One of the best things anyone can learn as a gambler is how to manage their money. This is because, without proper money management, you stand the risk of losing a lot of money you had no intentions of losing. Additionally, it’s not easy to relax into a game and make rational decisions when you do not feel comfortable and at ease with your money.
This article will briefly highlight seven ways to manage your money like a boss when gambling.
1. Have a separate bankroll
Your bankroll is how much money you are willing to play with. There are several easy ways to come to that final number. You can deduct your total personal expenses from your income and designate the remaining cash as your gambling bankroll. Alternatively, you can decide that a certain percentage of your income goes to gambling. How you arrive at the final amount does not matter. The point is that you know how much of your money is intended for gambling.
Another thing you can do is to divide your bankroll further into days or weeks, so you know how much you have to gamble on a particular day or week. Some people divide the money further into sessions. This is especially important if you want to play several times a day. You want to always have a set amount of money to play with during each session and walk away when that money is gone.
2. Do you have a fixed stake?
Having a fixed stake refers to having a set amount of money that you play in every game. For example, you can decide that you don’t stake more than $5 per game. This means that when you go to the FairGo casino login and have a bankroll of $50 for the day, you know that you can only play ten games that day and no more. Some people go the extra mile by deciding on different stakes for games of chance and games that need logic. Whatever you pick is entirely up to you and your goals and priorities.
3. Do you have a stop limit?
A stop limit is a rule that tells you when to walk away from the casino. Sometimes, your stop limit is your bankroll, and you walk away when your money has run out. This is a type of session stop limit. A different session stop limit is a time limit where you determine how long you stay in a casino before walking away.
Another counterintuitive type of stop limit is a win stop limit. Des this scene seem familiar? Someone goes into a casino, and it looks like it is their lucky day. They win many games they play but eventually lose it all by making risky bets thinking their luck cannot run out. A win stop-limit helps curb this. It guides you on when to stop so you can lock in your winnings for the day and go home.
Put another way, follow Kenny Rogers when he said that you have to know when to hold them, fold them, and walk away.
4. What is more important, quality or quantity?
In most scenarios, quality is often more important than quantity. This holds even in the case of gambling. This is what we mean. Would you rather stake your money on five good games that have a high chance of winning or 20 games with low chances of winning? The former is a better bet. If you wager on fewer more quality bets, you can stake more money on the games and increase your chances of winning a lot of money.
5. Don’t withdraw all your winnings
If you are thinking of becoming a pro gambler or playing for a long time, a good rule of thumb is never to withdraw all your winnings. Sure, you can withdraw part of your winnings, but you can increase your bankroll for your next sessions by keeping part of your winnings in your casino wallet. This rule is only important if you intend to be gambling for a long time.
6. Keep detailed records
How will you know if you are winning or losing if you do not keep any records? You cant. By tracking how you are progressing through the sessions, you can gain valuable insight that can help you become a better gambler. For example, you may realize that you lose a lot of money in the slots but make money in blackjack. Armed with this knowledge, you can direct your money to the games you are winning more consistently and away from those you are constantly losing.
7. Stick to the plan
You could say that this is the most important time management rule, and you would not be wrong. You can have the best-laid plan, but if you are not following it, then it is useless. Sticking to the plan means you stick to your allotted budget (bankroll) even when you feel like ‘the next one’ is the one you will win. It means walking away after you have hit your stop limit. It means keeping detailed records of every game you play, even if it seems tedious and pointless.
Money management is one of the most important aspects of gambling and is critical to any gambler’s success. Before you start gambling, or if you are thinking of improving your gambling hobby, take some time to create a money management plan and stick to it. Your future self will thank you for it.