Money Management At The Casino
Introduction: Money Management
So it must follow that the goal of gambling is to limit these losses and thereby the guilty attachments that go with them. There are essentially two ways to go about doing that; playing properly and properly managing your bankroll. One point to keep in mind is that good money management can’t overcome the house edge. If you’re playing a game with a negative expectation, no form of money management can change that. However, good money management can help you to contain your losses.
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Large Bankroll/Small Bets
Obviously you need a bankroll in order to gamble. So the last thing you want is all your bets eating up all your bankroll. To that end, you’ll need a larger bankroll to back your individual wagers. Going into a casino with just $10 in your pocket and you’ll be wiped out very quickly.
Money Management: The 401G
First things first. No one should be going gambling with their food, rent, or living money. Money doesn’t really stretch….it’s either there or it’s gone. We suggest that you maintain a separate bank account just to deposit monies for gambling. It should be an account that gains interest and you should call it your 401G account. The “G” stands for gambling. If you’re fairly well off, you can load the account from your other bank accounts. Remember that you’re spending money that was originally earmarked for any other purpose and would probably be a wise cushion in case of emergencies.
But if you feel there’s enough to cover those things, then by all means knock yourself out and take some of this. But whatever you do, don’t be constantly “dipping” into your other accounts. The money in your 401G is to last the whole month. If you run out, then you need to wait until the next month. Punto!
The second means of funding your 401G is to take off a small part of your monthly salary and set it aside. You can set this up with your bank so that the required amount is transferred into your gambling account on the same day that you’re paid
How Much Money Should Be In A 401G Bankroll?
Probably the easiest way to get wiped out is to bet too much on too small of a bankroll. It’s not that you’re a high roller, or even pretending to be one. It’s just that the nature of casino table games can mean that you have to bet to get the pot. You can’t keep throwing your hand in just because you don’t have the required bankroll. You’re just throwing your money away in that case.
Though this might sound like a crazy number, we honestly suggest that you play and save at a ratio of 1:500. That means for every $1 you can play with, you need to have at least $500 in your 401G. It means that if you want to try your hand at being a $100 better, then you’ll be needing to have at least £5,000 in the account. This way, no matter what turns a game takes, if you have a winning hand, you can always keep driving the bets upwards to ensure a win. And it also ensures that you’ll never suffer the pain of being wiped out.
What To Do With Wins
If you’re that good of a player that you can regularly add your winning to your 401G and see it grow, well, bully for you. You can continue adding both wins and a percentage of your salary to the account and in time you can play with even bigger bets. And one thing to keep in mind is that you should never stop siphoning off a small percentage of your monthly salary for your gambling, as it’s important that you maintain a habit. This way you won’t be tempted to take a little from here and there during the month. Gambling is your hobby. Just like someone spends money going fishing every month. Well, you do the same, but rather than mountain streams, you head off to the casino.
Session Stakes And Saving Money
When we visit the casino, it’s normally for several periods rather than one long extended period. For the sake of having good concentration, it’s much better to break up the day into, say, morning, afternoon, and evening sessions. This way you can remain relatively fresh. Also, it can become a grind if the sessions go on forever. It’ll suck all the fun out of being there in the first place.
So How Exactly Should You Divide Your Bank Roll-Up?
Now, let’s say that you have $5,000 in total bankroll and you bet at $10. You’re going to be spending 2 days at the casino and you’ll be just hitting the games tables and not the slots. Let’s make the assumption of three sessions each day. And each one of these is between one and two hours. We would take half of your total bankroll and divide up into the six-session, so that would be $400 per session. never risk your whole bankroll on the one casino trip. So it’s best not to bring all your 401G savings. Just take half.
Though we mentioned time for each session of between one and two hours, that can be a bit misleading. If things are going really well and you’re hitting a winning streak, so you just stop and leave? Conversely, if you’re getting spanked, should you stay until all the bankroll is gone? We have a formula for what to do in each situation and at the end of each session. OK…let’s start with the first session. The bet level is 410. The session stake is $400. The maximum time of the session will be for two hours.
Money Management: Losses
In one hour or less: if your losses are more than half your session stake, then quit the session.
In two hours: If there’s any loss whatsoever, then quit the session.
Money Management: Wins
In one hour or less: If you have a win of at least $200, then you put away $200 from your original stake and ensure that this is not used for gambling during this session. So, you still have $400 with which to play.
In one hour or less: Now, if you go up another $100, then you also set that aside from your bankroll. You’ll still have $400 to play with and $300 set aside. With each $100 win, you take the same amount from your original stake. Once you start t play with $400 in wins, please ensure that you don’t lose more than $200 of those same winnings.
Two hours: Simply quit the session and take one-third of your wins and only play with that money. And any time that you lose half that same money, you need to quit the session. Now at the end of the session, you need to take all the money, be it from your 401G or winnings, or the total left after losses, and you put it in the safe. So, the safe should contain your session money, win lose or draw monies…it’s all money that’s not to be used for any more gambling. Once your casino weekend trip is over, empty the safe, and then put all that money into your 401G. Easy!
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