5 Best Money Management Gambling Tips

One of the most important aspects of gambling is known as money management. Although it cannot increase your odds of winning, it can significantly impact your gambling experience. All successful gamblers have control of their finances. They do not allow the casino to manipulate emotional responses when it comes to their money.

Gambling Bankroll

You should always have a set amount of money that is exclusively for gambling. This should be recreational money that is not needed for living expenses. You should put this money in a separate account and gradually add to it as extra money becomes available.The amount of money for each gambling trip should be predetermined before you arrive at the casino. Divide that amount into session bankrolls. A session bankroll is a small fraction of your overall bankroll. This protects you from losing a large portion of your bankroll at any one time.

Gambling Log

Every time you gamble, you should keep a detailed log or journal for each session that you play. There are two main reasons for this. First, when it comes time to file your taxes, it is important to have a detailed account of your gambling results. If you are audited, the IRS will expect you to have this information. Secondly, you can’t manage your gambling money if you don’t have an accurate account of how you are doing. You need to know the results of every session so you can adjust your wagers accordingly.

Limit Gambling Session Time

Gambling can be fun and intoxicating, but it can also be mentally draining. One of the biggest mistakes recreational gamblers make is gambling too long. You should never gamble for more than two hours at a time. Your mind becomes fatigued and the decision making process becomes altered. You begin making poor choices. Make sure to take at least a 15-30 minute break after every two hour gambling session.

Pocket Gambling Bank

A recent innovation has made it much easier for gamblers to remain disciplined when it comes to managing their money in a casino. There are small steel banks, about the size of a credit card but thicker, that enable you to slide your winnings into the bank. Once your money is inside the bank, you cannot access it because the keys are to be left at home. Once you are home, you use the keys to unlock the gambling safe to retrieve the money. These pocket sized banks keep gamblers from losing all of their previous winnings back to the casino.

No Access to Additional Funds

Once you set a gambling bankroll for your casino visit, you should not have access to additional funds for gambling. Each gambling session should have a fixed amount of money that can be used. If that money is lost, the session is over and no more gambling should occur until the next session. If the entire trip bankroll has been lost, no more gambling should occur until the next visit to the casino. Taking out more money is not an option. Credit cards, debit cards, or any other source of funds, should remain at home where the money cannot be accessed while in the casino environment.

You cannot be a successful gambler over the long term if you do not utilize money management techniques. There is no gambling without money, and there is no money without money management. These five methods will help you stay in control of your finances when you gamble.

Common Casino Gambling Mistakes

There are common mistakes made by many gamblers in casinos. Many of these mistakes result in greater financial loss for the player. Avoiding these errors can help gamblers keep more of their money. These aren’t tactical decisions as much as they are creating the right mindset. It’s easy to get caught up in the moment when you are gambling. These lapses in judgment can have a negative impact on your entire gambling experience.

Playing with “House Money”

Many gamblers refer to their winnings as the casino’s money or “house money.” This mentality can be dangerous. Gamblers that view their winnings as “house money,” run the risk of creating a false sense of security. It relieves the burdens of losing money. Suddenly, they have this “free” money and their gambling behavior becomes reckless. They feel there are no consequences if the money is lost because it really was never theirs. This thinking is flawed. Once you take possession of winnings it is your money. Casinos want you to feel like it’s their money so you will give it right back to them. Do not deviate from your gambling strategies because you are winning. Your goal is to leave the casino with more money than you came with. You can’t do that if you make poor choices because you falsely believe your gambling with “house money.”

Gambling to Escape

There are far too many gamblers that go to the casino to escape. Yes, gambling is a form of entertainment, and entertainment is a way to escape the rigors of ever day life. However, if you go to the casino in an attempt to escape reality, there is a good possibility you will be unhappy with the results. A casino is not a good place to forget about rational thought. You must maintain some level of discipline so you can enjoy yourself without sustaining a financial loss that you cannot afford.

“Chasing Losses”

Another example of gamblers altering their behavior based on results is “chasing losses.” This can be the most devastating behavior of all. There are gamblers that cannot handle the reality of losing money. Whenever they begin to lose, they start “chasing” their losses. They increase their wagers in an attempt to quickly regain the money they have lost. If the losses continue, the problem compounds itself. They begin a rapid descent into financial ruin. If you cannot handle financial loss and find yourself “chasing” your losses, do not gamble. Even highly skilled advantage gamblers know that losing sessions are inevitable. Once again, do not alter your betting levels to try and recoup losses.

