Originally reported by Fox5 News in Las Vegas, a player in Las Vegas recently won almost $80,000 on a $1 bet when hitting a Super Grand Jackpot at an off-Strip casino. Imagine putting $1 in a machine and hitting the jackpot for $80,000!
According to the Las Vegas Review-Journal, Caesars Palace has recently paid out its third six-figure jackpot on video poker games in the last five days. The report did not indicate whether it was locals or visitors who won on the three individual occasions.
Stories like these don't happen often. But they do happen. It's not wise to read this and think, "Wow, maybe I could be the next lucky person!".
Slow down your excitement, remember that these stories don't happen with any frequency. Think about the millions of people who visit Las Vegas every year. Then try to remember the statistics of how many of them go home happy 'winners'.
In fact, a few years ago the Wall Street Journal published results of efforts to determine what percentage of players actually ended up "in the black", or more easily put, came out ahead. The results showed about 11% of players made a profit, but it averaged less than $150.
If you come to Las Vegas thinking you have a winning "strategy", you are more likely to have a worse psychological effect from losing than the person who views gambling as simply entertainment. That person expects to spend a certain amount of money on their entertainment and it is part of their vacation budget. Whether you spend the money on golf, shows, dining or other activities, you don't expect to get that money back.
So, plan your trip to Vegas. Make a budget. Stay within your budget. This is called managing your expectations. And in doing so, you definitely come out the winner.
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