Smart Money Management for Gamblers
Learning how to manage your money is one of the characteristics of a smart and successful gambler. Unless you can afford to throw away wads of money and still have enough in the bank to finance your gambling habit for the rest of your life, you should and you must learn how to spend your money wisely.
Since gambling is mostly based on luck and chance (although poker and blackjack both require skill), there may be days when you feel very lucky and some days when you're plain unlucky. These are called your winning and losing streaks. Your money management strategy in gambling must center on these winning and losing streaks. An excellent money management strategy will allow you to overcome the losing streaks while taking full advantage of your winning streaks in gambling.
The first step to wisely managing your money in gambling is to set aside a portion of your money as your bankroll. Then divide your bankroll into betting units, or the amounts that you place into every bet.
For example, if you set $500 as your gambling bankroll and you divide your bankroll into 50 betting units, then your maximum bet should be $10. Look for casino gambling games that allow you to make bets equal to or less than $10. The lesser the amounts you bet, the better, but don't go too far. Avoid the temptation to increase your bets beyond the value of your betting unit, unless you also increase your bankroll. So, if you win $300 in gambling and your bankroll increases to $800, then it's safe to increase your bets to $16 each. Feel free to adjust the value of the betting units depending on the size of the bankroll.
This is just an example of a good money management strategy, so feel free to make up your own strategy as long as your goal is to preserve your bankroll and avoid huge losses. There are countless books and articles on gambling money management that you can buy or read on the Internet. Choose the one that's right for you or just follow the aforementioned strategy of splitting your bankroll into small betting units.
Having your own money management strategy in gambling is a wise move that will pay handsome dividends in the future. With this kind of strategy, you'll avoid losing a lot of money at the casinos and even falling deeply into debt and desperation as you try to win back your losses. Since you no longer have to worry about your financial losses in gambling, you can concentrate on your gambling and focus your mind on playing the games.