Make a plan for the amount of time and money you want to spend gambling for the night, and stick to it. For a single bet, many experts suggest wagering no more than 1 to 3% of the total amount you are willing to lose in one gambling session.
First, consider the game you are playing.
If it’s Blackjack, and your bankroll is $100.00, betting $5.00 per hand may seem pretty conservative. The odds of losing 20 hands in a row is more than a million-to-one-- 1,027,823 to 1 to be precise.
But gambling wins and losses can be streaky. It’s not hard over the course of an evening’s play to win 20 times more than you lose in Blackjack. Or to lose 20 times more than you win. In the winning scenario you have doubled your money. In the losing one your wagering budget for the evening is spent.
If you are playing slots, conservative bankroll management is a greater priority. Why? Because slots pay differently.
Blackjack is an ‘even-money’ game, where the player has almost an even chance to win or lose on each hand.
Slot payouts are more variable: a number of spins may lose before a single payout occurs. When the payout comes, it may exceed the amount of money played in the session—but a streak of losing spins leading to that jackpot can easily exceed 20.
So 5% of a bankroll on each spin would be too aggressive for slots—you may want to play a game where each spin is closer to 1% of your evening’s bankroll. This way, you can stretch your bankroll and lower your risk of quickly losing your evening’s gambling entertainment budget.
And once you hit your planned maximum, you should not continue to play. The ATM is not a good idea, because you don’t want to chase losses.
Make a plan for how long and how much—and stick to it.
Do you have a question about anything related to casinos & gambling?
We’d love to hear from you!
Contact us at info@PlayersEdge.org