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Gambling Tips Controlling Your Money

6 Gambling Tips to Make Sure Your Bank Account Doesn't Go Down Under

Written By Carla Harris

The ideal gambling scenario involves winning money and having a blast doing it. That doesn’t always happen, though. We always want to enjoy ourselves, since gambling is a form of entertainment, but there will be times when we lose more than we win. How do we keep from losing all our money every time we gamble? Even though luck can play a role in determining our overall success, there are ways to make sure you’re getting the most out of your gambling money. 

Establish a Gambling Bankroll

The most important thing you can do is establish a set amount of money specifically for gambling. Most gamblers use what is known as a "replenishable" bankroll. That means whatever money they have available at the time is what they use to gamble. If they lose it, they often go back and replenish it with more funds. This can be a dangerous way to gamble. A true gambling bankroll is extra money you set aside every week or month that you don’t need for the necessities in your life. It’s your “fun money.”

Session Bankrolls

Once an overall bankroll is set, you divide it into session bankrolls each time you gamble. It should not be more than 10 percent of your overall bankroll. If you’ve acquired $1000 for gambling, your session bankroll would be $100. That session bankroll is the only money you will use to gamble during that time. If it is lost during the first 30 minutes, your session is over. It is time to take a break. A session should not last longer than two hours at a time, even if you are winning. Your mind becomes fatigued, and that’s when careless financial decisions are made.

Set Win Limits

You should have a preset win limit for each session that you gamble. Many people use what is known as the “double up” method. If they double their session bankroll, they pocket the original amount and only play using their profits. Using the example of $100, if they win $100, the original $100 is put back into their gambling bankroll and the winnings are used. If the winnings are lost, the session is over and they have broken even. If they double their $100 again, the process is repeated. Once you double your session bankroll, never use your original money. That will insure that you will at least break even for that session. This same process can be applied at a lower rate if you are more conservative. You can set a winning goal of 50 percent or 25 percent and use the same process.

Only Play Games That Have a Small House Edge

One of the best ways to ensure that you are not losing large quantities of money over the long-term is to only play games that have a small casino advantage. Research what games offer the best odds. A game like blackjack, with favorable rules and the proper use of basic strategy, can be played with a house edge of less than 1 percent. By comparison, there are games in which the casino has a 10 percent advantage or better. By consistently playing games with more favorable odds, you are giving yourself a mathematical advantage over those who only play games that offer poor odds.

Use Bonuses to Your Advantage

Almost all casinos offer bonuses, loyalty points, comps, promotions, etc. These opportunities can have a significant impact on your bottom line. When you are playing with the casino’s money, it keeps your finances from dwindling. For example, if an online casino offers a 100 percent matching bonus on a $100 or more deposit, you are better off depositing at least $100. If you only have $50 to deposit, wait until you accumulate the extra money so you can take full advantage of the bonus. Always maximize these situations to your advantage. Never play using more money than you intended to earn extra rewards, but make sure you completely understand every offer so you can take full advantage.

Keep gambling Fun

You know the feeling you get when you first sit down to gamble? The adrenaline coursing through your veins. The excitement of what the next cards or spin will bring. That’s what gambling should be about. When it stops being fun, that’s when your wallet suffers most. Slow down; enjoy every spin and every hand. If you are not enjoying yourself, get up and walk away. It’s time to stop! Managing your money when you gamble will keep you from sitting on the sidelines watching everyone else have all the fun. However, one of the many benefits of gambling online is that many sites allow you to play some of the games for free. This is a great option when things are not going your way. Use these money management tips and you will be more likely to stay in the game.

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