Is it not funny how players can play at an online casino, make the right bets, play the right way and still walk away broke? Surprising though how many players fall into this category though. Money management is critical when playing at the online casinos.
Basic money management principles are all that’s required for players to protect and grow that initial bankroll. The following are a couple of easy steps. Stick to these and you won’t see your bankroll dwindle away in no time:
Never bring your whole bankroll along to 1 gambling session. This is a golden rule that must never be broken. Set a budget and stick to it. Divide the roll by the number of days play wanted, and then by the number of playing sessions wanted per day, to arrive at the amount that will be a single-session bankroll. This amount – for a single days play – must never be overstepped.
Set winning goals for each day – ie: aim to win 50 – 100% of a single-session bankroll. Once you have achieved his goal or target, put these winnings and his original bankroll aside, and play only with the balance of the winnings. Further winnings can also be put aside.
Set a predetermined percentage increase for each winning bet. Players hereby use a winning progressive way of betting ie: The player increases his winning bets by 50% after his 2nd win: $5, $5, $7, $10, $15, $22, etc. He will continuously flat bet (the table minimum) when he losses.
Stick to cash. When betting, stick to cash. This is great advice, as players often get taken in by the Casinos’ great marketing and promotions. Take note of playing with chips and their names! A 5c chip is a “nickel” and a 25c chip a “quarter.” Players must stick to betting with cash to realize exactly what is going out and of course, what is coming in!
Chips = Cash. When playing with chips, always remember that this is cash as well.
Do not double up when down. Another simple golden rule that can save a lot of money! Don’t double up to catch up.
Be disciplined. This applies to both money and betting strategies. A successful gambler and player sets stop losses and goals for winning. He cashes in what he wins and does not get too greedy but follows a strategy, that likewise limits his losses – ie: When losing half a session bankroll (loss limits), walk, and when doubling a session bankroll, … walk!
Shop around for the best casino house rules, playing conditions and the best odds. Players should at all times look for the most profitable playing opportunities and forget about playing anywhere where the house takes more than 2%.
Do not EVER gamble with money that one can’t afford to lose.
Do not EVER use credit to gamble.
Do not walk away from a hand on a winning streak. Why not? Because fairytales happen and dreams do come true…sometimes. Who knows? But when that hand turns and starts losing…walk baby!
The basics don’t help get more cash, but help protect cash! A sound money management strategy minimizes a players’ losses and can protect his winnings by using a disciplined approach to money. It does not change the house advantage nor guarantee a higher success or winning rate!