Every gambler should remember three simple tips for gambling money management. Gambling is an entertainment enjoyed by millions of people and games of chance are more popular and easier to find now than at any time in the history of the United States. What better time for a little refresher in how to protect your bankroll.Number One: Determining your bankroll
This may seem silly, but the number of people that skip this simple rule is staggering, probably because people forget that they are actually risking their money when they play a game of chance. I've seen countless players risk every penny in their pocket. Sometimes they play table games or slots with their rent money.
The most important thing to do is budget your money and figure out what you can spend (risk) for entertainment. Gambling is entertainment, and while the thrill of winning is great, it is not guaranteed. Determine your gambling bankroll for the month and don't exceed it.Number Two: Learn the games you are playing
Sure, this sounds easy, but we humans are fickle and impetuous creatures. We like new things and we often leap before we look. If you've never played blackjack before, is it a good idea to risk all your money at the casino playing the game? No.
Put some time into learning the rules of any game you are going to play, whether it is craps, blackjack, roulette or even the slot machines. We are all suckers for new things, but when you pass that new table game, don't immediately sit down and risk your cash. At the very least ask the dealer or a pit boss for a pamphlet with the rules to the game and figure out what it will cost to play.
For instance, say you see the new World Poker Tour 3x Raise table game and it looks innocent enough. There are two side bets and an ante. If you play the hand (which you should 90-percent of the time) you have to place another bet three times your ante. If you bet $10 on each bonus and $10 on the ante, you would then bet $30 on the "raise" and have a total of $60 in action. The house edge total is about 2.8 percent. An average blackjack player is at a disadvantage of about 2 percent, basic strategy players only about .75 percent. Is your bankroll strong enough to handle $60 bets?Number Three: Set a time limit for your play
This is a very crucial rule to follow because the longer you play and the more hands or spins of the slot reels you bet on, the more expensive your trip to the casino will be. Too many players start off hot and win the first hour or so, but keep playing through thirst, hunger, and sleepiness because they think they will continue winning.
The truth is, if you play long enough, you will lose. End of story. If you budget your time as well as your money and learn the games you are playing, you can enjoy your trip to the casino. Some times you will win - enjoy the rush, take the cash, and play another day on the casinos' money! When you lose, take it in stride because you budgeted for some entertainment, not to win your rent money.