I took another trip down to the local land based casino again and tried out a roulette system I wrote about a few days ago. This time I tried out the Labouchere betting system. This is the one where you write down a series of numbers and cross them off after you win, or add the total of both sides of the series and add it to the end if you lose.
I made a list of numbers in order from 1 to 10 before even heading out to the casino and I used $5 denomination chips, so it was getting up towards high roller figures. I made a promise with myself that if the numbers add up and the series starts getting numbers like 20, then I would quit, just in case a bad night was happening.
So The first bet I made was with the number: 1+10 = 11 chips, or $55. I won this and marked off the 1 and 10 and added the next ones in line, 2 and 9 for another $55 bet. I was happy that I won 3 in a row. I was doing the common red vs black outside bets on the European roulette wheel for the best odds possible. Basically I lost a few and won a few and my series number never got above 13. All it would have taken was 5 wins in a row to complete the series and I would have won around $275 in about a half hour or so. I was on the roulette table for less than one hour and I walked away with over $400 in winnings, some of which came from other bets as well. All my numbers were crossed out and that was it.
This just shows how these betting systems and risk management strategies win in the short term and why it pays to walk away when you are ahead. Other than that, I played on nickel and quarter slots for about 3 hours and came out $50 on those, so this was a great profit and a great night to play!