Assuming that you know the game, (if not read the two cited webpages, play it a few times, and come back), here’s my current money management strategy at LIR.
All my money management strategies at gambling are focused on (1) minimizing losses; (2) capturing winnings; and (3) letting good luck play itself out.
(If you breezed by my three points, then please return and consider them carefully. I’ve paid a lot of “tuition” for that meme.)
Assume one is at a 10$ table, with the standard three circles, a 1$ bonus, and a 5$ side bet.
Back in my area, I align three general areas: the wall, the last bet, and the bank.
My initial bet is: 1$ for the bonus, 5$ for the side bet, and 3 stacks of 10$ for a total of $36.
The wall is composed of four stacks of replacements for routine play. They are each: 1$ for the bonus, 5$ for the side bet, and 10$ for the circle. That’s a stack total of $16. Four times that is 64$.
My final bet area is for my last bet. (Then, I say bye! And count my losses. Or more rarely, my winnings.) That final bet is: 1$ for the bonus, 5$ for the side bet, and 3 stacks of 20$ for a total of $66.
(So, with two exceptions, my maximum loss is $36+64+66=166. If I want to risk more, I add stacks to the wall in increments of $16.)
I play hands as does any other player. I lose mostly, but some times I win. Losing I just repopulate the betting area from my wall. Winning, I rebuild the wall. When the wall is gone, it’s time for the final (double) bet. If I lose I quit. Any time I win, I just rebuild the wall. If at anytime the wall is FULL, then all the remaining chips won move to the bank. If I can’t rebuild a whole stack from winnings, the change sits by the wall for dollar bonus bets or to combine with another small win to build a stack.
Wins on the bonus or the side bet go directly to the bank.
With one minor and one major exception, money only flows INTO the bank. Never out of it.
(This prevents the all too often seen phenom of playing all your winnings back to the house. That’s why I detest — what I call — the muck strategy of money management — where players keep all their chips neatly stacked in front of them. Add their winnings and quit when they have no more chips to play. Argh!)
The minor exception is sometimes that dollar bonus will draw out a five out of the bank to top off winnings on the wall. In general, that doesn’t happen to often.
The major exception is low pairs. I will LIR on the first circle with a low pair, possible straight flush, or possible royal flush.
When I play LIR, the top three values can’t be won with all three stacks without taking some extra risk. The low pair is the common problem. If you are dealt a low pair in your three cards, what do you do? If you pull back your first circle bet, then you can never get paid for three circles if you have four of a kind where you have a low pair and the dealer has the matching low pair. Granted not a high probability, but it happens more often then you think. (I’ve caught it four times in my playing time.) Clearly if you have winning high pair or trips, there’s no decision. It’s that pesky low pair, for which I make a major exception. I WILL take chips from the bank to play the low pair. Similarly, for a three card potential straight flush or royal flush, I will do the same thing. But, I can only think of that happening once.
I pay to play that low pair out of the bank when I lose so that I don’t get cold feet and / or play a hunch.
Also notice, I NEVER chase a straight, flush or three money cards with that first circle like many players do. I also don’t guess or play hunches. (I’m a notoriously bad guesser.) I usually don’t chase them with the second circle either!
When the deal turns his first card, if it doesn’t give my low pair trips, then I pull the second circle bet. (If the dealer has the answer to my prayers — my matching pair, the first turned card must give me trips. Then, I LIR the second circle and the only question is if I get the fourth one. Notice my trips will be paid with three circles; not the usual two that other players get.) Similarly, if I am chasing a straight flush or a royal flush, the dealer’s first turned car must help for me to LIR the second circle. I don’t get that happening often.
Lest, it seem all glum. I have caught trips several times on the second dealer card. Or had the dealer pair his two cards but not match my pair. The payoff for two circles by two pair gives a nice payback for all the bad chases.
I play to win big, lose little, and never give anything back. I chase low pairs but not much else. I use the bank to prevent giving back my winnings.
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