A proper mindset is very important in a casino environment. These mistakes are repeated over and over by millions of gamblers around the world. Avoiding these mistakes will not guarantee you success, but it will hopefully keep you from heavy financial loss.

Why a Sports Gambling Addict Loses Most Bets

A sports gambling addiction is a serious problem. The main reasons the gamblers lose is not always just bad picks. There are a variety of reasons why the gamblers tend to lose more frequently when an addiction is brewing. The gambling addiction can cause the gambler to lose money, friends, family, and even their job. They are constantly looking for ways to even out their losses or to come out ahead, but many times, losing is inevitable.

Poor Money Management

Poor money management is a huge problem for those suffering from a sports gambling addiction. The gambler often makes impulsive bets, leading to a financial disaster. Betting half the bankroll, or throwing out a large bet on a game often times is an impulsive move that leads to a huge loss. Gamblers often double up on bets after they win, creating a huge problem when their bet does not come through. It is far easier to pick a winning team than it is to manage money, so often times the gambler starts placing disaster bets if they start winning.

Lack of Knowledge

Many sports bettors lack the proper knowledge to make decent bets. For those with a sports gambling addiction, they often know just enough to make them dangerous. Knowing football does not mean you are going to be able to make good football bets. Betting trends, handicaps, injuries, and other betting angles are the main factors in betting. The average bettor does not have as much time to invest in these stats as the professionals, making them a difficult trend to understand and actually make money with.

Too Many Bets

Many times, a compulsive gambling habit results in over betting and placing too many bets. The gambler starts betting on one game, then another, then another, until they are too widespread to come out ahead. Even if one of their bets comes through as a winner, the others that are placed absorb most of the bankroll. Those suffering from a sports gambling addiction often end up placing too many bets due to their addiction. The betting is compulsive, and even if the gambler knows the strategy is a sure loser, they still do it.

Online Gambling

Internet gambling has made it far too easy for a sports gambler to find action. With so many games being played around the world on a daily basis, the Internet has brought even more ways for the gambler to lose money. Online betting is dangerous; the betting lines create too much room for failure. With so many different places to drop money, a gambler with an addiction can lose everything in just minutes. Online gambling creates an opening for casino games as well, and with an addictive personality, the addict often drifts into that area as well.

Desperation

Desperation is a huge problem with addictive gamblers. The gambler begins to feel desperation when they see losses, especially huge losses. The desperation leads to bets made based on poor decisions. Large bets are often placed in desperation to try to break even, get money back, or come out ahead. These desperate bets are almost always a guaranteed loss, but the gambler is always hopeful of hitting it big.

A sports gambling addiction is a serious issue for millions of people. The large number of sports that are televised makes it even more likely for a casual gambler to quickly get in over their head. A friendly bet on the game is fine, but when you start gambling your mortgage money there is a serious problem brewing. If you believe you have an addictive personality, stay away from any form of gambling.

Gamblers “Going On Tilt” in a Casino

The phrase “going on tilt” is commonly used in reference to poker players. However, it is something that can happen to any gambler. Understanding the dynamics of what is occurring and how it can affect your gambling behavior are important to combat “going on tilt.”

“Going On Tilt”

Poker players are notorious for “going on tilt” after receiving several “bad beats.” A “bad beat” is when a player makes the mathematically correct play and is the statistical favorite to win, but loses the hand anyway. This happens to every player on occasion, but when it happens on a particularly big hand or over and over again, it can be emotionally devastating. The player is unable to rationalize the losses and begins to become unhinged emotionally. This in turn affects the player’s decision making process. Their play becomes irrational and their mood usually becomes angry. They begin betting wildly without control. These irrational decisions usually result in greater financial lose.

Emotional Control

Gambling can become problematic whenever emotional control is lost. This is not a problem that is limited to poker players. The difference between a professional poker player “going on tilt” and the average gambler is the assumption that the correct decisions were being made before the loss of control occurred. Regardless, it is the loss of control that is important. Even if a gambler is not making the mathematically correct decisions while gambling, as long as their rational mind is in control they are less likely to sustain financial loss that they cannot afford.

