If you are serious about gambling, then it is imperative that you have a money management strategy in place. A money management strategy typically entails setting some rules to follow whenever you are gambling. This article will highlight some helpful money management rules to add to your money management strategy.
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Do you have a bankroll?
A bankroll is a set amount of money that you intend to gamble with. Many people have a session bankroll and a monthly (or another large chunk of time) bankroll. A monthly bankroll is the amount of money you intend to gamble with in that month. You can arrive at this amount by eliminating all expenses from your total amount and then using a portion or all of the remaining money to gamble.
A session bankroll is the amount of money you intend to gamble with when in the casino for a session. When it comes to bankrolls, you are required to leave the casino once you have hit your set bankroll.
Don’t borrow to gamble.
There are two things to look at in this case. First, don’t take a loan to gamble. A loan is typically money that does not belong to you and that you intend to pay back. Even if you have heard that the Intertops Casino Red casino has a high stakes progressive game, beat the temptation to go if you have no money of your own to gamble with. Furthermore, avoid using lines of credit like credit cards to gamble with if you can avoid it.
Don’t drink and gamble.
This rule is not directly related to managing your money, but how drunk or intoxicated you are can alter your thinking, leading to overspending or spending recklessly. Numerous studies have shown how drugs affect the prefrontal cortex. Your prefrontal cortex is the part of your brain responsible for making decisions and impulse control, among performing other executive functions. Taking drugs will affect your ability to make rational decisions and even follow through with your money management strategy.
Use conditional rules.
Conditional rules are those that contain two clauses that affect each other. For example, if it’s 10 PM, then I will go to bed. Such rules make decision-making later on easier. You can set many examples of conditional rules, but this article will highlight two conditional rules that could effectively boost your money management strategy.
Two conditional money management rules to follow?
- If I win X games, I will stop playing.
This rule follows the rule which states’ what goes up must come down.’ If you are experiencing a lucky streak, the best decision to make may seem to be to ride that wave as much as you can. However, just as there is no never-ending wave, there is no never-ending streak. Therefore, the best decision is to lock in your savings after a set time and go home. You never know when the tides will turn, and you lose the money you have made.
- If I lose X games, I will go home.
This rule makes sense logically, but there is much more to it than meets the eye. Sometimes, you will go to a casino and not have the best luck. Some people know instinctively to go home. Others, however, decide to keep playing to see if they can win back some of the money they have lost. In most cases, because they are no longer making rational but emotional decisions, they may end up losing even more money than anticipated.
If lady luck seems to have deserted you for the day, go home! The casino will still be there tomorrow.
Don’t play games you do not understand.
It does not matter how high the stakes are; if you do not know how to play a game, do not play it. There are two main groups of games in a casino, i.e., games of pure luck and games that combine luck and strategy. If you want to play and don’t know how to, test your luck in games that need pure luck like the slots. Otherwise, play demo versions of strategy games and perfect your skill before betting any real money.
What would happen if you lost all your money?
This is a question you should ask yourself whenever you join an online casino. Would you be okay if you lost all the money in your bankroll? Would any part of your life suffer? If the answer is yes, then please do not gamble. In casino games, the casino always has the edge over the players. This means that you should always be psychologically prepared that you could lose all your money. If that idea does not sit well with you, you are better off not gambling at all.
Do not hide your gambling.
Often, when people are doing something wrong, they hide it. If you feel the need to hide your gambling or your wins and losses to your family or friends, it may be best to ask yourself if you should be gambling at all. If you have to hide the extent of your gambling, ask yourself if you may have a gambling problem and take the necessary steps to get help.
Every professional gambler can attribute part of their success to having and upholding a money management strategy. If you want to become a pro gambler, or if you want to take charge of your gambling, it would be advisable to try and adopt some of these rules to your money management strategy.