A good management of the money that you are going to bet is not a magic trick that will turn you into a millionaire overnight. There is nothing we can do to change the odds of the game: sometimes you will win, but many times you will lose.
However, there are some techniques that will help you limit losses when you’re on a losing streak and save more of your winnings when you’re doing well. These techniques are not difficult and many of them are just common sense. However, if you apply them, you will realize that they can mark a before and after in the amount of your earnings.
Set A Limit
It does not matter if you are going to play physical slots or online, set a limit amount. If, for example, you decide that your budget for one day is $ 100, do not exceed it. If you start playing and lose $ 100, stop. Do not expand the budget. Turn around and leave the casino or close the online casino page.
If you are winning or have not lost all your money and you can continue playing, great. But remember, smart money management is based on never gambling money that you can’t afford to lose. Your gambling money should come from your entertainment budget, but never from the money you need to pay your rent, bills, or grocery bag.
Never Borrow Money To Gamble
This technique applies especially to credit card advances. Remember: borrowed money is expensive money to repay.
Most land-based casinos have machines where you can use your credit card to get a cash advance. Once this is done, the players must go to a window where they must sign a series of documents to receive the money. Normally the casino charges a transaction fee depending on the money borrowed. For example, if you request a deposit of $ 100, the casino could charge a commission of $ 10. Therefore, to at least not have losses, you would have to make a profit on the money bet + $ 10.
To this we must add the monthly interest that banks charge for requesting advances with credit cards, an interest that can exceed 20% and that can be repeated month after month if the interest is not paid in full.
Pay commissions and interest and also play slot machines in which the house always has an advantage; sounds like a safe waste of money.
Modify Target And Loss Limits
What does this mean? It means that you should always set a limit on both profit and loss. If you decide that your budget for one day is $ 100, that will be your loss limit. In the same way, you must also set a profit target. For example, if your budget for one day is $ 100, you might consider a good day leaving the casino with $ 50 more in your pocket. Therefore, when you have $ 150, that is, $ 50 more than what you started, you stop playing. On the other hand, if you have $ 0, that is, you have lost your entire daily budget, you should also stop.