How to Avoid “Going On Tilt”

The biggest key to avoid “going on tilt” is limiting the length of each gambling session. One of the most common mistakes made by gamblers is gambling for too long a period of time. The longer the gambling session is, the more fatigued mentally and physically you will become. Gambling can be mentally exhausting. The emotional roller coaster, the highs and lows, all effect the decisions you make. When a session lasts for too long, you are more likely to lose emotional control and “go on tilt.”

Limit your gambling sessions to a maximum of two hours at a time. Ideally, you want each session to be around an hour and a half. Give yourself at least a thirty minute break between each gambling session. It is important that you remove yourself from the casino floor during this time. Don’t go hang out at the bar on the casino floor for thirty minutes. Go to your room, go for a walk, go to a show, but make sure you are away from the casino atmosphere.

Tactics Casinos Use to Take More of Your Money

casino tactics

Most businesses use different tactics to try and maximize their profits. The casino industry is no different. Casinos are notorious for implementing different strategies to manipulate gamblers into gambling more than they intended. They know that the more their customers gamble, the more likely the casinos will make money. This is due to the built-in house advantages on casino games. Gamblers need to understand these tactics so they will be less likely to lose control.

“Good Luck”

The next time you visit a casino, count the number of times casino employees say, “Good Luck,” to you. This may seem like a kind gesture, but there are hidden motives behind these remarks. The primary intention is to create a show of support. The casinos want you to believe they are on your side, that they want you to win. While it is true that they do want you to win occasionally because they know if you never win you will eventually stop returning, they do not want you to win consistently. If gamblers won consistently, there would be no casinos.The other reason behind the words, “Good Luck,” is a bit more subtle. It’s a common misconception that successful gambling is a result of luck. While it is true that short-term gambling success can be a result of luck, long-term winnings are a result of mathematics and skill. Casinos would much rather a patron rely on intuition when playing a game like blackjack, rather than statistically sound decision making. They know that knowledgeable gamblers that use mathematically sound principles can reduce the house edge significantly. Don’t rely solely on luck to dictate your gambling results. Learn the proper methods for the games that you are going to play, and use skill to lower the casino’s advantage.

Casino Layout

Have you ever been sitting at a machine or table game and get up to leave but before you reach the door you’ve sat down at another game? This happens all the time in land-based casinos. Gamblers get up to leave, but end up playing a different game before they can remove themselves from the casino environment. The casino industry is fully aware of this habit. That is why casinos are designed like mazes. There is no easy escape. You find yourself lost and searching for an exit. Meanwhile, a new game catches your eye and you decide to play. When you have reached your gambling limit, leave immediately no matter how long it takes to find the way out.

Lights, Bells, and Whistles

This tactic is common knowledge, but most people don’t realize how powerful it can be. Entering a casino for the first time can put you on sensory overload. The bright, flashing lights and the celebratory sounds bring an instant feeling of excitement. It makes you want to join the fun and be a part of the celebration. Enjoy the atmosphere but don’t let it overwhelm you.

This is only a partial list of tactics casinos use to influence behavior, but it should make you more aware of the environment you are in when you go to casinos. Use this awareness to maintain control of your gambling behavior.

BLING Casino “Comps” and Rewards: The Do’s and Don’ts

Almost every casino offers some type of incentive for gamblers who gamble at their casino. Casinos know that by issuing complimentary benefits (“comps”) player loyalty is created and in the long run increases their financial bottom line. Knowledgeable gamblers know how to receive the maximum value out of their comps. Instead of allowing the incentives to negatively affect their gambling habits, they use the rewards strictly for their own benefit.

DO: Always Sign-up and Use Your Card

One of the biggest mistakes new players make is not signing up for a player’s card. Some feel their level of play is insufficient to receive any comps. This is a mistake. Many casinos will issue bonuses simply for signing up. Others will issue discounted food and room rates to even the lowest level players. Always sign-up as soon as you arrive at the casino and use your card for any game you play.

DON’T: “Chase Comps”

Casinos know that giving loyalty perks creates more long term revenue. If it didn’t, they wouldn’t do it. There are two main reasons for this. First, it encourages players to return to their casino so they can utilize the rewards that they have acquired. It also manipulates some players to “chase comps.” These players become so consumed with increasing their reward status that they gamble more than they intended. This allows casinos to take advantage of the built-in house edge. Never increase your level of gambling simply to increase your level of comps. Do not change your gambling habits to seek more rewards. Ultimately, this will have a negative effect on your bankroll.

