One of the most fatal errors any gambler can commit – including the so called math experts and gambling gurus – is reducing the bets when a hot streak starts. The kind of gambler who commits this blunder is what I call “chicken”. This gambler bets big at the start, but reduces his bets when he starts to win.
A chicken generally bets big at the start and continues to do so when he loses or when the play is about even. However, something ridiculous happens when he starts to win. He begins to bet small. I do not understand. It’s as if he starts to feel the heat or something.
I remember this episode in one of my gambling binges. I arrived early in the afternoon at the casino then. Just then my attention was caught by a young gambler playing alone in Baccarat. He was still in his mid-twenties, and a crowd gathered behind him. I noticed he was betting 20,000 pesos a hand in the express lane. He also had plenty of chips in front of him. How he made so much fortune at his age, I did not bother to find out. He was the darling of the crowd. I thought that everyone in the crowd was his friend as they were very nice to him. Then I learned he was a generous person as he was giving some of his winnings to them.
He would always check the score sheet before every deal, figuring out what would win next. He does not have a favorite bet. He wagered on a Player or Banker hand in a sporadic pattern. I noticed he also bet big on a Tie. Before he would open his cards, the kibitzers would guess his hand, and if he won, they would then say, “See, I really know you will win, ha, ha ha.” The kibitzer’s laughter was louder than his. He would then give some of his winnings to kibitzers. They were having the time of their lives. What could I say but share with their joys, though I did not have a dime of their windfall?
Then the game turned against his favor; he stumbled upon an extended cold sequences. Hand after hand he lost and his once smiling face began to get serious. He loosened his collar as he began to feel the heat. He would lose 7 times and win once, lose 9 times and win once, lose 8 times and win once, and so on. Loss after loss he played on. However, it seemed that the young gambler was an expert in handling losing hands. It seemed that losing was not new to him, as he knew exactly what to do with it. Somehow, he must have gone through many losses before, so he became an expert on it. He would prepare the chips neatly in front, and all he did was to push the chips forward whenever he lost.
The losing streaks continued on for many hours, and the kibitzers became silent. Some of them drifted away looking for another live one. As the young man’s head started to boil, they would rather not be in the way.
After many hours, the cards turned in his favor again. Win after win the cards went. It seemed the young gambler would win wherever he would put his bet. As if there was an invisible hand that guided him where to put his chips. He would win 8 times in a row and lose once, win 9 times and lose once, and so on. He even won 12 consecutive times twice. His bets on Tie were winning too. As if he had stumbled upon a very productive gold mine.
The smile returned to his face. The kibitzers returned too. How the kibitzers can tell who is winning at 20 meters away is beyond me. The table got noisy again as the kibitzers were cheering for their hero. The former glory of the table returned.
However, the young gambler did not know what to do with winning hands. He is an expert on losing hands alright but a kindergartener on the other. As if his experiences were only in losing and never with winnings. He got panicky; he did not know what to do. He was very excited and could not hide his excitement.
While he was winning, he did something very surprising to me: He started betting small. The more he won, the smaller his bets became. He went down the scale, from 20,000 pesos a hand to 10,000, to 1,000, all the way to 200 pesos! Still, he was winning. Just as though he was not content with what he was doing, he scooped up his chips and stood up. He quit. He went to tell his friends what he had just been into.
I felt sad about the event; I couldn’t almost believe what I saw. What a pity. The young man is a perfect example of a “chicken” gambling. He wasted an opportunity which does not occur often, an opportunity to win big. For me, he had just made gambling history for accomplishing such a very rare feat.
I’d rather that the young man stops going to casinos, because as long as he plays with his betting scheme, there is no other destination he can go but into disaster. I’d rather that he devotes his time to whatever business he has, or else he will just wake up one day and find that all his fortunes have transferred to the casinos.
I have seen plenty of chickens in casinos. Chickens do not know what to do with hot sequences. I don’t understand why they continue betting this way when all it gave them was misery. How they acquired this kind of betting, I do not know. Perhaps a friend suggested it to them. Maybe they won some money the first time they bet this way, or perhaps sheer ignorance led them to believe that this is the right way to bet.
Reducing the bet during the “good times” is a mistake; there is no debate on that. The reason again is simple: because the gambler does not take advantage of the “good times” Chickens are sure losers in extended play.
About The Author:
Do you know the secret how to win at casinos? Alan S. Samonte is the Filipino professor who became an overnight sensation for exposing the secret on how to win at casinos. The casino in Cebu, Philippines, nearly got him arrested thinking he was a cheat. He is giving away for FREE his gambling e-book. Claim your FREE COPY today.
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