My gambling friends and I talk about this. If you are like us, you have to bet enough, or risk enough, that it "matters".

Sometimes we talk about it as a % of net worth. Trying to win 1% - 3% of net worth. For example, worth a million, $10k can be fun, matter, yet is relatively harmless.

Often we talk about it as "paychecks". Winning or losing a week, or month's salary. For example, a person with a high salary can lose $20k, but might be able to "save it back" in a month. It still hurts, it "matters", and it costs time. But its easily surmountable.

I am not sure we figured out whats the right level.

Anyone have any rules of their own?

 

Balls to the wall. All or Nothing. Risk your entire net worth. LOL. J/k.


Really. Only gamble what you can live without. If it is $1 to $1million. Only gamble what you can do without and can just throw away. Mean what you are willing to spend on entertainment

The casinos are not built on winners.

Look at it as a vacation

Now we are all or most of us are degenerate and will gamble more than we should and some more than we can afford. Not a good idea. I'm guilty of doing that more than a few times.

Too bad I can follow my own advice.

Goes back to what I always say if you are at a casino to have fun you are in the right place. If you are here to win money. Not a good idea. Look around the casino. They didn't build this by losing money.

But winning money is fun and we all go to have fun

Ok. Getting off my soapbox



Oh it all matters. But yes if you are use to betting reds. Not good to bet blacks and if you bet blacks reds in not as much fun

It all matters if it is $1 to $1million. I think

 

For me, 1/2 of 1% of liquid net worth. I am willing to gamble more but at that level all of my expenses -- limo, standard room, reasonable meals, golf -- are comped.

 

I like the 1-2% of net worth or 20% of annual income rule. Losing 2 months of income will hurt, but usually won't ruin you.

 

Two-weeks pay (net) seems to work out ok for me... essentially, a paycheck.

 

My daily gross pay, max. I don't even spend that. I'm a cheap date.

 

No more than 10% of annual for me personally and usually just 5% if I can

 

Good thread. I would suggest anything more than 2 weeks salary starts to hurt for me. The problem is sometimes I go to Vegas 8 times a year. When I am on a losing streak, I have to dial it back a bit. And so I have. I am currently scheduled to only do Vegas 6 times this year but it probably should be closer to 4 times. It's all about harm reduction ladies and gentlemen.

 

True that Gaggles. I say two months pay is safe and it "still matters".. But what if you go 6 times a year? Well then you are going to have to use the 2% of net worth each trip calculation. That should be just enough to make you feel it. 1m means 20k each trip and so on. Lose 6 trips at 20k and you definitely will feel it but not be suicidal. I hope. It's all relative though. I guess if you make 20k a month after taxes its the same.

 

We never gambled much, even back in the heyday of all our trips. Now our stakes have dropped from there, and we'll plink away at .25 VP and I'll play some $15-$25 blackjack. We never ever set out on a trip with X budget, be that a percentage or a set dollar amount. We'd grab some cash from the ATM, hit one in Vegas when out driving around if we needed a refresh. I can't fathom the levels of most of you, and I will guarantee we never left down even a few grand, that is how small potatoes we were/are; luckily, in a sense, we obviously played years being understaked and didn't even know it. Guess that's what happens when you only play a few hours a day.

As our prospects and life have blossomed over the years, we are now MORE gambling averse. We don't look at it just as an entertainment expense, but a flight to Hawaii or a new driver or whatever. That's no way to play, which is why our trips are down and what we do there has morphed.