DO: Enter Giveaways, Free Tournaments, and Other Promotions

Once you obtain a player’s card and gamble at that casino, you will begin receiving offers in the mail for free promotions. It might be an invitation for a car giveaway or to play in a free slot tournament. Once again, casinos know that these promotions will create more revenue than they will be giving away. They realize that most players in a free slot tournament will not come just for the tournament and leave. Most will stay for a few days and gamble freely while the tournament is not taking place. This increased level of play will more than offset their cost for the tournament. It’s OK to plan a casino visit around a free promotion, but do it on your terms. If the casino is close by and you do not have the finances to gamble, attend the promotion without gambling. This requires a bit of discipline, but use these opportunities for your benefit, not the casinos.

DON’T: Feel Indebted or Obligated

Gamblers must realize that they’ve earned these rewards and are in no way indebted to the casinos. This sense of obligation often makes gamblers become loyal to one casino even though there may be better opportunities elsewhere. Casinos also use the fear of losing rewards as a way to get gamblers to visit their casino more often than they intend.

The bottom line is casinos would not offer comps and rewards if it did not increase revenue. Your job as an educated gambler is to comparison shop and only utilize comps when they are to your advantage. Familiarize yourself with every aspect of the rewards program, and sign-up for as many different player’s cards as possible. The level of competition among casinos is so high that they are constantly offering new promotions and opportunities that you can use to your advantage.

Casino Games That Can Be Beat

There is a group of gamblers known as “advantage gamblers” or “advantage players” (AP’s) that only gamble when the odds are in their favor. Most casino games are designed to have a “house advantage.” That means the mathematical odds are in the favor of the casino. This is why casinos are so profitable. Advantage gamblers find opportunities where they can turn the odds in their favor and beat certain casino games. This is not viable on all casino games and it certainly isn’t easy, but it is possible. Here are some of the more common ways that AP’s gain an advantage over the casinos.

Blackjack

Blackjack is probably the most notorious of the positive expectation games in the casino. There have been many books written, and movies made, about advantage card counters. These players use a system of counting cards, betting, and game selection, that enables them to gain an advantage. This system removes the house advantage and puts the odds in favor of the player. Card counting takes some time to master and can be difficult to implement in the casino environment. See: Learn more about blackjack card counting.

Sports Betting

The casinos do have a built-in advantage in sports gambling. The edge comes from the vigorish or “vig.” This is a 10 percent bonus that is paid to the casino. It’s almost like a tax for being able to place a wager. A 10 percent disadvantage is difficult to beat, but there are sports gamblers that can find certain wagers that put the odds in their favor. The odds, or “line,” given by casinos in sporting events are not fixed mathematical odds. Although the “lines” are often statistically based, there is a certain element of subjectivity that advantage gamblers look to exploit. They find weaknesses in the “lines” and use those weaknesses to negate the “vig.”

Video Poker

Many people think of video poker as a game similar to slot machines. While it is played on a similar machine, video poker can be played with skill. In fact, if the correct game is played with mathematical certainty, the player can have the advantage over the casino. Advantage video poker players only play what are known as positive expectation games. These games can be played with a payback percentage over 100 percent. They will also use casino “comps” and rewards to further their advantage. See: Learn how to play perfect video poker.

Poker

The biggest difference between poker, and the rest of the games mentioned, is that poker is played against other players. The casinos are guaranteed a percentage of the pot known as “the rake.” Players are competing against one another, not against the casino. In order to have the advantage at the poker table, you only have to be better than those around you. Of all the games, poker probably has the most opportunities for those who aspire to be advantage gamblers.

Horse Racing

Betting on horses can be done with an advantage. Similar to betting on sports, AP’s “handicap” horse races to quantify and predict the outcome. There is a fairly significant advantage built-in to the odds of each race. Horse racing is difficult to beat, but there have been a select few who have been successful over a long period of time.

Other Games

There are other games and techniques that can be played with an advantage in specific situations. For instance, edge sorting in baccarat and other card games, hole-carding in various casino card games, card counting side bets, and shuffle tracking, can be played with an advantage. Most of these techniques are not common knowledge among the general public and are only used by a very small percentage of gamblers.

