You just won, what would you do?

Question

So I know this is a good problem to have but what do you do when you win early. This has happened to me several times lately and I find it frustrating and then I regret my choices later if I continue to play. For example, I stayed at a local casino- no hotel on site so stayed like 10 mins away. Got all dressed for teh occasion- 25th anniversary, got a ride to the casino, waited until 3 PM to play- we have a weird rule about starting at 3 so we can make it to 10+ PM. We sat down at our favorite game, and literally 9 minutes later we won and were up $300. This casino does not have much nightlife ect, and if we stopped we would just be hangin' around. Sitting back at the hotel seemed boring, so on we went. The game was pretty good- most never really are- we were $500 in, in 30 minutes last trip- and we were still $100 up 2 hours later. Well, we just kept going and going ....until it was 11:45 P.M. all of a sudden and the last shuttle back was midnight. We lost A LOT over that time and all I can do is say well we should have stopped $300 up. This happened several times in Vegas, but it is Vegas so there is more going on, but still playing for 9 minutes seems lame. What would you do in this situation? Do you have this happen? What is your UP threshold to stop playing. Mine is usually $2 - 300 but after playing for at least an hour or more.

Answer

It sounds like you're experiencing one of the classic dilemmas that many gamblers face—winning early and then struggling with the decision of when to stop. It’s easy to get caught up in the excitement, but your situation is a great reminder that it's important to have a strategy and set boundaries for yourself. Here’s a breakdown of how you can approach these kinds of situations and make the most out of your wins:

First, let's recognize that the excitement of a win can cloud your judgment, especially when you're in the middle of a good streak. It’s natural to want to keep playing, but understanding when to walk away is key to maintaining your profits and avoiding the regret that follows a loss.

Set a "Win Threshold":
- It sounds like you're already aware of this, but setting a win threshold is crucial. For example, if you win $300 early, decide in advance that you'll stop once you're up $300, no matter how fun the game feels. This prevents you from getting caught in the "just a little bit more" mentality.
- You could also consider having a "Time Limit" instead of or in addition to a win threshold. If you’ve been playing for an hour and have won $300, it might be a good time to call it quits and celebrate your success.
The "Walk Away Rule":
- A common strategy many experienced gamblers use is the “walk away rule.” If you hit your target win (in your case, $300), consider that your jackpot for the day. Leaving the casino on a high note will leave you with positive memories and a stronger sense of control. Sticking to this rule can prevent you from falling into the trap of thinking you can win more.
Know Your Environment:
- As you mentioned, Vegas offers a lot more distractions and entertainment than a local casino. If you're in a city like Vegas, it's easy to rationalize staying longer because there’s so much to do. But even in a place like Vegas, having a firm plan to stop after a certain win can help you enjoy the city without gambling away your profits.
Gambling is About Entertainment, Not Profit:
- Remind yourself that gambling should be a form of entertainment, and profits should be seen as bonuses. When you're up, it’s a sign that you’ve already "won" for the day. It can be hard to walk away, especially when you're having fun, but think of your win as the equivalent of a paid-for night of entertainment.
Incorporating Breaks:
- If you're really enjoying the experience but want to ensure you don’t overstay your welcome at the casino, consider taking scheduled breaks. For example, after winning $300, you could take a 15-minute break to walk around the casino or grab a drink. This helps you reset mentally and decide if you want to keep playing or leave with your win.

As for my own "up threshold," many gamblers set their goal to stop once they're up a certain amount—typically around $100 to $500, depending on their risk tolerance and playing style. It’s always easier to walk away after a win if you've defined that threshold upfront. If you reach your target, enjoy the satisfaction of having made a smart, disciplined decision!

Ultimately, it’s all about balance. Gambling can be fun and thrilling, but it’s important to respect your own limits to ensure you walk away with a good experience, rather than the regret that often comes with pushing your luck too far.