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Most people don't think about real strategy when it comes to gambling, but it is essential to minimizing your losses. These are not far-flung ideas from the cosmos; they are based on experience, gambling expertise, mathematics and common sense. These strategies will not guarantee winning in any way; in fact you will still lose in the long run even if you use them. What they do teach is avoiding nightmare losing streaks and giving yourself the best chance to walk away a winner.

This is the most overlooked part of planning a trip to Las Vegas but definitely the most important. Ever had a trip to Vegas where you kept losing and kept running back to the ATM for more punishment? What an awful feeling having to go home after losing control and emptying out the checking account (been there, done that). Or how about coming out of the casino a loser after having been up a huge chunk? This is also a terrible feeling; having been ahead but not knowing when to quit.

The first and most important step in preventing these nightmares is to establish a gambling budget (bankroll) BEFORE you leave for Vegas. If it's $300, then stick to $300 and walk away if you lose it. It can be extremely difficult, but it's the only way to ensure you leave without that empy pit feeling in your stomach. Take the money out of the bank before you start gambling, and for crying out loud don't go back to the ATM for more if your bankroll is gone.

The second step is to establish what I call a loss-after-win percentage (L.A.W.). In other words, put a limit on how much you will lose after you've gone on a good winning streak. Say you're up $500 after a great streak at Blackjack. If you have an L.A.W of 30%, then you should quit gambling if your $500 is whittled down 30% to $350. It's important not to get greedy! Winning is streaky, and your luck can run out quickly. Set your L.A.W. as a percentage of your net winnings. I use an L.A.W. of 25%. If I go on a hot streak and win $400, I quit when my winnings are reduced to $300 ($400 - 25%).