Many people believe that being a successful gambler comes down to how successful you are making picks, or how much luck you have. The fact is that over the long haul, it takes effective money management to put you in a position to be ahead at the end of the year.
Casino bankroll management is the overall term that is used to describe a gambler who looks at his bankroll more like operating capital, as opposed to simply a source of funds. The concept of “a chip and a chair” refers to gamblers who are trying to hit a long shot. Over a long enough time horizon, this logic doesn’t lead to profits. Like Knish from the movie “Rounders” said,
-“it’s the grinders that make the real money.”-
While there are a million theories about casino bankroll management that can be turned into effective processes, most of the gamblers who are more adept to it are already good with their finances. What about the gamblers who aren’t good with money? They may have great instincts and engage in wise gambling, but when it comes to balancing a checkbook, they are terrible. This will typically lead to these gamblers getting overextended and over concentrating their bankroll in a few wagers. This is especially dangerous when dealing with an online casino, because the opportunity to go through your funds is only a few clicks away.
Before we get into tips that will help someone who is bad with money, let’s look at some common practices to a sound casino bankroll management system. Some basic tenets to these programs are to only play with what you can afford to lose. Establish a starting investment, and then limit your deposits and withdrawals to a percentage. This ensures that you don’t over bet on a few games, and by limiting withdrawals; it ensures that you have enough to cover a losing streak, which will happen.
Finally, don’t chase losses. You hear the term “make-up games”, and those are sucker bets. Stop looking at gambling as something that has to be settled weekly. In other words, if you are down on Sunday, don’t think you need to load up on Monday night to make it back. Just understand you are in a bad streak, and trust your process. If truly are a below average gambler, it will show over time, no need to put a larger percentage of your bankroll on a game simply because it ends the week.
For players that don’t think they have the discipline to adhere to a casino bankroll management system, they should consider creating some accountability. The only way to do this is to enlist the help of someone else to “approve” transactions. Perhaps finding another gambler and having them approve your money management, and vice versa would work. Let’s face it, people act differently when they think someone is watching; and most mistakes that gamblers make is because they are “putting it on the line”. A second set of eyes may stop you from making a bad mistake, help you continue your wise gambling.