How to Budget Your BankrollNew gamblers are often disappointed when their bankroll quickly runs out. Carefully managing your bet amounts is key to staying afloat. Here are some tips to keep you funded until you hit that winning streak.
Decide how much you can afford to gamble with. This is important – never use money that you need for rent or other bills as you could very well lose.
Set yourself a daily limit. If you play regularly, decide on an amount that you are willing to lose per session. Don’t exceed that or borrow from the next day’s budget. If your budgeted amount is spent, stop playing. Also, it’s best not to drink alcohol during play, as this lowers your inhibitions and makes for reckless decisions. An old but wise recommendation is never to try and chase your losses. Stop playing and try afresh at your next session.
Divide your bankroll into units. Say you have $100 in your bankroll – that’s 100 units. If you bet $5 on a spin (that’s 5% or 5 units), you have 20 chances of winning (or losing). However if you bet only $1, you have 100 opportunities to win, or 200 opportunities if you bet 50c a spin. Remember, gambling is meant for fun and entertainment, and the idea is to keep it going as long as you can without losing your shirt!
The same principle applies to other games, like poker, craps, roulette and sports betting. Keep your bets to about 1-2% of your bankroll and you’ll stay in the game for longer. If you’re feeling lucky, wager 3%. But 5% of your bankroll should be the maximum amount you ever risk.
Betting only a low percentage of your bankroll has been mathematically proven to be the best way to maintain and increase your bankroll. Another good idea is to keep a record of your bet amounts, wins and losses on specific games. This will help you keep track of which games and bet amounts were more successful for you.
Know the game. If you’re not sure about how a game works, you might be throwing away good money. When trying out a new slot, if there’s a free play mode available, take the game for a practice run and see how the slot plays and pays out. If you’re comfortable with the gameplay, you can take it to the next level and play for real. For other casino games you are unfamiliar with, read up or watch a video of how the game is played. There are many strategies for poker and blackjack and you might want to familiarize yourself with a few. Start small with the lowest bet until you feel you know how the game works. Remember that you want to try and give yourself as many opportunities as possible to win.
In conclusion, gambling should be viewed as entertainment, and only betting what you can afford to lose should be your guiding principle. Gambling responsibly will enhance your enjoyment and probably your success. As they say, winners are those who know when to quit!