One of the most important things to learn if you are going to gamble is how to manage your bankroll. The last thing you want to do is go to Vegas and lose your entire bankroll on the first day. You want to get the maximum amount of entertainment for your money as well as a have a chance at a nice win or two.
Quick Bankroll Management Tips for Playing Offline
- Set a budget for your casino visit
- Divide the budget my the amount of days you are staying at the casino
- Each day get your daily bankroll in cash
- Go back to your room and lock any credit cards in the safe
- If you lose your daily bankroll go and do something else
- Set yourself some win goals
- If you reach your win goal put aside the winnings
- Always make bets proportional to your bankroll
Bankroll Tips for Playing on the Internet
- Set a session budget
- Make only one deposit per gambling session
- Set win and loss limits
- If you lose your deposit stop playing
- If you win withdraw your winnings and start from scratch next time
- Never reverse a pending withdrawal
As you have read above one of biggest keys to managing your bankroll is to set limits. This way you never spend more than you can afford and if you happen to win you will keep at least some of the winnings.
When it comes to win or loss limits you have to be reasonable. Many players who say they always lose at the casino do in fact win but simply keep playing until they lose their winnings. If you try to turn $100 into tens of thousands you will lose the $100 way more than you will win big. Win limits will vary from player to play but doubling or tripling your money is a pretty good starting point.
Another mistake that gamblers make is betting out of proportion with their bankroll. for example if you have $100 per day to gamble with it is not a great idea to play $10 a hand blackjack. If you get a bad streak your $100 could be gone in just 10 hands.
Again the amount you bet is a personal choice. In our opinion you should bet so that your bankroll covers at least 25 to 50 bets or more. This way a short run of bad luck will not wipe you out entirely. You should also never increase your bets if you are losing as this will many a time just lead to bigger and faster losses.
Good money management will help to give you the most bang for your buck. By following the simple rules above you will ensure that your next visit to the casino is a fun and entertaining experience.