What's the wisest way to gamble if I went to Vegas with 500 bucks?

Question

My friend and I are visiting vegas and want to know the best way to avoid blowing $500. Strategically, we would like to know what to play in order to increase our odds of winning.(i.e.which table/machine have higher payouts). Statistically, we would like know what the odds of winning large amounts are?

Answer 1

Find a slot machine area with a guaranteed payout.  If you go around the casinos you will see them.  There's usually a big neon sign bragging about how the payout is 98% or better.

If you can find a slots area like that, bet on 25c three bet machines costing you 75c per spin.  The house edge is only 2% or less depending on the specific offer you've found.  You could get lucky and win a nice jackpot.  Even if you don't, that isn't a bad house edge for any game.

If you play any other game with a lower house edge, odds are if you do win, it will only be a small win.  If you play the right slots the house edge isn't too bad, and if you get lucky you stand to make the maximum return on your money.

Remember that people that talk about table games and the house edge are assuming that you play perfect strategy.  Well, no offense, but if you could do that, you wouldn't be asking this question.  The great thing about slots is that once you find a guaranteed high payout percentage area, and bet the maximum credits, you can't really mess it up.  As long as you play the machine your house edge is not altered by your skill level.  So if I couldn't play poker, that's what I'd do.

Don't be tempted to just start playing any slot though.  Many have a house edge far greater than 2%.  Look for the guaranteed payout areas, and they are few and far between, but they are there if you look.

Remember though that the 2% house edge is over the long term.  You can still lose all $500 without winning a single prize.   That's why it's called gambling.

Answer 2

If you play the slot machines, remember that the slot machine is a random number generator; your fate is sealed the minute you drop the coin into the machine. Spinning the reels only makes it a bit more exciting. There are several schools of thought when it comes to slot machines. One is to play the larger denomination machines. They have higher odds, but the payout is larger when (if) you do hit. Another is the way I do it.

I play quarter machines, $20 at a time. That's 80 credits or spins to hit something decent. First, I go to the Casino's slot club and sign up for their program. They'll give you a card that you insert into the machine while you're gambling that keeps track of how much money you have cycled through the machine and awards points based upon a certain number of coins per point (i.e., 10 coins equals 1 point). At certain point levels, the Casino will award what they call "comps" (i.e., your room is free, cash awards, prizes, dinner at the restaurant, etc.). I never gamble in the casino without having their comp card in the machine.

Next, I look for certain machines (namely, the ones that will advance the reel to the payline if it lands on a certain icon. Examples: 4th of July, Double Diamond Deluxe, etc.). If none of them are available, I look for ones that will pay if the reels land on blanks (you'll have to read the odds board on the machine to determine this). Once I've decided on a machine, I get down to business.

After I slide my $20 bill (and my comp card) into the machine, I decide then and there what my "bottom line" is (i.e., how much am I willing to spend to get a hit). Usually, I'll let it go for half ($10 or 40 spins). Once I DO hit something large and increase my "credits" up past what I bought into the game with (namely I go down to 47, then hit for 60, I have a total of 107 credits), I make a mental note to cash out if the machine takes me back down to 80 credits. This is when it gets fun, because now I'm gambling with house (the Casino's) money. This us where the comp card comes into play because as long as you keep your credit level above 80, you're cycling the house's money through the machine and getting FREE COMP POINTS!!!!!

It takes patience and attention to what you're doing to gamble this way, but so far, after so many trips to Vegas I can't count them, I've taken $300 and come back with at least $300 dollars or MORE. The key to gambling in Las Vegas (or anywhere for that matter) is your mental attitude. If you're willing to bet everything you have and try to strike it rich by playing the one armed bandit (or any other game in the Casino for that matter), you shouldn't even walk through the Casino door. I compare the experience to that of when I was a kid; I played video games at the arcade. You never got anything other than the pleasure of playing the game at the arcade. At least in the casino, there's a slight chance you'll break even and get your money back. Don't go to get rich; go to have a good time. Set limits for yourselves and STICK TO THEM and you'll do just fine.

Good luck!!!!

Answer 3

You are going to lose anyway, so all you really have to decide is whether you want to lose your money quickly or slowly.

1/ QUICK METHOD.

Go to a roulette table and put  the whole $500 on a single number.

Win or lose, walk away after one spin.

If your number comes up, the payoff is $18,000, more than enough to pay for your holiday and you will have wasted no more than a minute at the table.

If, as is much more likely, your number loses,  you'll feel so sick you'll never want to gamble again.

2/ SLOW METHOD.

Exchange your $500 for 2,000 quarters and stagger with them to the slot machine area.

Feed your selected machine until your supply of coins is exhausted, reinvesting any coins which happen to be returned by way of 'winnings'.

By definition, you will lose your money much more slowly this way (anything up to eight hours, depending on how many times you 'win').

This method has the advantage that, at the end of your session, you will be afflicted with such mind-numbing boredom that you will never want to gamble again.

As a minor variation on the 'slow' method. in the unlikely event that, at any time, you find yourself even 25c ahead, quit the game immediately.

This will leave you congratulating yourself on a lucky escape, but will also greatly reduce the chances of your being put off gambling for life.

Answer 4

its not gonna happen.  if you don't know already how to play the games then your in for a loss.  all the games are statistically stacked against you if you aren't knowledgeable about the game already.  Craps offers you the least house odds against you, but if you don't know how and when to bet, well, you might as well just give them your money.  Now blackjack is the next game, but again if you don't know when is the most profitable time to hit, or stand, then you might as well donate the money.  Then there is roulette, which seems like a good game because each number pays 30:1 but again lack of game knowledge will kill you.  Then there is poker, if you don't know how to play, forget it.  

