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How to manage your gambling money.
One of the most important tools you can use to aid you in your quest for gambling profits is not a poker odds calculator or casino strategy guides. Free bonus sports bets are of course worth having but the best tool you can have in your armoury is to be able to manage your bankroll.
Bankroll management is the singularly most important tool that you need in your betting arsenal to become a successful gambling punter.
Without it, you will go bust very quickly or at the very least keep reloading accounts.
Used properly it will minimise your losses, maximise your gains and generally stop you from falling into the gutter of never ending gambling losses.
Using some simple rules you can organise your gambling fund and keep it well stocked when opportunity comes your way.
First of all keep your gambling account separate from home finances. Open another bank account for your gambling money and always keep it ring fenced from your daily spending habits and household bills. This will ensure you don't start "playing with the rent money".
Always try and keep your exposure on any one bet to around 3% of your total bankroll . This will save you from certain disaster.
If you keep losing you will of course have less and less to ante up for a bet but you will have money available and that is better than having nothing at all because you lumped on a "sure thing" and watched your bankroll go up in flames when it didn't make it.
And lastly study the games you play and become an expert in the games you like. This will give you the edge you need to make money and keep adding to your bankroll.
If you are sports betting then you need to be winning sixty per cent of the time to keep in profit. It sounds easy but in reality you can go on long losing streaks and that's when you need your bankroll management skills to come to the fore – when you are losing.
It's easy to manage when you are winning but the true professional gambler knows exactly how to manage a bankroll when the chips are down and minimise their losses.
To be good at sports betting you need to be able to find the "value in a bet".
The "value bet" is a bet that whilst it can often lose, means that by consistently being placed over time will yield more profit than loss. If you are going to be a successful sports betting punter then you need to master the value bet.
In poker bankroll management means not playing in over your head. If you have a bankroll of say £100 to play the poker tables then you would need to play at the £3 buy in table for a cash game.
If you lose that £3 or even fall below the table maximum then you would now need to drop down to the £1 tables because your bankroll cannot support the original buy in anymore.
In poker if you play a lot of tournaments then you need to adjust your bankroll requirements because large tournaments mean that the chances of making the money are greatly reduced and you should probably look at putting about 2% of your roll on the table for each game.
Whilst this can seem a small amount it will stop you from losing more than you should and when you win you can up the stake accordingly for your next game.
If you play Casino and Slots games to try and win back your losses then you really need your head examining. Play Casino games when your bankroll is up and try not to play slots games as they just drain your money
In general you will lose more money and a lot faster playing slots games because slots have a higher house edge than most casino games and if you want to minimise your losses playing a casino game then you should play Blackjack and follow correct strategy so that you are playing against a 1% house edge.
You would play slots games if you have extra money in your bankroll and you want to play for fun.
You are always aiming to hit the jackpot and your strategy should reflect that.
It is no good playing for minimal wins because the slots will eat your money faster than you can put it in. If you must play slots games then play those that have big progressive jackpots but expect to lose your money.
I don't recommend anyone playing slots whilst practising sound bankroll management.
Playing casino games, particularly blackjack can be rewarding if you stick to the strategy and play infrequently to try and add quickly to your bankroll.
With correct blackjack strategy you can easily double your money on a blackjack table very quickly and it's even more fun if you play "three up" blackjack so that you are playing three hands against the dealer each turn.
Just as it is easy to turn a quick profit on a Blackjack table so things can go south as well. And often very quickly.
One of the hardest traits to learn as a gambler is when to walk away.
Don't be greedy and try to take more than your fair share.
Several times I've been up three or four hundred on a Blackjack table or Casino Hold Em and then overplayed my stay giving it all back up.
The idea of supplementing your bankroll with casino games is to get in and out quickly. The more you play the more chance you have of ending up at the house edge – which is a loss.
So there you have it.
Never put more than 3% of your bankroll into a single game or bet. Use smart sports betting to build your bankroll and play proper strategy when playing casino games to minimise the house edge.
Don't overstay your welcome in a casino and steer clear of slots games unless you are a thrill seeker.
If you are going to play poker then learn how to play the game properly. Use my six handed guide to make profits at sit and go poker
Most of all have fun!
Gambling can be a rewarding and enjoyable past time if you practise sensible bankroll management.