One of the most important things you should learn before you start gambling is bankroll management. It is essential for turning a profit and avoiding massive losses and the emotional lows that might come with them.
If you want maximum entertainment and big real money winnings, you should invest in ample amounts of time to learn effective bankroll strategies. Let’s get started.
What is Bankroll Management?
Whether you are playing blackjack, slots, or poker, your bankroll is the amount of money you have set aside for betting. It doesn’t include any money for your mortgage, utilities, children’s schooling, or future wages.
Your bankroll should be money that you can risk losing, without losing anything else.
Some people will begin with a bankroll of $10 and others $10,000. No matter the amount, this will be your starting point.
Finding the Right Amount For You
Once you have set an initial bankroll amount, it’ll be time to set limits on your wagers.
In general, you should have at the minimum 20 buy ins (some players will consider this too low and prefer double this amount). So, if you’ll be playing at a $5 blackjack table, you should have a minimum of $100.
It is equally important to set a limit for how long you will play in one session. This is often very difficult for players, especially when they are on a winning or losing streak.
If you set a two-hour playing session, then when the timer goes off, it’s time to walk away.
Finally, when it comes to limits, many players also like to set a loss limit. So, just because you have a bankroll of $100, does not mean you can or should want to lose that all in one session (although it’s possible). You might only choose to lose $80, once that’s gone, your session ends.
Even pro gamblers adhere to optimal bankroll management.
Quick Tips for Bankroll Management
- Set a budget for your session or casino visit
- Make one deposit per session if online
- Divide your budget for the number of days at an offline casino
- Set win and loss limits – and stick to them!
- If you lose your bankroll, stop playing
- Set winning goals
- If you reach a goal, put aside all or some of your winnings
- Make bets proportional to your total bankroll
- Never chase losses
Proper management of your money will let you get the most out of your casino experience – no matter where you are playing.
By following these simple guidelines, you can ensure all your time at the casino will be everything you had hoped for, and maybe even more.
