Bankroll Management Guide
Managing your bankroll is the most important aspect of gambling. Whether you are playing Poker, betting on sports or at a local casino, having a bankroll strategy is essential. It's unlikely that on your first visit to the casino you're going to win enough to not have to go back, so take your time and be patient with how you use your money.
The key to this is to minimize the risk of losing your entire bankroll by making rational and sensible decisions. Some of the following tips can be used to manage your bankroll and increase your longevity at the casino.
Using Money You Can Afford to Lose
This is the most basic and fundamental rule to stick by when deciding on whether or not to bet at the casino. If you can barely manage to pay your monthly bills and other life expenses, then going to the casino should be at the back of your mind.
Although it might seem like a quick and easy fix, it can be a huge problem in the future if you fall behind on bills and end up having to loan money from other sources. Therefore, if you can afford to lose a specific amount of money every month, then use that for other things in your life, e.g. betting at the casino.
Put Your Winnings to One Side
Using this method is particularly difficult and takes a lot of discipline to execute when the adrenaline of a winning streak kicks in. You should set yourself a target before every session and try to stick to out to increase your chances of making money and decrease your chances of losing. For example: Using $50 for your session, if you happen to reach $100 then set $50 aside as a guarantee that you won't lose any money during the session.
This allows you to just use your winnings as a betting stake which will take the stress away from a losing streak and also add that safeguard element. If you manage to keep on winning during the session, continuously putting $50 into your pocket will help your bankroll in the future in coping with losing sessions and will be good practice in keeping to a strict strategy.
Limiting Your Spend
Dividing your bankroll into separate visits is of utmost importance and will maintain your strict mindset of being cautious and sensible with your betting. Limiting what you spend during each session will allow you to withstand the variance that is involved with casino betting. It's important that when you are having a losing session that you can afford to take the hit and come back another day and try your luck again.
A typical way of limiting your spend is the following: If you have $200 a week for four sessions at the casino, then using $50 a day is recommended to limit what you can lose. What you don't want to do is to use extra money that is outside of the $50 a day spend, you will find yourself losing money very quickly which can lead to chasing your losses.
Take a Chance
Although the above strategies are relatively strict and conservative, taking a shot and increasing your stake now and again isn't something you should avoid. If you are on a winning streak and can afford to take a chance, then increase your betting amount to try and make the most of a heater. However, ensure that you can afford to take these risks and make sure it won't affect your bankroll for later sessions.
Never Chase Your Losses
Chasing your losses is something all gamblers have heard about and should be avoided at all times, no matter how bad it might get. If you have bad session after bad session, the worst thing you can do is let your emotions take over your rational thought and start to increase your betting stake and volume.
Remember, bad streaks are always going to happen in this business and can't be avoided, so just take a step back and accept it. However, reducing your betting stake is definitely a better option than increasing, this way you can slowly build back up or decrease the damage that a losing session can have on your bankroll. If worst comes to worst, finish the session early and try your luck another time, the casino will always be there