When most people gamble, they are just playing for fun and will gamble with their extra pocket money. But thinking that you can always win more money than what you started with is a mistake. As any experienced gambler will tell you, learning how to play games of chance is only part of your efforts. The other part is knowing how to properly manage your money. So grab your pen and take note of these tips on how to effectively manage your gambling bankroll.
What Is A Gambling Bankroll?
Your betting bank or bankroll is essentially the amount of money that you’re willing to invest, and risk, in gambling. While most first-time gamblers bet out of their pocket without accurately tracking their wins and losses, experienced gamblers have a bankroll and follow a strict money management system.
How Do You Make The Most Of Your Bankroll?
If you search online, you’ll find a lot of complex bankroll strategies. But you really just need these basic tips to help you manage your gambling bankroll properly.
Decide On A Budget
Treat your gambling bankroll like any other expense in your life. How much can you set aside each month solely for entertainment? Make sure that this amount doesn’t sacrifice any other important expense on your list, like food, diapers or bills. Your gambling budget should be something that you can afford to make a regular expense.
Find A Bankroll Tracking System
Just as you would keep track of your monthly living expenses, it’s also very important to track your bankroll and gambling expenses. This will help you stay on top of your betting and avoid huge losses that could easily wipe out your bankroll.
Gamble Only With Reliable Casinos
Stick with well-known establishments and stay away from secret after-hours card games or shady casinos. Everyone around you might be working together and playing against you. If you want to play online, research a site first before you play it. There are a lot of reliable New Zealand online casinos. Canada has some good options as well. But there are also a lot of bad online casinos that are only there to rip you off your money.
Take the time to do your research, read reviews and ask for recommendations. If you think that an offer is too good to be true, walk away before you lose any money.
Stick To A Fixed Stakes Plan
You’ll find so many tips about how much you should place on each bet. But the simplest and most effective strategy is to maintain a constant percentage of your bankroll per bet. Most gambling professionals will only bet 1% of their total bankroll for each bet. This helps them protect their bankroll from any huge gambling losses.
No matter what their circumstances are, they always stick to a fixed stakes plan because they’d rather win small but consistently than put their stakes on huge bets that come with huge risks.
Don’t Get Emotional
This is a common mistake among a lot of gamblers, and it usually results in unfavorable results. When you’re winning, an adrenaline rush will make you think that your winning streak will last for hours. But here’s a reality check, no winning or losing streak lasts forever.
So, as much as you want to chase those “highs” and risk more money, stop while you’re still on a roll. This also goes the same with losing. If you’ve been losing, try to stop and return only when you’re level headed again. Never let your emotions control you. Instead, play wisely to maximize your return on investment.
Withdraw Your Initial Deposit
If you’re lucky enough to double your money, then withdraw your initial bankroll amount from your gambling funds. You’ve already replaced your initial investment. Now you can’t end up in with a negative balance because you’re only playing with profit funds. Continue that practice when you double your initial deposit again to keep earning a return on investment and maintaining your bankroll at the same time.
Tips That Will Help You Be More Successful With Managing Your Gambling Funds
Smart money management is one of the strongest skills that you can invest in if you want to successful at gambling. So, keep these tricks in mind the next time you place a bet.
Frank Wilson is a retired teacher with over 30 years of combined experience in the education, small business technology, and real estate business. He now blogs as a hobby and spends most days tinkering with old computers. Wilson is passionate about tech, enjoys fishing, and loves drinking beer.