Who needs a spleen
anyway?
23 June 2000
By Mark Pilarski
Dear Mark,
While surfing the internet I found your column
on the Detroit News web page. My guess is that
you must be familiar with casino gaming coming
to the Motor City. Recently I have come into a
small inheritance and would like to invest it in
a business close to these new casinos. Any
suggestions would be appreciated. Nathan B.
For starters, a Cash for Gold or a pawn shop
could complement gambling well. A Plasma Center
would work. Oh, don't forget, Nathan, tell your
customers they really don't need two kidneys.
Dear Mark,
Is there any one sure-fire way to win at the
slot machines? Jerome C.
Sure-fire ways, sure, I will give you three:
(1.) Get a casino gaming license and operate
your own slot business. (2.) Invest in the solid
companies that manufacture slot machines. (3.)
Buy an antique slot machine and sell it when the
demand increases.
Dear Mark,
Could you please explain the Kelly System of
betting? Ken W.
Called the Kelly Criterion, it is a money
management system that, at least on paper, Ken,
gives you the ability to maximize your expected
winnings by betting an amount that is
proportional to your bankroll. By using this
method a player wagers a certain percentage;
example, 10% of his current total bankroll on
every play. After each win or loss, you then
recompute your bankroll and bet the same
percentage accordingly. The biggest positive is
that when you are on a losing streak, your bets
become smaller and smaller, helping you avoid a
gambler's meltdown. On a winning streak, your
bets become larger and larger, allowing you to
parlay your funds. Many gamblers find this to be
a very effective systematic approach to money
management.
I plan on giving the Kelly Criterion a run this
college basketball season using the free picks
of Roger Right.
Starting with a modest bankroll of $200, I plan
on wagering 15% of my current bankroll on each
of Roger's picks throughout the entire season. I
will let you know how it played out.
Dear Mark,
Can I make more as a part-time gambler than I
could a full-time teacher?
Susie H.
Taking into consideration the importance and
magnitude of your job, the time, the effort and
commitment, yes, even a losing campaign as a
part-time gambler probably pays better.
I would not be the first, Susie, and hopefully
not the last to say that you are both underpaid
and undervalued in your honored profession.
Dear Mark,
When is the best time to surrender in blackjack?
Thomas H.
When surrendering in blackjack, Thomas, you give
up half your wager for the privilege of not
playing out your hand. Known as one of the more
sophisticated moves in blackjack, surrendering
is best utilized when the dealer is showing a 10
or ace and you have a hard 15 or 16. This
particular hand will lose more than three out of
four times as opposed to you only losing half
you bet. If your favorite casino allows
surrendering in the above scenario, wave the
white flag.
Dear Mark,
Playing craps with a pass line bet and a point
of 9, I asked the dealer what were my chances of
winning. He said 40%. Was he right? Janice G.
Janice, the dealer was correct when he told you
40% with this simple formula illustrating it.
There are six ways a 7 will appear (3-4, 4-3,
5-2, 2-5, 6-1, 1-6), and four ways a 9 can show
(5-4, 4-5, 6-3, 3-6). Obviously, one of these
ten combinations must happen for your bet to be
decided. So, because, on average, you'll make
the point of 9 four of ten times, there's your
40%.
|
