolve to avoid debt, unless it is prudent debt.

Borrowing money to fund gambling is almost never a good idea. I enjoy casino gambling and am aware that the house has an advantage on every bet on every game in the casino. Borrowing money to fund that activity is a bad idea, especially if I'm paying interest on it.

I have friends who have maxed out their credit cards with cash advances and then lost it all playing craps. Craps is as good as any and better than most if you're going to play with borrowed money.

However, if you play long enough, you will lose.

And most gamblers I know aren't disciplined enough to pay off their credit card debt first thing in the morning, even if they win. They're more likely to spend it at the bar.

However, some debt can be wise debt.

If I could play poker professionally, it might be worthwhile for me to take on investors. My good friend was a professional poker player for many years, but he used an investor's money. His investor would bear the losses (if any), but he would receive 50% of the profits. I'm not sure how frequently they settled.

Greg Raymer recently announced that he was seeking investors for his actions in 2022. He was selling shares in his bankroll for $1000 each, and he was purchasing 20 shares for himself. He hoped to raise between $60,000 and $120,000 for his venture.

Here's how Raymer's arrangement works:

He finally settles at the end of the year. If he makes a profit, you get your money back. If he loses money, you lose money proportionally to your investment.

If he wins, you get 60% and he gets 40% for his participation.

My professional poker player friend advised me that this is a good investment. Greg Raymer is a fantastic player with the highest level of integrity in the league.

4. I'm going to learn basic strategy in blackjack.

I could use a blackjack basic strategy chart, but I'd rather remember it (for reasons that will become clear later in this post).

I know the correct play for the majority of hands in the majority of situations, but not for every hand in every situation.

And perfect basic strategy is required if you want to milk the casino for every tenth of a percent.

You must also execute that strategy flawlessly.

Nonetheless, blackjack is a game with a negative expectation. However, the expected hourly loss is lower than that of any other game in the casino.

This is why:

Playing blackjack requires far fewer bets per hour than playing slots or video poker. At a full table, you can expect to play 50 hands per hour, or 200 hands per hour if you're the only player.

We'll divide the difference once more and assume 125 hands per hour.

We're putting $625 into action per hour at $5 per hand.

Instead of losing 5% or more, we're looking at a 0.5% house edge. (Perhaps 1% if the rules aren't great.)

Splitting the difference once more, and allowing for the occasional blunder, I'll assume a 0.75% house edge at blackjack.

My hourly loss is 0.75% multiplied by $625, or $4.69 per hour.

THAT is low-cost entertainment.

5. I resolve to reacquaint myself with card counting.

But I don't want to stop there. My plan is to start counting cards once I've mastered basic strategy.

Don't get me wrong: I have no plans to become a professional gambler. If I did, I would never choose blackjack.

But if I'm going to play blackjack anyway, maybe I can tilt the odds in my favor by counting cards.

An expert card counter can beat the casino by 1% or 2%, but I'd be content to count cards well enough to play at breakeven.

It's not difficult to count cards well enough to accomplish this.

The first step is to master basic strategy.

I can break even by raising and lowering my bets based on the count. I have no intention of changing my strategy based on the count.

Even if I'm a break-even player, I'll win at blackjack because I intend to take advantage of the casino's comps and perks.

The majority of card counters do not want to be a part of the player's club. They wish to remain undetected.

But I'm not concerned because I'm not going to play well enough for the casino to back down.

I want to get as many comps as possible for my money.

When calculating my value as a player, the casino will assume that I will lose 2%. All those comps come my way for free if I'm a break-even player.

Read Max Rubin's excellent book, Comp City, to learn more about this strategy and the mindset that underpins it.

6. I intend to participate in more poker tournaments.

I'm not a great poker player, but I'm above average. And, while slot machines are no longer an option for me, I enjoy the prospect of winning a large jackpot.

Poker tournaments give me the best of both worlds:

They enable me to put my mind and abilities to good use.

However, they also provide me with a better-than-average chance of winning a life-changing sum of money.

Friends of mine buy at least $5 worth of lottery tickets every week.

They'll have spent $250 or more on the lottery by the end of the year.

However, the payback percentage for the lottery is dismal. The house anticipates winning 50% of your money.

If you play the lottery every week, you'll lose an average of $125 per year.