There are certain casino games that can be played with a statistical advantage. Advantage gambling often requires a great deal of skill and knowledge, but it is possible in certain situations. Most casino games are heavily weighted in favor of the house, but there are a few situations where advantage players can put the odds in their favor.

5 Tips to Managing Your Money in a Casino

Money management is a term that applies to everyday life, and you probably know what it is. What you may not know is that it’s extremely important when you walk into a casino. Casinos are designed to take as much money as possible, and even the strictest of players can lose more than they planned if they don’t look out. Learning how to manage your money before you walk in the door is one of the most important tools to minimizing your losses.

Take Only What You Can Afford to Lose

This is the most important rule of money management while gambling. Gambling should be within the realm of culture and entertainment, and you should have an idea how much a night of entertainment is worth. Before you leave, decide how much you can spend without cutting into funds allocated for something else. Walking into a casino with no limit as to how much money you can spend is downright dangerous. Doing so will almost always mean you’ll spend more than you should.

Leave ATM and Credit Cards at Home

Once you’ve decided how much you want to spend, take out that amount of cash before you leave. Then take your identification and leave everything else at home. This is especially true if you know you will be tempted to take out more money. Not only will you not have access to more money, but you’ll likely be more conservative with what you do have. You’ll also be missing out on the high ATM and credit card fees the casino charges to get more money.

Set a Win Limit

When you’re winning, it can seem like you can never get enough. The problem with this thinking is that you will eventually start losing. When you do, you’ll want to get back the money you’ve won, which probably won’t happen again. You can avoid this by deciding beforehand how much is enough. When you’ve hit that limit, force yourself to walk away; you’ll be glad you did tomorrow.

Don’t Chase Your Losses

When you’re losing, it’s easy to think that your luck will turn around eventually, but this isn’t always the case. Remember, the casinos always win, and the longer you play, the more you’ll lose. Learn to see when you’re on a losing streak, and get up. Trying to get your money back will almost always cost your more money. You don’t necessarily have to leave the casino; sometimes just changing tables or even playing a different game can help.

Set Strict Time Limits

Before you leave the house, decide how much time you want to spend at the casino. Money is like time; the more you have the more you’ll lose. If you’re going on a gambling vacation, such as to Las Vegas, set time limits for how much time you’ll be gambling. Plan on doing other activities during your trip to limit your time at the casino and combat boredom that you might face if you’re not gambling. It can be difficult to make yourself leave, but do your best to try.

If you walk into a casino with no idea how much time or money you’ll spend, you will always spend more than you like. Learning how to manage your money is not always easy, but if you like to gamble, it’s crucial to avoiding devastating losses. Setting limits on both your wins and losses will help you walk away. If you walk into the casino knowing what you’ll spend, you will have fun. Treat gambling like entertainment, and you’ll have a much better time.

GAMBLING The Lucky Ladies in Gambling

The culture of gambling is one in its own. There are many different games to play, rules to follow, and bets to be placed. Some games even offer side bets or special bets that unknowledgeable players would be otherwise unaware of. One of these bets is the lucky ladies.

What Are Lucky Ladies?

The lucky ladies are a bonus bet in the game of blackjack. This bet is based off of only the first two cards that a player gets. The goal is to have a total of 20 between the two cards. If a player gets 20, he or she will win a 4 to 1 ratio at minimum. This game is rarely found in casinos today, however there are still some that offer it. Lucky ladies bets are common in online gambling settings.

When Did Lucky Ladies Start Appearing?

The game of blackjack may date back as early as 900AD. History puts players engaging in games with wood blocks in Ancient China and Egypt. The game appeared in Europe in the 13th and 14th centuries. The game was given the name of 21 in the 1800s. Later in 1931, blackjack went main stream in the United States. The ideas of side bets in blackjack including lucky ladies were not introduced until 1963.

When Can This Bet Be Placed?

In order to place a lucky ladies bonus bet, first there must be a standard blackjack bet. After this is done, a bet in a small circle of at least one dollar can be placed. If the first two cards of the hand equal 20, the player wins. Different combinations of 20 result in different amounts of winnings. If the first two cards dealt add up to anything but twenty, the money is lost.

