Gambling Money Management Strategies
There are many things to keep in mind while gambling, but few of them are as crucial to your success as managing your money.
Below are a few guiding principles that will help maximise your profits and reduce your chances of losing your bankroll when gambling online. Its all a part of Responsible Gambling
The basic rules for keeping your balance up include:
Decide on Your Bankroll
- Before starting a session, decide the maximum amount that you can afford to lose. Stop playing if you lose that amount.
- Are your bills waiting to be paid? Never use this money to play.
- Never bring your entire bankroll with you. Only bring enough for about 2 or 3 playing sessions, (roughly 40 to 60 units). Play in sessions of 20 units at a time. Quit the session if you lose 20 units, or if you win ten units. The sessions would look like this: a $3 player with a $300 playing bankroll would use $/£ 60 per playing session and quit if the $/£ 60 was lost, or $/£30.
- Your bank role for the progression methods listed below should be enough for 100 bets. If your minimum bet is $3, you’ll need a $/£300 bankroll to play with.
Never Raise on Repeated Losses
You should never raise the bet size on repeated losses. This is the quickest way to dig your self a grave. However, on consecutive wins, you may increase your bets if you decide to do so. Most strategies would recommend a 50% progression. A 50% progression increase goes like this. When you win, you can make your next wage for the same amount, plus 50% more. The development would look like this for a $3 bet: $3, $5, $8, $12, $18, $27, $40, and so on. You can continue to add to your bet until you lose. Once you have lost a bet, start over again at $3, or whatever dollar amount your bankroll allows.
Use Your Bankroll to Raise
When you are winning, your playing bankroll will increase. This is an excellent time to raise your bet. As a result, your bank roll will lessen when you are losing. It is recommended that you decrease the size of your bet. Your minimum bet should always be equal to 1/100th of your bankroll when using win progression methods.
Use Progression Betting
Another recommended progression is the 1, 2, 3, five win method. With this method, you increase your bet from 1 unit to 2 units, to 3 units, to a maximum of 5 units. Again, only continue to increase your bets on consecutive wins. The progression would look like this for a $3 bet: $3, $6, $9, $15 then back to $3. After you make the maximum 5-unit bet, whether you win or lose, make your next bet 1 unit. This is the more traditional approach of the two progression methods suggested. Also, the size of your original bet depends significantly on your bankroll. We have used the $3 bet for example because many players don’t have a large enough bankroll to place the big-dollar bets.
Dont be too greedy
Although you should never be greedy, you should also never stop in the middle of a winning streak. If you’ve managed to win ten units, continue to play with the goal of winning ten more units. You can keep this going as long as you are winning. Once the wins start turning into losses, walk away with your profit. Remember that a small profit is better than breaking even. Every little bit you ahead add up over time
Betting Money Management
Important note about money management
Beware of becoming a “chaser.”
All gamblers, at some point in time, are going to experience losses. If you lose one or two sessions, it’s best that you call it a day. Don’t create a situation that will be too hard to get out from. Casino Gambling is still going to be here tomorrow. If you follow sensible rules for money management and use proper playing strategies, you’ll be winning again in no time!
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