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Whales,
Guppies, and All the Other Fish in the Sea
Its an
important issue, and it is one that I want to explore with you. Coloring
up or coloring out is the term that is used by the casino when a player
is about to leave the craps table. They will
often color you out by exchanging all of those various smaller denomination
chips into a few large ones. They will take
all those $1, $5, and $25 chips, then convert them for you into easily carry-able
$100s, or $500s, or $1,000s, or $5,000 chips. WHY? They want to
do it for two reasons. 1)
They want to
have an accurate record of how much you are leaving the table with, and, 2)
They want to
replenish their own chip-bank with all of your small chips. Let me ask
you something before we proceed. Do you like
when they come to the table with a chip-fill in the middle of a good roll? Oh, you
dont? Well, they do
it because they are running low on chips, since either: 1)
The players
racks are filled with them instead of being in the tables chip-bank, or, 2)
All or most
of the many players who were at the table since the last chip fill, walked away with a lot
of those lower denomination-value chips. 3)
Now they are
running low, and gosh, golly, gee whiz, it just happens to be in the middle of a hot roll. Go figure, huh! 4)
What better
to time to disrupt the timing or rhythm of a good shooter than to plunk the big
chip-carrier in front of the box-man so that he can take his sweet feeble-fingered time to
count down the stacks and then place them in their appropriate spot in his bank. At most houses they stop the game to do this. Some of the old-line houses like the Horseshoe in
Vegas, just continue to deal past the chip-trays and the speed of the game isnt
affected. Of course, you may have to
shoot OVER the chip-carrier, the new stacks, or the chip-racks, but the game continues on. 1)
A lot of
players dont want the casino to know just how much that they are making. 2)
They want to
shield their income from the great-tax boogie-man. I suppose
thats a fair premise under which to shelter your income. However, there is a better way to accomplish that
and still make everyone including yourself and the casino even happier. Heres
how:
Skim Your
Profit
I
wont use too many mob-related terms here, but suffice it to say that I understand
that you want to conceal your profit. We can
call it taking a little off of the top, and were not talking about
getting a haircut. As
others have suggested, you should nonchalantly slip some of your green $25 chips into your
pockets every once in a while. Depending on
your level of earning, you can do this so that the chips that remain in your rack are
slightly lower than you initial buy-in. For
example, if your buy-in was $300, and you are generating about $50 in profit every thirty
minutes; then you should be slipping 2 or possibly 3 green $25 chips into your pocket in
that same time frame. They are your chips,
you can eat them if you want, but you should be subtle in your actions. Remember, we are trying to shield our income, but
you dont have to turn this into a major C.I.A. covert operation.
Look Like A
Loser
No,
Im not saying that you should dress and act like crazy Cousin Eddy who lives in the
Nuclear Flats Trailer Park outside of Vegas. Im
talking about making it appear that you have LOST money, when in fact, you have WON money. By shielding or veiling your profit, it makes it appear that you
havent won as much money. In fact, I
prefer to make it look like I have lost a reasonable amount of my buy-in. Casinos like losers. The more that they think that theyve won
from you; the more comps that will be coming your way. Play Their Game By Your Rules Understand
that casinos are run entirely based on numbers. Remember that all casino games are based upon
house edge and expected value.
The casinos expect you to lose. Why
disappoint them. By
using your Players Card, they can track your play. Statistics
are the life-force that keeps casino management happy.
They can provide all of those comps and perks as a way of enticing you to
play longer, stay more often, and lose more money. That
is the business that they are in. Oh sure, I
could sugar-coat it and tell you that they are in the gaming-entertainment business, but
the simple fact is, they are trying to win your money.
For that privilege they are willing to give you a shot at their bankroll,
and they are willing to soften the pain-of-losing by offering free food, drinks,
accommodation and shows. If you are a consistent winner, they dont have to know that. By letting them color-up the balance of your
apparent remaining buy-in, you are confirming to them that they are in the right business.
The Comps Are
Yours
You
are entitles to all of those comps. The
casinos figure them into their cost of doing business.
By taking a pass on collecting comps; you are actually increasing
the house-edge against you. If
you are like most people, you have to eat once in a while.
