If you want to earn cash while playing in the casino, you need to have discipline in playing and skills—not only in the game but also in bankroll management. Believe it or not, you will have more chance of beating the casino in the long run if you know how to manage your money in gambling. But what exactly is this?
If you haven’t heard the term bankroll management before, we completely understand. While bankroll management is very important in gambling, many players including some experts don’t know or refuse to practice this method in playing in a casino. Bankroll managing is like guidelines in managing your gambling money to ensure that your personal fund won’t get affected if you don’t have any luck in the game.
To understand this, let’s first identify what bankroll means. Bankroll is the money you set aside to play certain games. It doesn’t include your personal money you have nor your money in your bank account. It is the money that you have set aside to play a certain game.
Practicing money management will have a small impact on the way you play the game but it is an effective way to stay in the game much longer.
Play only within your bankroll
The first and simplest way to manage your money in gambling is to only use your bankroll in gambling. To do this, the first thing to do is to set your budget for gambling and separate your personal money. Remember the golden rule of gambling: never gamble with more money than you can afford to lose. I know you might get stumbled to a very attractive tournament inside an online or land-based casino, but it is highly recommended to stick on your usual stake.
Set a win and loss limit
After establishing your budget for gambling, you have to manage not to spend your money all at once. Never put your entire bankroll in a single game. If you are regular punters, setting the loss and possibly the win limit is your best move. Believe us, this move will give you more sessions in the long run. Not only that, setting the loss limit and win limit to the opportunity to take home a win.
In gambling, one of the things that you should know is the right time to back out in the game. Setting the loss limit and win limit is essential in this situation. During your rough sessions, the loss limit will tell you when to quit when things don’t go your way. And when you reach that loss limit, never ever chase that loss. It is natural for everyone to try recovering what we lose, but try to fight that feeling. You would most likely to loss even more.
The win limit, on the other hand, will help you contain your excitement after winning big. Being excited is understandable, but be very careful not to let that emotion clouded your judgment in your next wager. If you have reached your win limit, it is better to call it a quit to avoid losing all the amount you have won.
Use the 5% rule in bankroll management
Never wager more than 5% of your total roll in any games. This rule is created by the famous poker player Chris Ferguson. If you are going to follow this rule, the highest amount of bet you can place is 5% of your bankroll. For example, your bankroll is $100, the highest bet you can place is $5. Following the 5% rule will keep your winnings high losses low.
Poker Bankroll Management: Move down the stakes when necessary
The tips in this article work in poker, but this one is specifically for poker games. It is okay to move down your stakes in poker when you needed to. If you experience losing streaks and considerably lowering your bankroll there is no shame for moving your stake down in poker. This Poker Bankroll Management is necessary to stay in the game much longer and earn more profits until you have enough funds to pay higher again. Often times, you need to move up and down your stakes depending on how much you won and lost.
Usually, the process is repeated many times before a player moves their stakes up permanently. There will also be times that you will continue to experience a losing streak even after moving down your stake. When this continues, apply tip number two which is setting a loss limit. Leave the game when you reached the loss limit.
This sums everything: have self-control. Aside from knowledge and game strategy, self-discipline is perhaps the most important thing that any casino players can have. Coming for a game plan in a casino is not easy, however, sticking to that game plan is more challenging to do, especially when it is about bankroll management.
Yes, gambling is fun. But it is also the main reason why players especially the beginners can easily get caught up in the heat of the game. One of the biggest mistakes that players in the game are that after making a strategy to conserve their bankroll, they immediately get away from that plan when the game started. To earn or beat the casino, it is important for all players to manage their bankroll and consistently apply it every time they play.