If you are going to go to vegas to win money, well, your going with the wrong mindset.  you should be prepared to give it all away.  

I play poker because I know how to win at it.  I play craps because I understand the game:  I suggest craps, only because the waitress will come around every 15 minutes for service and you can get free drinks (with a $1) tip.  and the dealers will help you learn the game, but it will cost you money, and if the table is on fire, all you have to do is follow everyone else.  

slots..... i don't play.  plus the waitress doesn't go to the small limits enough like at the craps table.

but I do wish you good luck.  old vegas has the lower limit games.  but those games usually don't have winners.

Answer 5

The odds of winning are so slim, it makes me wonder why people gamble. I guess it's the thrill of the tiniest chance they might change their lives forever...

I hear the slots are the easiest (and quickest) way to earn/lose some money. I suggest you try there first.

And if you get bored, why not try a couple rounds of the harder games like the Roulette?

Answer 6

The wisest way is to stay away of it if you don't have good luck.

Answer 7

It's not impossible to survive with only $500 in Vegas.  But you can't go there having no idea what you are doing.  Visit a few websites to learn how to play various games ( I would suggest blackjack, craps, or poker).  Once you do that, you have to be able to control your bankroll.  In other words, you need to make sure your don't blow your whole bankroll in the first two hours.  I would first break up your $500 into 5 separate $100 sessions.  Next, you're going to have to find the smallest limits you can.  No way I'd play $10 minimum tables - you can potentially get crushed in 15 minutes.  To extend your money as much as possible, try to find tables with the lowest table limits (on the major Strip casinos, they'll all be at least $10).  You may need to go to off Strip casinos or Downtown to play.  Finally, play games that will give you the biggest chance to last - Blackjack (with correct strategy), craps (played conservatively), poker (lowest limits possible), or pai gow ( half the time you'll end up pushing).  If you know the basics of poker, pai gow seems like a good game to play.  Your $100 will last you a long time, and if at certain points you don't know how to play a hand, you can even ask the dealer what to do ( and no, they're not going to try to s***w you over).  Good luck and have fun!

Answer 8

When I went, I did a lot of internet research on casino games. I found that video poker has the best odds. Slot machines had the worst odds. I ended up winning $1000 playing video poker. Try research video poker strategies before you go to learn the game and which machines pay the best. Have fun!

Answer 9

Play Baccarat and bet mostly on Bank. Most people stick to the double method. Walk in with $500 and the second you hit $1K leave or walk out with nothing.

The more hands you play the more chance you have of walking out with nothing. Speaking from a statistic point of you your best bet is a single $500 bet on red or black. 52.71% chance you will lose or a 47.29% chance you will walk out with $1,000. But I guess whats the fun in that. With gambling you just have to follow your gut and pick the winning runs. 3 rules I live by. Never sit and keep playing on a table your losing on. Don't chase money you have already lost or keep betting on black because it has to come up soon. Never remove a winning bet especially on roulette. Set a limit for each table you play at. Say if I lose $75 dollars here I'm leaving and when you lose that amount leave. You can't change the stats but you can money manage which is basically leave anytime you want until you hit a winning run and stay as long as you can...

Answer 10

black jack and only play with $20 per table otherwise you will lose a lot of money really fast

then poker and only play with a max of $50 per table

if you see a table is hot do not go there

Answer 11

The best game is poker, if you know how to play, because your not playing against the house, which statically will always win. From there it is either BlackJack 49% in your favor 51% in favor of the house. Second is what I would recommend to anyone with a small budget and thats roulette. The odds vary depending on what your betting on, but you can bet very small amounts

Answer 12

Well, I played blackjack for several years in Vegas, after studying card counting for six months. This was back in the days of single decks and card counting (it was developed on computers) was new. I made about $90/hr. - an hour at a time. I learned that to minimize the chances of the casino running you out (seriously) I should leave the table if I doubled my initial buy-in, lost that same money, or was at the table for an hour. Just giving you a little provenance for my answer. The best odds are in blackjack and craps (hardly ever played craps). Both have loads of books on how to increase your chances of winning - which do work. A casino will not let you stay and win steadily and they do not have to have a reason to "ask" you to leave. If you want to take your best shot it's to wait until your odds are best in blackjack (have to study to find this out) and place large bets and leave. Craps has some different strategy to it so I'd better not advise there but basic tenet is the same - bet big and leave. Your odds are not going to be that good but you can increase them. Best to have fun and don't expect to win - if you do that's a big bonus!

After reading some of the other suggestions, I have a comment to make on poker and another thought I had on blackjack. I played poker in the U.S Navy and doubled my income with it. I also, later, ran a three table private poker game in an apt I rented for that purpose (just to let you know I've played poker also). I was in Reno once and decided to sit in a game and found that it was full of "shills" (these are people that are hired by the casino to fill in chairs and bet with the casino's money - all perfectly legal by Nevada Gaming Commission regulations). This means that you are playing against several people who are playing for the house - a VERY BAD situation. I won't go into details, but there are many ramifications to this which boil down to "you lose"! I've also run into this at State Line, Nv and Las Vegas - I learned to stop playing poker in Nevada after several very unsuccessful attempts. Mind you I hardly ever lost in an honest game.

The other thing is some additional advice about blackjack: If you look for games that have less decks (usually have a higher limit and minimum, but I suggest that anyway) and more liberal policies on doubling down and splitting, you will increase your chances of winning. Usually these games are in the less glamorous casinos (downtown instead of "the strip") but, again, you will find some in the fancier casinos at higher limit games.

As some other people have said, the longer you stay-the less chance you have of winning. Good luck (although there is no such thing)!