Almost all people think that gambling is just like going to any carnival- fun and a carefree experience. To some extent, it holds a little truth to it but as we are talking about real money, you should be very careful with what you are dealing with before you mismanage your money and regret your impulsive decisions.
What is Casino Bank Management?
You might have unknowingly applied Casino Bank Management without actually recognizing it. If you have been to different casinos, sports betting events or participated in online gambling sites like online casino Malaysia, you may have said statements to yourself like “ I have brought $70, if I lose it, I am not playing anymore” or “I am going to play blackjack since I can play it with just a little amount of cash. These specific pronouncements explain what effective casino bank management should be.
In a nutshell, Casino Bank Management is a set of plans and specific measures to be employed with a goal to pay attention to the money that you use whenever you gamble in various casino games. This is to make sure that the money you gamble with will not go beyond what you can’t afford.
Although casino bank management may sound easy, things become different when you are in the actual setup. The lights, the people, the noises, and the liquor –all these factors compound together and determine your success in managing your bankroll.
9 Ways to Manage Your Casino Bankroll
Gambling in the casino is all fun and games until your hard-earned money turns into nothing. To prevent it from happening, here are some tips that you can apply if you want to try gambling in casinos.
1. Set Your Gambling Budget
Setting a budget for gambling is ideally a subjective matter. Generally, it is best that you set your own budget at your own discretion since it is only you who knows what you can afford to lose in gambling.
Additionally, you might want to reconsider the games you play relative to your allotted budget. You have to be very mindful of the minimum and the maximum limits of each table that you play in the casino.
In essence, the budget that you allot for gambling would serve as your gauge of when to stop and when to still continue.
2. Keep An Eye On The Edge
Suppose you know the rules of every casino game available in the market, you should begin with knowing the games with the highest house edge and the games with the best odds leaning towards the players. If you are trying to manage your casino bankroll, you’ll have to choose games that belong to the latter.
Some games may not require skills in order to be played but you must know that these games have the highest house edge. Some games with a rather high house edge include American roulette and slot machines.
On the contrary, games like baccarat, blackjack, and video poker have the lowest house edge and with the right strategy, you can actually earn a sum of money.
Essentially, knowing this factor will increase your odds of not losing money while you gamble if you employ the right strategy.
3. Use The 5% Rule
If you are new to gambling, this strategy works well for you. As a rule of thumb, the highest bet you can place is five percent of your total bankroll. Hence, it is illogical to bet $50 at a blackjack table if you only have $200 as your budget. On the contrary, if you apply the 5% rule, you’ll be able to keep your losses low.
4. Play At Your Limit
As you have established an allotted gambling budget, you must make sure that you do not exceed your budget and spend all your money at once. Ideally, you should never commit beyond 10 to 20 percent of your total gambling budget to an individual game.
So, if you have a $100 budget, you should not spend over $20 on one particular game. You may test the waters and stop if you reach the limit.
5. Calculate Your Win Percentage
If you deal with sports betting and casino gambling, calculating your own win percentage can be effective if you want to achieve good casino bank management. Having a record of all your wins and losses may help you do the decision-making on what game to play. This would also help you improvise better strategies and improve your abilities as a gambler.
6. Sports Betting And The Kelly Strategy
The Kelly strategy has three variations: the Full Kelly, Fractional Kelly, and the Constant Kelly.
Full Kelly makes gambling exciting as it involves riskier betting amounts. Fractional Kelly is a variation that is more conservative than other versions, and Constant Kelly is like Full Kelly that takes a percentage of a constant number.
Generally, the Kelly strategy is a type of advanced gambling strategy that determines what percentage of your bankroll you should gamble on a given gambling event using mathematical formulas.
7. Inside Out
Similar to the slice of the pie strategy that considers the odds in a particular bet, inside out is a strategy that is strictly meant to reduce your losses. However, this strategy does not consider the recognized value of a betting position. Additionally, it is advised that you employ this strategy with the Fractional Kelly strategy.
8. Always Practice Self-Control
Sticking to your plan when gambling will do you more good than harm. You must fight the urge of human nature to break even as it makes you get away from the original game plan that you have devised before you enter the arena of competitive casino gambling. Predominantly, having no self-control will lead you to gamble more than what you can afford.
9. Keep Track Of Your Wins & Losses
Keeping track of your wins and losses serve as a strong indicator that you are either gaining profit or losing money. The next best thing to winning tons of dollars in a wager is being able to cut your losses and prevent skyrocketing the top to your rock bottom. Ideally, depending on the circumstance, if your wins exceed your losses, you are on the profitable side of gambling
Casino bank management should never be taken for granted as this is your lifeline whenever you participate in gambling events. Having a well-established bankroll management plan will make a huge difference relative to most reckless gamblers
Having that said, gambling requires more than just luck. It requires discipline and composure which is what casino bank management is all about.