Lack of money management at a casino is a recipe for disaster. If you are currently gambling with no money management strategy, you have elected to give the casino your money. Congratulations, you are a significant contributor to the success of the casino industry. However, if you are reading this article, you do not want to be among those constantly losing at casinos. Or, you no longer wish to spend more money than you wanted to at a casino.
There are many guides that explain money management at a casino. This article will attempt to distill the most important information for you.
1. Take your time selecting a casino.
This may sound counterintuitive, but it’s true. Some casinos have a reputation for not paying out their clients after they win. If you take your time to research various casinos before joining, you will find this out and avoid such casinos altogether. If you’re wondering what to check when selecting a casino, here are a few tips
What should you consider when selecting a casino?
- Do they have a valid operating license? This is a legal requirement, and you should be able to find the licensing info on their website or receive it upon request.
- Are they regulated? Regulatory bodies make sure that the casinos operate fairly and protect the clients.
- What do their reviews say? The best insights on casinos come from their customers. Watch out for assessments that seem too good to be true.
- How is their customer service? You want to be sure that they can help you promptly if you encounter any problems.
There are, of course, other factors to consider when selecting a casino, but these form a great place to start.
2. Have a bankroll
A bankroll is a set amount of money with a specified purpose. In the case of casino gambling, a gambling bankroll is the amount of money you intend to gamble with. This money should have no other designated purpose like school fees or rent and should be money you would be willing to lose.
How do you make sure your bankroll lasts?
It’s one thing to have a bankroll and another to manage it. Let’s say that you have $300 as your gambling bankroll, and you want it to last an entire month. How do you make sure you have money to play with during the whole month. This is a crucial question to ask as it would be very easy to gamble all the money in your bankroll in one session and have no money left out for the rest of the month.
To make your bankroll last the entire month, you need to do a little math. Let’s say you intend to gamble every day of that month. If the month has 30 days, this is how you would calculate the amount to play with every day.
If you want to gamble every Friday and that month has 6 Fridays, you would calculate it like this
Simply put, divide your total gambling bankroll by the number of gambling sessions, and the result is your gambling quota per session.
3. Have a set stake amount for your games
Some people choose to divide their session quota further; they decide how much they stake into each game. One great way to do this is to decide that games that need pure luck like slots will get lower stakes than games that need both luck and strategy. For example, if you have $50 as your gambling quota for your session at Sloto Cash online casino, you may decide that 30% of your quota, i.e., $15, will go to games of luck, and the other amount will go to other games, those requiring some element of skill.
Furthermore, you may decide how much you can stake in each individual game. This is an excellent idea as you can have higher stakes for games that need strategy and lower stakes for games that do not need a strategy.
4. Watch your drug intake.
Studies have shown that drugs like alcohol affect the brain’s prefrontal cortex, responsible for self-control and decision-making. This means that if you are intoxicated, you increase your chances of throwing your management strategy out of the window and consequently losing more money than you intended. For that reason, it is often advisable to control your liquor or drug intake if you’re going to be gambling. If you still want to use something, you can set a limit above which you stop using or stop playing.
5. Keep records
It may sound absurd to keep track of your gambling progress, but as the Management thinker Peter Drucker says, ‘you cant change what you cant measure.’ It is only by tracking how you manage your money in a casino that you can find out if you are mismanaging or how to manage your money better.
It does not have to be an elaborate tracking method, and it does not all have to take place while gambling. You can simply record your stake and the result after each game and then do the evaluatory process late. You should see a trail of your performance in the long run and use that to direct any changes necessary.
Any successful gambler knows that an effective money management strategy can make or break their gambling. Implementing these money management strategies is a must if you want to improve how you spend your money.