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.

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.