Money management rules every casino player should follow
Did you know that in 2020, the US online gambling market was valued at $1,978.57 million? Whether you are a seasoned online casino player or you are new to online gambling, you must understand money management strategies in gambling. Look at it this way; casinos stay in business because more players are losing than winning in the casino games. Without a proper money management strategy, you could end up losing more money than you anticipated.
Here are some money management rules you should know.
1. Always have a bankroll
Having a bankroll means having a set amount of money with which you will gamble. The idea is, your bankroll is money you are willing to lose, and that should last you a set gambling duration. After arriving at their monthly bankroll, some people divide it further into a daily or a session bankroll. That way, they know how much they can play with during each session. Dividing your bankroll into sessions is a good strategy as it will help your money stay longer.
2. Never borrow to gamble
Gambling is a risky affair. There is always a chance that you are going to lose the money you have. In fact, it is often always better to assume that you will lose the money you are playing with, especially if you love playing games of chance.
Using this reasoning, it makes sense that you should never play with borrowed money. To elaborate on this further, here are three people/places you should never borrow money from;
- Do not borrow a friend/acquaintance money to gamble.
- Do not use lines of credit to borrow money. For example, avoid recharging your casino wallet with your credit card.
- Do not borrow money from yourself. For example, if you have money that has a designated use like rent or transport, do not take some money from this fund to gamble.
3. Have stop limits in place
A stop limit is a rule that defines when you should stop gambling. Whether you are playing at Intertops Casino Red or any other casino, you need to have stop limits in place to tell you when it’s time to log out of the casino and do something else. There are many types of stop limits you can use. Let’s look at some of them.
What are some examples of stop limits?
- The time stop-limit – Playing casino games can be a lot of fun. In fact, it can be so much fun, you lose track of time and play for too long. A time stop limit is a self-imposed limit dictating how long you can play these casino games in one session.
- A win stop-limit – This limit tells you to go home after winning a certain amount of money or a particular number of games. The idea is that what goes up must come down, and you could end up losing all or most of your winnings.
- A loss stop-limit – This type of limit dictates how much money you can lose in a session before going home. This type of limit is necessary because it prevents you from revenge gambling to try and recover the money you have lost. Revenge gambling is a term often associated with forex trading, but it applies to gambling too. It refers to when you make new bets hoping to recover your losses from previous bet(s). Often, revenge gambling leads to even more losses, so its always good to cut your losses and leave
4. Don’t gamble while intoxicated
It’s no secret that alcohol and drugs lower a person’s inhibitions and alter behavior. You may start playing with the best intentions and a list of rules to follow but stop following these rules as you get more intoxicated. You may know of people who are responsible when sober and are completely irresponsible when intoxicated. If you must use drugs, you can set a limit to how much you can consume before you stop playing.
5. Do you know the rules?
Most casino games require some element of luck to win. However, some games also need you to apply logic and strategy to increase your chances of winning. When playing such games, you must understand the rules of the game before you start playing. You can test out your knowledge by playing demo versions of games and improving your strategy before betting your money on a game.
6. Decide your stakes beforehand
Some people usually decide on the stakes they can put on specific games. Many of these people have lower stakes for games that need pure chance, like slots and then have higher stakes for games where the player has a higher edge. Remember to calculate your stake from your bankroll.
7. Keep a record of your gaming
This may sound boring but can pay dividends in the future. Let’s look at an example. John loves playing casino games and believes he is pretty good at it. His friend Jane challenges him to keep a record of his wins and losses to prove his claim. John follows this advice and comes to a stark realization. While he does win a lot when playing Blackjack, he loses much more on poker and Texas hold’em. This knowledge helps him alter his playing to minimize the losses.
You can use your gambling records to identify a couple of things like;
- What games you are playing you are consistently losing in.
- What games you play that you have placed extremely high stakes and should be reduced.
- What games do you win consistently in that you can increase your stake or play more?
Additionally, keeping a record can help you realize if you are following your money management rules or not and what you can do to improve.
There is no doubt that gambling can be fun. However, without proper precautions in place, it can stop being fun when you realize that you are losing more money than you intended. Remember that it’s not enough to have rules; they only work if you apply them.