Money Management Tips for Games of Chance
Knowing the math behind many casino games can help improve your profits. But you can’t get rich without proper money management skills.
I’ve come to the conclusion that whether people have money or not they may enjoy a night at the casino.
Early on in our relationship Mrs. CBB took me to a casino in Niagara Falls, Ontario as I’d never been.
What I learned from that experience is that if you’ve budgeted for a night of entertainment you can choose your fun.
It’s when people spend more money than they allowed themselves that gets them into trouble.
Proper bankroll management asks for budgeting, discipline, and good decision-making.
Truth be told, most people find it challenging to manage their money.
However, I am a firm believer that as long as you pay back debt, pay yourself first and enjoy life there’s nothing wrong with having an adult allowance.
Today, I want to discuss how to handle money especially if you enjoy gambling as part of your entertainment budget.
1. Create a Realistic Budget
Analyze your spending habits, take a look at your salary and bills and then create a gambling budget you can follow.
Start by paying for essential bills like house rent, power, water, groceries, school fees and medical expenses.
Secondly, set aside money for emergency savings, investments and home improvement.
As already mentioned, you also need to analyze your buying habits for non-essentials.
How much money do you spend on travel and entertainment?
Do you ever buy things you don’t need?
The objective is to create your casino budget by changing your spending behaviour.
Let’s say you have a ton of online subscriptions you don’t use. Re-budget this money into an allowance and use it to have fun with slots, poker and blackjack.
Ensure it is an affordable amount that wouldn’t ruin your finances if you lost it. Enjoying life is about balance and understanding when to quit.
2. Take Advantage Of Bonuses and Special Offers
Casino bonuses give you a chance to play your favourite slots, roulette and poker games free of charge.
The best part: you can withdraw your profits.
In other words, you can avoid spending money at your favourite casino and still make money.
There’s a catch. Isn’t there always? Every bonus has its terms and conditions.
For example, first deposit bonuses require that you complete a deposit.
What’s more, you might need to fulfill wager requirements and follow a short bonus expiry date.
In light of that information, don’t claim just about any bonus. Find casino bonuses and special offers with fair terms and conditions.
If you need help, check out this guide to casino sites with the best bonuses in Canada.
You’ll find that this is a comprehensive guide that not only explains where to find the best bonuses.
It also includes the actual bonuses, free spins, wager requirements and whether the offers are best suited for beginners or experienced players.
3. Create a Staking Plan
What is a staking plan?
A staking plan is a guide on the amount of money to spend on games every time you log into your casino account.
Let’s say you have a monthly bankroll of $200 that you have budgeted for. Without a plan, you could get greedy and spend the entire amount at one time.
Fair enough if you want to make one day of it but if you want to spread out the money, you need a plan.
The next time you get back to your casino account, you’ll have to deposit more money for gambling. This isn’t something you want to happen because it can lead to financial ruin.
A staking plan helps you know how much to spend every week, every day and on every line of slot machines.
In doing so, you can better stick to your daily, weekly and monthly budget.
With that in mind, your staking plan can be flexible. If you usually spend $50 on blackjack per weekend, you can increase or decrease it slightly as long as you do not exceed your monthly budget.
4. Learn How To Win Casino Games
Although you probably gamble for fun and entertainment, you still want to win.
Winning at slots and table games is motivating. It makes gaming more enjoyable now that you are not always losing.
Unfortunately, winning games of chance consistently aren’t guaranteed.
The only exception is if you possess the know-how to increase your profitability.
Every casino game has strategies.
With slots, the secret is to bet big on high-RTP games. RTP stands for Return to Player, the average amount of money a game pays back to winners in the long run. The best slots pay 95% to 99%.
When it comes to table games like poker, baccarat and blackjack, learn their strategies.
Figure out how to split cards in blackjack, how to bluff in Texas Hold’em and the right roulette strategies.
If you can learn how to win at casino games, money management becomes easier.
That’s because you’ll never have to overspend to hit your monthly targets.
Also, you can accumulate money fast, giving you the privilege to cash out profits and increase your bankroll.
5. Never Borrow Money To Gamble
This might sound obvious to some, but going into debt to play casino games or bet on sports is a sign of addiction.
And you know what?
The last thing you want as a gambler is to lose control of yourself.
Some people think that borrowing when you’re sure you will win a bet is okay. But here’s the truth.
There’s no certainty of winning in gambling.
You could lose a poker game even if you’re highly experienced.
The takeaway: Never borrow money to gamble online or at your local casino. It’s a gateway to losing control of your money and casino entertainment.
6. Take The Money And Run
Winning casino games can make you feel like a professional gambler. It could also make you think you’re on an endless winning streak. And this could lead to a spending spree as mentioned above.
Against that backdrop, it’s important to remain rational when gambling online. Keep in mind that your short winning streak will come to an end. So, take a profit and quit while ahead.
7. Never Chase Losses
Chasing losses is a bad habit that involves playing casino games continuously to recoup your earlier losses. Let’s use an example.
You have $30 to spend on a slot game. You’re hoping you can hit one big win and make a profit.
After losing the first $25, you hit $10. When you think about it, you’re still at a loss. But something tells you’re about to get on a winning streak.
So, you gamble the $10 you won and lose it. Then you spend the remaining $5 from your initial budget and lose it all.
Out of frustration, you decide to add money to your account to play the same slot until you win.
Sadly, it’s not your day and you end up losing the additional money too.
Chasing losses does not work to help you win back your initial bankroll, so avoid it.
Discussion: Do you budget for gambling, bingo, scratch tickets and lottery? If so, do you track your winnings and losses? Please comment below as I’d love to learn more about how you manage your entertainment budget.
Thanks for reading,
Mr. CBB
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