GAMBLING MONEY MANAGEMENT

Gambling is an entertainment enjoyed by millions of people, and games of chance are more popular and more comfortable to find now than at any time in the history of the United States. What better time for a little refresher in how to protect your bankroll

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Determining your bankroll

Determining your bankroll may seem silly, but the number of people that skip this simple rule is staggering, probably because people forget that they are risking their money when they play a game of chance. I’ve seen countless players bet every penny in their pocket. Sometimes they play table games or slots with their rent money.

The most important thing to do is budget your money and figure out what you can spend (risk) for entertainment. Gambling is entertainment, and while the thrill of winning is incredible, it is not guaranteed. Determine your gambling bankroll for the month and don’t exceed it

Learn the games you are playing

Sure, this sounds easy, but we humans are fickle and impetuous creatures. We like new things, and we often leap before we look. If you’ve never played blackjack before, is it a good idea to risk all your money at the casino playing the game? No.

Put some time into learning the rules of any game you will play, whether it is craps, blackjack, roulette, or even the slot machines. We are all suckers for new things but don’t immediately sit down and risk your cash when you pass that new table game. At the very least, ask the dealer or a pit boss for a pamphlet with the game rules and figure out what it will cost to play. For instance, say you see the new World Poker Tour 3x Raise table game, and it looks innocent enough. There are two side bets and an ante.

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If you play the hand (which you should 90-percent of the time), you have to place another bet three times your ante. If you bet $10 on each bonus and $10 on the ante, you would then bet $30 on the “raise” and have a total of $60 in action. The house edge total is about 2.8 percent. An average blackjack player is at a disadvantage of about 2 percent, primary strategy players only about .75 percent. Is your bankroll strong enough to handle $60 bets?

Set a time limit for your play

Setting a time limit is a crucial rule to follow because the longer you play and the more hands or spins of the slot reels you bet on, the more expensive your trip to the casino will be. Too many players start hot and win the first hour or so but keep playing through thirst, hunger, and sleepiness because they think they will continue beating.

The truth is, if you play long enough, you will lose—the end of the story. If you budget your time and money and learn the games you are playing, you can enjoy your trip to the casino. Some times you will win – enjoy the rush, take the cash, and play another day on the casinos’ money! Please take it in stride because you budgeted for some entertainment, not to win your rent money.

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