Originally Posted by
mickeycrimm
I know some of you have joked about Dan Druff arguing over the phone with some casino flunky over what might amount to a twenty dollar bill. LOL! In doing so Druff exudes all the symptoms of a serious professional gambler that understands the importance of bankroll and will fight for every dime.
On Gambling With An Edge, Richard Munchkin once asked a rhetorical question of professional blackjack players along the lines of "You've fought hard and built up your bankroll. At what point do you stop staying in the flea bag hotels and start staying at the Hampton Inn?" I know for some hard core professional gamblers the answer is "Never!"
Munch also told a story about a professional BJ player he knew whose goal was to build a million dollar bankroll. The guy was at about 800K when Munchkin had to visit his apartment to discuss a blackjack play they were going to put down on a casino. Munch said the guy lived in a cheap apartment on the seedy side of town. The apartment was sparsley furnished. There weren't even curtains on the windows. The guy had been living there for two years.
So here we have a guy with an 800K cash bankroll that won't even buy curtains for the windows.
A friend of mine, Frank Kneeland, the author of The Secret World of Video Poker Progressives told the story of running a video poker team for someone back in the nineties. They were on a play and got stretched out, ran out of money, so he had to go to the boss's house to get some more money. The guy handed him six bundles of hundreds all rubber banded up, each bundle worth 10K. As Frank was walking back to his car the guy yelled "Hey! Save the rubber bands!"
The guy just handed over 60K like it was nothing but didn't like squandering money on rubber bands.
The moral of these stories is there are professional gamblers out there that don't give a rats ass about anything but their bankroll and how big it is. They won't even buy curtains for their windows. It IS a truism in gambling that the bigger the bankroll the more money you can make. The number one objective in professional gambling is to survive. The bigger the bankroll the easier to survive. The number two objective is to create wealth.
While I wasn't as fanatical as some of the above there were areas in which I would slash expenses to grow bankroll more quickly. Hotel costs was one of them.
I half agree here.
When I lived in Vegas in the 2000s, I had two okayish 2-bedroom apartments in not-so-great-but-not-terrible areas.
Fellow mid-high limit pros were living in Panorama or other nice complexes. Or they bought/rented nice houses in Summerlin. I furnished them with various low-middle end '90s stuff I had lying around from when I was just starting out working in California. If you visited me, without knowing anything further, you'd have believed I was a working class service employee.
People asked me all the time when I was going to buy something, when I was going to upgrade. It made sense. You'd see me at $300/$600 limit online and wonder how I could not be living better. Like Mickey, I just wanted to keep expenses down and try to accumulate money. I was open to buying something better, but only if it would appreciate, and I was fearful of the 2000s real estate bubble I knew was coming.
There was one benefit of all of this, and that involved girls. I despise gold diggers. I would never want to date someone who was primarily with me because they perceived I had money. When I was dating in the late 2000s, there were a lot of younger women in Vegas who legitimately liked older men, and not because of money. There were other young women in Vegas who were after the money. Usually I could tell the difference, but sometimes it could be tough. It was nice to bring them over to my apartment, appear working class, and then be able to tell if they were interested in me because they actually liked me. Once I was confident in this, I would tell them the truth regarding who I was and my status as a then-upper-stakes poker pro. Most young women at the time didn't follow poker closely enough to know who I was.
I also don't typically stay in upper end hotels when I travel. Something like the Hampton is usually fine, though I can also enjoy a very nice place if I'm getting a really good deal on it.
However, what I won't do, unless desperate, is stay at a budget motel. I just can't. The customer service is shitty, the places are gross, and the people staying there are gross. I'm not at all a snob, but there's something to be said about avoiding the bottom of society (and by avoiding patronizing businesses which assume you're at the bottom of society). Whatever money I'm saving at these places just isn't worth it.
If we have 3 hotels:
Budget $70
Midgrade $120
Upper end $300
... the midgrade is by FAR the best value, and it's not even close.