Estimated reading time: 0 minutes
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 concluded that whether people have money or not, they may enjoy a night at the casino.
Early in our relationship, Mrs. CBB took me to a casino in Niagara Falls, Ontario, as I’d never been.
I learned from that experience that you can choose your fun if you’ve budgeted for a night of entertainment.
When people spend more money than they allow themselves, it gets them into trouble.
Proper bankroll management asks for budgeting, discipline, and good decision-making.
Most people find it challenging to manage their money.
However, I firmly believe that as long as you pay back debt, pay yourself first, and enjoy life, and there’s nothing wrong with having an adult allowance.
Today, I want to discuss handling money, especially if you enjoy gambling as part of your entertainment budget.
1. Create a Realistic Budget
Analyze your spending habits, look at your salary and bills, and then create a gambling budget you can follow.
Start by paying essential bills like house rent, power, water, groceries, school fees, and medical expenses.
Secondly, save money for emergency savings, investments, and home improvement.
As 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 budget by changing your spending behavior.
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 affordable and wouldn’t ruin your finances if lost.
Enjoying life is about balance and understanding when to quit.
2. Take Advantage Of Bonuses and Special Offers
Casino bonuses allow you 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.
Moreover, 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 bonuses and special offers with fair terms and conditions.
3. Create a Staking Plan
What is a staking plan?
A staking plan guides how much money to spend on games every time you log into your casino account.
You have a monthly bankroll of $200 that you have budgeted for.
Without a plan, you could get greedy and spend the entire amount alone.
Fair enough if you want to make one day of it, but if you want to spread the money, you need a plan.
The next time you return to your casino account, you’ll have to deposit more money for gambling.
You don’t want this to happen because it can lead to financial ruin.
A staking plan helps you know how much to spend every week, daily, 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 per weekend, you can increase or decrease it slightly if 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 constantly 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 game has strategies.
With slots, the secret is to bet big on high-RTP games. RTP stands for Return to Player, the average amount a game pays back to winners in the long run.
The best slots pay 95% to 99%.
Learn their strategies regarding table games like poker, baccarat, and blackjack.
Figure out how to split cards in blackjack, bluff in Texas, Hold’em, and the right roulette strategies.
Money management becomes easier if you can learn how to win at casino games.
You’ll never have to overspend to hit your monthly targets.
Also, you can accumulate money quickly, allowing you 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.
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 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 add money to your account to play the same slot until you win.
Sadly, it’s not your day, and you will lose 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