Casino Money Management

It is important to start off with saying that winning a lot of money in a short amount of time does not make you invincible and it sure does not protect your bankroll from heading right out the door. This is why Casino Money Management is such a vital part of being a successful gambler over a longer period of time.

So whenever you get that winning streak that does not seem like it is going to end - enjoy it but be aware that things will soon turn around and you need to constantly manage your money and stakes.

It might seem as something very basic but very few people realize that once you hit a good winning streak and you start feeling like you are invincible, that is when your emotions will take the upper hand and you could end up losing your winnings and then some. So with this said, it is time to get to the first and most basic rule of money management - being able to stop playing. Whenever you feel that things are getting too good to be true, they probably are. This is the first and most important indicator that should tell you to call it quits.

Do not take any advice from the people around you egging you on to bet more and more, it is your decisions and that decision is always final.

Set up a Budget

Budgeting is something that should be a part of your everyday life but it is vital when it comes to gambling at a casino - both live and online.

Make sure that you find out just how much money you can afford to lose on the night, as a worst case scenario, and bring only that money with you. In all fairness, setting a budget is probably the easiest thing to do - the hard thing to do is sticking to it. A top tip is to bring your budget in cash (to a live casino) and leave any credit or debit card at home. That way you minimize the temptation of thinking 'if I bet a bit more I can win it all back'. Then you just have to drill into your head that once it is gone - it is gone.

The main thing to consider when creating a budget is to always make sure that you have the money available to play with. This does not mean that you "could" get the money by taking out a loan, borrowing from a friend or using up savings. Never gamble with money that you do not have or you cannot afford to lose.

When to Quit and How to Quit

One of the hardest things in gambling is knowing when to quit.

If you lose your entire budget for the night it is a very easy decision but everything gets turned on its head when you win money. Always remember that you will only be a winner for so long and lady fortune will not be on your side forever. A great way of knowing when to quit is to set an amount where as if you reach that much in winnings you are going to take your money and leave.

Make sure that the limit you put is realistic and a nice rule of thumb is to never make it more than seven times your budget. Heading in to a casino with £100 and leaving with £400 is a very successful night so make sure that your goals is realistic based on how much you are willing to bet.

A great way to keep track of your money is to always take your winnings off the table. If you are playing with £10 bets each time, take £10 off and put in your pocket whenever you win. That way you will stick to your budget and everything that is left in your pocket will be your winnings for the night. It can be tempting to let the winnings ride for the next hand or spin but this should only be done if you feel extremely comfortable about the outcome of the next hand or spin.

To conclude then: gambling at a casino can be exciting and exhilarating and it is very easy to get carried away. Always try to keep a good head and have your numbers written down: one for how much you can afford to lose and a number for when you should call it quits when ahead.

It is more about willpower than anything else. So enjoy, stay safe and may Lady Luck be on your side when you gamble.

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Casino Money Management

Set up a Budget

When to Quit and How to Quit

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