If you are taking cash out of your own kick to pay for meals; then you are
eating into your cash-reserves or you are diminishing your bankroll. If you are using your casino winnings to fuel your
lifestyle, thats fine, but understand that comps can offset a lot of those expenses. If
you have read my Go Ahead
Pull the Trigger or my Lifestyles of
the Precision-Shooter, then you know
exactly what I am talking about. Comps
are not based on losses. Rather, they are
based on the expected value or expected losses that your betting
level and methods are expected to generate over a given period of time. However, losses DO
figure into your Comp values to the casino. What I Earn
Is MY Business Many
people dont feel that it is the casinos right to know how much that you make. I couldnt agree more! Most
of the time, the casinos dont know how much that I have won. Rather, they usually only get to color-up about
40% to 110% of my original buy-in. That
figure is for sessions when I have actually made a 20% to 100% profit over and above my
buy-in. By way of example, if my buy-in is
$500; then I may color-up anywhere from $250 to $550 at the end of my session. In my pocket, there may be another $100 to $500
that is being shielded from that process.
On a busy table with a fair amount of green action, that amount
is very easy to secrete away. If I am playing solo, its a little more difficult, but not
impossible. But if there is plenty of big
action at the table I tuck away both green $25 and black $100 chips. Otherwise, they keep an eagle-eye on those
larger-denomination chips. Full-Tracking Doesnt Mean Full-Disclosure Lets
say that you are changing tables, but you plan on continuing play at a different table. You can color-in, but you dont have to hand
in ALL in of your $25 chips. That way, they
THINK that you have lost a certain amount of money. At
the same time, tell them that you are changing tables, and ask if they would they be kind
enough to move your players rating-card over to the other table. They will almost always oblige. That way, your play continues to be tracked, and
your comps continue to accumulate, all without having exposed the enormity of your
winnings. You
continue to receive full-tracking for all your table play, which racks up further and
larger comp credits. At the same time, you
arent making full-disclosure about the magnitude of your earnings. Wow, I
FINALLY Won! There
are certain times when I will cash-out almost as much as I have won. If I have had a very hot hand, and my profit has
been derived almost entirely from that one hand; then I will bring it all in
for coloring-up. WHY? Well, when you have won big, they know it, so why
try to hide it. This is especially true if
you have been shooting solo, or they have handed over a lot of $100 or $500 or $1,000
chips to you. The comps will still be
forthcoming because they want a chance to win their money back.
In God We
Trust, All Others Pay Cash
As
far as the mighty I.R.S. is concerned; well its not too much of a worry for players
who do not derive their principal income from craps. Table game wins are generally not reportable
unless they exceed $10,000 in any given 24-hour period at one casino. Table games are treated differently than slot
machines. In those cases, anything over
$1,149 becomes a WS-2 Form report to the I.R.S. In
Canada, Revenue Canada does not consider gaming income to be taxable unless it is your
sole source of income AND you are going to take normal deductions against that income as a
business expense. I
assume that most of your casino buy-ins are done with cash. If you use markers, I would invite you to read
my, On Casino Credit article. I understand that cash is somewhat more difficult
to track. I wouldnt suggest that you
under-report your casino earnings to the I.R.S., but on the other hand, what you do is
between you and your conscience.
Look Like a
Gambler, Not a Professional
Okay,
so why did I title this article, Whales, Guppies And All the Other Fish in the
Sea? To the casinos, we are all
just fish. Its pretty easy for the
casinos to feed off of the abundance of fish in the great, green gambling sea. Now,
there are the really big fish that gamble huge amounts of money, they are the whales. Some whales are bigger than others, but suffice it
to say, that they are important to a tiny number of gaming-houses, but whales also scare
the hell out of most other casinos. They are
capable of turning the lights out on some of the smaller-bankrolled houses. On the other end of the food-chain is the guppies. These are the small players who buy-in for $20 to
$100. They are loathed by the big casinos and
embraced by the smaller ones. In between those two extremes is the ultra-important middle-market
player. They make up about 90% of the entire
gaming market, and without them, all but the biggest carpet-houses and the lowly
sawdust-joints would pretty much wither-up and blow away. So, unless you stand out like a sore thumb, or you make yourself
noticeable because of your lack of interaction with casino personnel; or if you walk in
like a professional hired-gunslinger; then your actions should not come under too much
scrutiny because of your winnings. To shield
your winnings, while still getting your share from the comps-trough, remember:
(i)
Skim your
profit.
(ii)
Look like a
loser.
(iii)
Play their
game by your rules.
(iv)
The comps are
yours
(v)
What I earn
is my business.
(vi)
Full-tracking
isnt full-disclosure.
(vii)
Wow, I
finally won!
(viii)
In God we
trust, all others pay cash.
(ix)
Look like a
gambler, not a professional. If you use
coloring-up as part of your overall strategy of getting and KEEPING the most from the
casino; then youve added another important weapon to your gaming-arsenal.
Color
comin in! Good Luck & Good Skill at the Tables
and in
Life. The Mad Professor
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