What is the Payoff?

There are several different payoffs for a lucky ladies bet. The payoff is based off of what the first two cards actually are. Different combinations of 20 equal different winnings. If a player bets one dollar and the first two cards equal 20, the player wins four dollars. If the first two cards equal 20 and are the same suit, the player wins nine dollars. If the first two cards equal 20 and are exact matches, the gambler takes $19 in winnings. If the two cards are both the Queen of hearts, the player wins $125. Finally if the two cards are Queen of hearts and the dealer gets a blackjack, the final winnings total $1000. An increase in the original lucky ladies bet will of course increase the payout.

What Are the Odds for Winning?

The house usually has a pretty considerable edge when it comes to lucky ladies bets. For a house dealing with a six deck shoe, the average house edge is around 24 percent. This means that the average player will pay about 10 times as much then a standard blackjack bet. If playing with the same six card deck, the chances of winning the basic total twenty side bet is a 0.89. The probability that a gambler will win the biggest payout of the Queen of Hearts with dealer holding a black Jack is 0.000015.

When sitting down at the blackjack table, consider all the possible options for betting. There are many side bets that are available to gamblers in this culture. Many people miss out on lucky ladies because they are unsure or unaware of the ability to play. Betting usually starts at just a dollar, and the reward can be much greater, if you win.

Capitalizing on Reverse Line Moves

There is only one culture in gambling, and that is to take every advantage available when it comes to winning. Reverse line moves can be a very lucrative when betting on a number of sports as long as you know how to take advantage of it. It takes savvy bettors to fully understand how to take advantage of this type of betting. The bets are always placed on the unpopular side or on the team expected by the majority of bettors to lose.

What Are Reverse Line Moves?

Reverse line moves or RLM occur when a large number of bettors place their bet on one team and despite this, the betting line moves in the opposite direction. A good example of this might be explained in this manner. The Seattle Seahawks opens against the Green Bay Packers at -7. At this point more than 70 percent of the bets are placed on Seattle. At this point you would rightly expect the line to rise, but it doesn’t, instead it drops the Seahawks to a -6. According to RLM this would in fact make the Packers a + 6 bet.

What Causes this Phenomenon?
Since the aim of most bookmakers is to attempt to keep the bets relatively balanced, what causes the RLM? The simplest answer to this is savvy betters. It involves the small percentage of gamblers who make the unpopular bet and in doing so actually bet more money than is bet on the popular team by the larger number of better. This tips the scales in favor of the team who is expected to lose. In the end this becomes a much smarter bet.

When is the Best Time to Place the Bet?

It is important for the better to wait until the appropriate moment to place the bet. Caution is the keyword when it comes to making this type of bet. Many RLM gamblers spend a great deal of time watch the way the movement of the line on every game they plan to place bets on. They will watch the line and wait until the game is almost ready to start before placing their bets. However, by this time it is possible the line may have moved too far rendering their bet practically worthless.

What is the Best Way to Place Your Bet?

According to punters, the best way to place this type of bet is to do so when the line has moved one full point in the reverse direction from the opening line. This is equal to ten points in NHL or ML. This type of betting has its risks as the line can just as easily turn around and move back in the opposite direction. These are the risks you take when gambling, but in the long run this method of betting has a very high record of paying off. If you suffer a line turning around from time to time, the positive aspects of this type of betting will overcome the losses.

Is This a Guaranteed Winner?

As with any type of gambling system, betters want to know if better reverse line moves is a guaranteed winner. The reality is that when it comes to gambling, there are no guarantees. You should restrict the vast majority of your bets to placing them on the teams favored to win. However, if you follow the lines, you have a better than average chance of taking advantage of the RLMs as they occur. There are a number of websites such as Sports Insights offer the latest line movements on all major sports such as NFL, MLB, NHL, NASCAR, and the NBA. Some even tell the movements at individual books to make it easy for you to place the bets that are more likely to pay off.

Betting reverse line moves can be and often is an excellent way to “beat the odds” with regard to a number of professional sports. These are not the type of bets you should make at random. It takes a lot of time and effort to ensure each bet you place has the best chance of being a winner. The reason why so many betters place this type of bet is the payoff. Those who place these types of bets stand to gain far more than they can make when placing standard bets.