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#1 goal in gambling is to avoid going broke.
By taking proper care of your bankroll, you can make your money lasts as long as you need it to.
Bankroll management is the science of maintaining a bankroll while wagering it at the casino. The goal of bankroll management is to make your money lasts as long as you need it to.
- Determine your risk of ruin, you need to first gather a few pieces of information. Namely, your return per dollar, your standard deviation, and your bankroll size.
- Always separate gambling money from personal money.
- Certain games have much more variation than other games and thus require a larger bankroll. If a game offers a lot of losses with the occasional huge jackpot (like Double Double Bonus video poker), the game has a high variance.
- To be safe, figure out how much money you think you need for your gambling session, and bring a little extra
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