Do you play craps online or good old poker? Gamblers know that casino games like poker theoretically never end. Unfortunately, some people go too far, forgetting about budget management.
You wouldn’t want to play poker for money only to lose all of it because you couldn’t manage your money and winnings efficiently. Prevent that from happening by following these tips:
1. Stick To Your Budget
The first thing to know about gambling is never to gamble more money than you can’t affordlosing. This is the first and most important rule to follow.
Remember, not all poker games will result in a win, which is why you shouldn’t spend the money you can’t lose.
To do this, set a fair budget and stick to it. Do NOT go overboard and if you do spend all of your allotted budgets, learn to walk away. Regardless of how much you knew about poker and how you believe the next one will be your win, you will lose. And it’s inevitable.
If you have no bankroll or savings that can handle the losses, you end up losing all your money.
2. Monitor Your Results
It’s easy to get caught up in gambling to the point you don’t know exactly how much you’ve burned. That’s why it’s best to keep track of all of your games, both wins and losses, and how much money was affected.
You can use the classic pen and paper for this, make notes on your phone or app, whichever works for you. This will be easier for you to see if you are on an uphill trend or experiencing a downswing after every day.
As a result, you’ll be more aware of your playing time and know when it’s time to take a break, making wiser decisions when playing casino games next time.
For instance, many gambling experts from Canada recommend that you always keep an eye on your finances and select the best online casino for your games. This prevents any cheating on the casino’s end and make sure you know how much you’re spending. Sure, one of the benefits of online gambling in Canada is the bonuses, along with the convenience of paying credit cards at home but don’t let that tempt you into playing more than you should.
3. Never Wager More Than Needed
You can see players unable to grasp the meaning of budget management risks in live and online casinos everywhere. People end up wagering on a lot of single bets, which results in them damaging their bankroll. Because of this, they’ll start playing from scratch all over again, to the point they risk their own finances when you could have prevented it.
You have to think smart and become an intelligent gambler in the casinos, live or online. An intelligent gambler knows that the biggest bets must mirror their bankroll size. This prevents you from losing control over making a huge bet.
A general rule of thumb to follow is to never wager over 1% of your bankroll amount in single bets or games. For instance, you made an initial deposit of $800. Do NOT bet over $8 in single bets and games. Simple, right?
So when you’re gambling, you’ll still earn enough winnings to see a sizable difference in your bankroll. Or if you lose, it won’t be as much, and your money won’t go down the drain.
Gambling is NOT a marathon, and there are no winners for the fastest gamblers. This is a long session you take in your life, where you can start or end on your terms. Because of that, you have to think slow, and steady, which sets you up in a position you experience more wins throughout your present and future sessions.
4. Detach From Your Emotions
We all get emotional when we go through wins and losses. But when you make decisions as you gamble, never let your emotions take control over you. Be harsh and strict, having more control when you experience losses.
Have a stop-loss limit and take a break. Use relaxation techniques such as breathing exercises and going outside for fresh air. Sure, you might want to keep playing to get a win and get some money back, but this tactic will never work your way.
That’s why having the stop-loss limit is vital. If you start losing more and reach your limit, stop and step out to protect yourself and your finances.
5. Withdraw Your Winnings
After building your bankroll and earn double the initial deposit, withdraw the amount you initially put in. That way, all the money in the bankroll you’re left to use gambling is pure profit from the online casino. You won’t lose any of your funds!
Continue doing this each time you double your bankroll amount and continue withdrawing the exact amount you put in initially.
You can learn more about budget management and online casinos from the author, Kevin N. Cochran.
Wrapping It Up
Whether you’re planning to play online poker or head to the casinos yourself, keep these budget management tips in mind to have fun safely. Good luck!