I'd rather enter a couple of the Winstar Casino's daily no limit Texas holdem tournaments. Most days, the entry fee is $65; however, I'm confident that I'm at least a break-even player.

If I get lucky in a couple of those tournaments, I can take my winnings and reinvest them in the World Series of Poker main event. The entry fee is $10,000, but the prize pool is potentially life-changing if I win.

Last year, the top prize in the WSOP main event was $8 million.

I used to be unable to retire on $8 million.

That moment has passed. The older, wiser version of myself understands exactly how to make $8 million last for the rest of his life.

7. I intend to visit a variety of casino locations.

You may have noticed, based on the majority of my resolutions, that I am NOT an advantage gambler. I understand how to use certain advantage gambling strategies, but I'm not skilled enough to make a living playing these games.

I don't want to either.

I make a decent living by writing about gambling.

In fact, I'm not sure I'm the right temperament for a professional gambler.

I'm in it for the thrill of it, and I want to have even more fun in 2022.

That means stepping outside of my comfort zone and visiting new casino locations.

In 2016, I spent the majority of my time in a casino in one of two locations:

• Durant, Oklahoma's Choctaw Casino

• Thackerville, Oklahoma's Winstar Casino

I plan to visit some of Las Vegas' cool casinos a few times this year. In fact, I'll have to go to a big casino to try out my plan to get free stuff by counting cards at blackjack and getting good at basic strategy.

The ante for blackjack in Oklahoma is 50 cents per hand. Even if you win the hand, you will lose that amount.

That adds 0.5% to the house edge for a $100/hand player.

For a $10/hand player, this increases the house edge by 5%, reducing blackjack to a game with an edge as low as roulette or even slots.

8. I intend to keep a separate gambling bankroll.

One of the most important rules of gambling bankroll management is to keep your gambling bankroll separate from your other funds.

I'll be completely honest.

I've had difficulty with this in the past. I've never gambled with my rent money, but I have used my gambling bankroll to pay for the occasional drink at the bar or meal at the buffet.

The problem with that is that if it continues, you will quickly run out of money to gamble with.

A gambler who does not have a bankroll cannot gamble.

I might lose my bankroll by the end of the year, but it won't be because I spent it on something other than gambling.

I enjoy gambling.

I make no apologies for it.

But I'm going to be more strategic about managing my finances.

9. I intend to devote more time to writing about gambling.

I mentioned earlier in this post that I make a living by writing about gambling. I'm not going to get rich doing this—Stephen King, on the other hand, has nothing to fear.

But I know that increasing my word count will help me make a better living.

Every writer I know is paid per word or per project. Completing more projects and increasing my daily word count has a direct impact on my bottom line.

But, more importantly, writing about something forces you to think about it more thoroughly.

In the case of gambling, if I think about it more rigorously, I'll win more money.

At the very least, I'll lose less.

10. I vow to be more mindful.

Last year, a video of Bill Murray discussing how he wanted to be more present went viral. In this video, he stated that he thought it was important to enjoy the moment.

I couldn't agree with you more.

One reason I intend to avoid slots is that it is difficult to be mindful while playing. Mindfulness is the polar opposite of slot machine play.

It's thoughtlessness.

I've read a number of articles and even a book on the psychology of slot machines. The point of the majority of them is that slot machine players tend to enter a trance-like state.

I don't want to be seduced by a slot machine.

11. I resolve to spend more time playing free online games.

While I enjoy gambling, it is not my only way to pass the time. I have twin daughters who are now 14 years old.

We like to play board and card games.

It's a great way to spend time with people I care about while doing something active (being present, mindful).

On New Year's Eve, I purchased the card game Race for the Galaxy as well as Cards Against Humanity.

I had to sell my game collection a few years ago, but I'm going to rebuild it this year.

However, simply having a collection of board or card games is insufficient.

You must play them in order to get your money's worth.

Time spent at the table playing games with my daughters is more valuable to me than time spent at the blackjack or poker tables.

Conclusion

In short, I'm committed to having as much fun as possible in exchange for my gambling money in 2022. I have no plans to stop gambling or anything similar.

But I'm going to treat gambling more like any other form of entertainment and try to get the most bang for my buck.

The most important resolution I've made is to be more mindful.

That's a fantastic resolution for anyone, including non-gamblers.