First, never bring your entire bankroll with you to one gambling session. You need to
have a daily gambling budget. Start by dividing your bankroll by the number of days you'll be gambling. Then divide
your daily bankroll into the number of sessions you will be playing each day. This is now your single-session
bankroll. Don't bet tomorrow's money until tomorrow comes.
Set a goal of winning between 50 to 100% of a single-session bankroll. Then set aside
your original bankroll plus half your winnings. Now play with the remainder and continue to set aside additional
Use a winning progressive method of betting by setting a predetermined percentage
increase for each winning bet and sticking to it. For example, I increase my winning bets by 50% after the second
win: $5, $5, $7, $10, $15, $22, etc. I continuously flat bet (table minimum) when losing.
The casino's goal is to create a fantasyland experience for its patrons. One wily way
is to devalue your money by having you bet chips instead of legal tender. Think of the deceptive nicknames chips
have. A $5 chip is a "nickel" and a $25 chip a "quarter." Your best self-defense is to continue to bet with your
own greenback. This way you'll always realize its genuine value.
If you do turn your bankroll into chips, take a moment and carefully think about the
exchange. You must always treat chips as hard-earned cash-like the money you save for your child's college tuition,
mortgage payments or your retirement.
Never increase your bet when losing. A double-up-to-catch-up strategy simulates a
lamb being led to slaughter.
Discipline is not only a significant part of being a successful gambler but probably
the most important element of money management. You must set loss limits and win goals. Example: When losing half
your session bankroll (loss limits) you walk, and when doubling your money (win goals), consider doing the
Identify the profitable opportunities in gambling by shopping for the best odds,
rules and playing conditions for the casino games you will be playing. Don't waste your time on games in which the
casino has more than a 2% house advantage.
Never gamble with money you can't afford to lose. Need I say more?
Finally, money management will not affect the house advantage nor guarantee that you
will win more money. If the house has an advantage before money management, it still has that same advantage even
after you apply money management techniques. What good money management principals will do is minimize your losses
and in most cases protect your winnings.