Money Management
No matter what online casino gambling game you prefer, adopting sound money management principles can always help you to play more effectively. If you adopt a sensible approach to money management then your bankroll is likely to serve you much better – and in most cases enable you to enjoy more gaming sessions – than if you elected to fly by the seat of your pants. That being the case, here are several essential principles of money management which you can use to help you get maximum gaming action for your buck – use them wisely!
Principle #1 – Establish A Bankroll
Your bankroll is the total amount of money that you are willing to set aside for online casino gambling purposes. It should be a sum that wouldn’t cause you too much discomfort should you lose it, so forget any notion that you might have of playing with the mortgage payments or rent money – such recklessness is and always has been a fast-track to the poor-house. Also avoid comparing the size of your bankroll with that of other players – money management is not a competition and your bankroll size should therefore be determined by your own financial situation, not someone else’s.
Principle #2 – Set Session Limits
Putting all of your bankroll at risk every time you sit down to play an online casino gambling game is madness. A far more sensible approach would be to set yourself clearly defined session limits which would leave a large proportion of your bankroll intact even if a particular gambling session went very badly. Most players who adopt this approach choose to risk no more than 5% or 10% of their bankroll in any given session. That would leave 95% or 90% of the bankroll intact even if a particular session goes badly.
Of course, future session limits should be based on the remainder of the bankroll, so if you take 5% of your £500 bankroll to the tables (giving you a ‘session bank’ of £25) and lose, you would take 5% of your £475 bankroll balance to the tables the next time (giving you a session bank of £23.75). By setting a session limit as a percentage figure the amount you put at risk in any given session will always reflect the current size of the overall bankroll.
Principle #3 – Have a Plan!
Taking a modest percentage of your bankroll to the online casino gambling tables doesn’t give you a good enough excuse to simply throw it around and hope for the best. You should always have a plan so that you know how you intend to use your session bank wisely. You might decide to use one of the Casino Staking Strategies that we discussed in a previous article, or you might simply decide to split your session bank into ten, twenty or fifty equal units so that you can make the same number of bets at the blackjack table, roulette wheel or slot machine.
Principle #4 – Know When to Quit
Knowing when to quit a particular online casino gambling session can make all the difference between winning and losing over the long term. If you routinely play until your session bank is gone then you will always lose money long term no matter how many times you win in the short term. However, if you get into the habit of quitting just as soon as you manage to make a certain amount of profit, you have a chance of profiting long term too. For example, you might decide that you will quit playing if you manage to double your session bank. Or you might decide that making a profit of 50% of your session bank is enough for you. Whatever the case, decide in advance when you will quit playing and stick to that decision!
There is no money management technique on earth that can absolutely guarantee you success at the online casino gambling tables, but the four principles outlined here will certainly serve you a lot better than having no money management principles at all. Try sticking to these principles for a month and we think that you’ll appreciate the difference they can make!
21/06/2010 14:10:25