Keeping separate bank accounts

[Lonesome Gambler]

Alright, I imagine that many of you keep a separate bank account for blackjack, but do any of you also play other games (eg. poker)? If so, do you think it's a good idea to have a separate account for other games as well, or do you use a combined bankroll for playing different games?

Example: say you're playing both blackjack and low-limit hold 'em. You want to establish one bank account that will store a single bankroll that can be used for either game. As long as your bankroll and records are sufficient for each game (and you're playing the non-BJ game with + EV), do you see a problem with this approach?

 

[Sonny]

I just keep it all together. I use the same bankroll for whatever game I play. I keep records of every session/game separately but it's all using the same money. I haven't had any problems with it so far. If anything, it has shown me how worthless certain games/techniques are. When you realize that a 10% advantage is so risky that you can only afford to use a $5 unit, that 3% advantage with a $50 unit suddenly makes more sense.

Having all of your money in one place also helps you see how it is growing.

-Sonny-

 

[shadroch]

This is how I do it. I keep one account for my gambling money with ING. For a week long trip, I'll transfer half of it to another ING account that allows free withdrawls in thousands of ATMs- any 7-11, CVS, and many others.
On the trip, I divide my gambling into a BJ and Other divisions. About 70% for BJ most times. If I lose the 30%other, thats it. If I lose the 70% BJ, I'll raid the other pile.

 

[callipygian]

do you think it's a good idea to have a separate account for other games as well, or do you use a combined bankroll for playing different games?

Well, here are things to keep in mind.

(1) You may be charged a monthly fee if you account balance is low. If you have small bankrolls, one large account may be better than multiple small accounts.

(2) If you use separate accounts, you will need to separate out the money in your wallet as well.

(3) If you join accounts, you need to have a robust accounting system in place so you know exactly what you've won at one game. If you have a robust accounting system, you might not need separate accounts at all.

 

[bjcount]

FDIC limits

One account will work well but watch you do not exceed the maximum depositors insurance.

Copy of notice:
On January 1, 2010, the standard coverage limit will return to $100,000 for all deposit categories except IRAs and Certain Retirement Accounts, which will continue to be insured up to $250,000 per owner.

** Unlimited deposit insurance coverage is available through December 31, 2009, for non-interest bearing transaction accounts at institutions participating in FDIC’s Temporary Liquidity Guarantee Program.

If you have questions about FDIC coverage limits and requirements, visit http://www.myFDICinsurance.gov, call toll-free 1-877-ASK-FDIC or ask a representative at your bank.

BJC

 

[vingtetun]

Just a thought to the prudent. If you keep a "gambling" account if you are ever audited by the IRS or your state tax commission they will ask what it is for and if you have not paid taxes on it you will get torched. If you do correctly report this would actually be helpful, if not......:whip:

 

[Lonesome Gambler]

Ha, good point. Thanks to everyone for the excellent info. My plan for now is to keep a combined bankroll under one account and rely on good bookkeeping to ensure that I'm not blowing my blackjack game with poor poker play (or vice versa)!