After you have won a sum of money as the result of diligent and intelligent play, you should reap the rewards that those winnings can provide. Too many gamblers win a pile of money just to lose it back to the casino game or give it to the IRS. The purpose of money management is to retain as much of that money as possible. Hopefully, the following advice will help you to evade these money traps.
CONTROLLING YOUR BANKROLL
Before you step up to any table game or slot machine, be sure you have first designated a specific sum of money to risk for your playing session. Otherwise, you may end up like some impromptu gamblers who, after sustaining a losing streak, continue to dig for more money in an attempt to recoup their losses. By doing this, they may lose their entire bankroll on the first day of a gambling trip, and then wonder how they might spend the rest of their time. Some will head for the nearest ATM and start using money that was never intended for gambling. This is a trap that you don’t want to fall into.
To avoid such a situation you must take precautionary measures. Let’s say you are on a two-day gambling junket and have allocated $1000 that you can afford to lose. Divide that bankroll into two $500 stakes, one stake for each day. Whatever you do, don’t gamble away more than $500 in any single day, and stay away from the ATMs. You must be disciplined about this.
If your discipline is marginal, bring only the designated $500 with you into the online casino. Leave the rest of it with someone you trust or lock it up in the room safe. If you lose the entire $500 stake, quit gambling for the day. Go sightseeing, see a show, have dinner, but don’t gamble another cent until the following day.
The next day, repeat the procedure with the second $500, but try carefully not to lose it all. If you lost your daily stake on the first day, you should carefully read the following section on When to Quit. By dividing your allocated gambling funds into daily stakes, you are maintaining a measure of control over your bankroll. Even if you do eventually lose it all, this form of monetary discipline will assure that you can do some gambling every day, which is the reason you went on the trip in the first place.
Now that you’ve determined your daily bankroll allocation, you should break that stake down for your individual gambling sessions. If you have decided that you will probably hit the tables or the machines twice a day, divide that $500 daily allocation in half and don’t step up to a table with more than $250 in your pocket. If you lose that amount and don’t dig for more, you will be assured of having another playing session that day—and this time you may come out ahead.
PERSONAL BETTING LIMITS
You should determine ahead of time how much you can afford to bet. Many casino games are rather volatile, which means you may lose several hands or spins before you start winning (or vice versa). If you want to stay alive for any length of time, you should not sit down at a $25 minimum table with only $200 in your pocket. In blackjack, a losing split and a couple of bad double downs will break you very quickly. In craps, a couple of seven-outs will do the same. How much, then, do you need to weather the ups and downs?
As a general rule of thumb, you should have a gambling bankroll of 20 to 40 times your basic wager for every hour you intend to play, or at least for your initial playing session. Why such a wide range for the bankroll? Because some people are more conservative than others, and this is just a guideline. You will have to determine the exact risk for yourself.
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