There’s nothing wrong with playing casino games if you know how to be careful about your money. Unfortunately, many casino players mismanage their money while playing, which in turn causes them to leave the casino with very little left. The good news is that you can avoid that scenario by learning and applying the money management tips below. What’s more, these pointers will also help you maximize whatever you end up winning.
It’s easy to get caught up in the games. When this happens, you probably won’t be able to monitor exactly how much you’ve won or lost in real-time. It’s likely that you’ll just keep on playing, either until you feel you’ve won a nice chunk of change, or you get the sense you’ve lost a bit too much.
You can avoid this sort of haphazard guessing game by keeping track of your spending, along with the amounts you’ve won or lost, via notes –– either physical or on an app. This is particularly important in games like slots, wherein a piece at The Conversation points out that small bets can accumulate without your realizing it. Since you’re paying only $1 per spin (or less!), the tendency is often to keep playing in the hopes of hitting a jackpot. It doesn’t feel like you’re giving much up with each fresh spin of the reels –– particularly if you’re playing online, as when you’re playing more it requires only the press of a button or the touch of a screen.
By keeping a record, you have something to review so you can recognize any downswings or accumulation of losses, both of which are clear signs that it’s time to adjust. You can then take a break, gather your thoughts, reset your limits, and plot your next moves.
When you’re winning, you’ll likely want to play more to make more. This is an understandable impulse, but following through on it will leave you vulnerable to losing the money you’ve already earned. An example of this is when, after winning a game of poker, you immediately jump into a higher-limit table where losses cost a lot more.
Instead of doing that, settle for lower buy-ins until you have enough money to go higher and overcome losses. Poker.org’s guide to winning at poker details how just to be safe, you should always have 25 times the buy-in for the game you play. Being properly bankrolled in this way means you don’t have to worry about going broke when the losses pile up. The same principle can be used for blackjack, where it can be tempting to overcommit a big amount for a hand, thus leading to bigger potential losses.
You’ll need to set your unit size for every hand and avoid committing large amounts. You can put in a little more from time to time when you have a great hand but stick to your plan for the most part. In this way, you’ll be able to withstand a losing streak and prevent a considerable loss overall.
A losing streak is a sign that you need to quit. And quit you must, so you can walk away with some of the money you’ve already won (or that you set aside to play in the first place). But even if you’re winning, you should still be willing to stop playing. That can be hard when you’re in the middle of a winning streak but remember: The tables can turn quickly, and you’re likely to go on a losing streak after winning a few.
In fact, odds are high that you’re bound to lose. Per Investopedia.com, the odds are stacked against you in every single casino game –– and that holds true both in person and at online casinos and poker rooms. The chances of you hitting the jackpot in the slot machines, for instance, range from 1-in-5,000 to 1-in-34 million; the casino even has a 0.5% advantage of beating you in blackjack, which is considered to have some of the best odds of all casino games for players.
Given these odds, you should be ready to take what you can get. Be happy if you win a few games, and then walk away with a smile on your face and some money in your wallet.
Want more money management tips and other financial wellness pointers? Then keep an eye on our finance section for updates.
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