Because you do not want that, this article will help you identify some money management rules vital to your success when playing casino games.
1. Have a bankroll
A bankroll is a set amount of money that you intend to gamble with. In the same way, you know how much rent you pay every month (if you have rent) or how much money you want to spend on your gas, you should also know how much money you want to gamble with for a particular period. Arriving at your gambling bankroll can be a relatively straightforward process.
You can total your expenses and savings for a set period and subtract them from your total income. Your bankroll should come out of the remaining amount. Alternatively, you may decide that your gambling bankroll is a set percentage of your income every month. The point is that the money you chose to gamble with should have no designated purpose either now or in the near future, i.e., it should be money you can use and lose without consequences.
2. Take advantage of any casino bonuses.
Casinos today often give new players joining bonuses and existing players points and promotions. These bonuses entice players to join these casinos or to stay with them. For example, the Intertops Red Casino bonus codes offer players lucrative bonuses to play their casino games. When looking for a casino, it is best to compare several casinos and settle on the one offering you the most lucrative offer.
Point to note
It's important to remember that not all casino bonuses are good bonuses. Some casinos have bonuses with horrible terms and conditions. For that reason, you must take your time to read the terms and conditions of the bonuses you are receiving. If any of the terms seem unfair or unreasonable, it is perfectly reasonable to decline the offer. Some of the best offers for new players are the no deposit bonuses but even then, check if there are any unfavorable withdrawal terms.
3. Make good use of conditional rules.
Have you heard of if-then statements? These are conditional statements that determine the order of activities. An example would be; if my alarm rings, then I will get out of bed immediately. Conditional statements/ rules are great because they take the guesswork or deliberation out of decision-making. You make the decision beforehand, and your only responsibility is to uphold your rules when the time comes without thinking about it.
How do you set conditional rules for gambling?
You can set conditional rules by looking at the common traps that many casino players fall into, then setting rules that prevent you from falling into the same traps.
What are examples of conditional rules in gambling?
Here are some examples of conditional rules that can support your money management strategy.
a. If I have drunk two bottles of beer, then I have to stop drinking or stop gambling.
The amount of beer is not relevant; you can decide on your figure. The point is that you will stop drinking after a set amount of bottles/shots/glasses. This rule is important because studies have shown that being intoxicated often leads to impaired decision-making, which can cause you to spend more money than intended.
b. If I have lost x games, then I will stop playing.
This can also be called a loss stop limit. Sometimes, suffering many consecutive losses can lead one to make irrational decisions to win back the money lost. In forex trading, this phenomenon is called revenge trading. The idea is you should cut your losses and go home rather than losing even more money trying to win back the lost amount.
c. If I win x games, then I will stop playing.
This is a win-stop limit. Some people may not understand the logic of having such a rule. After all, they may assume that they are having a winning streak and want to see how far they can push their luck. Yet, there is no shortage of movies and stories showing people who started with a winning streak and ended up losing all the money they had won.
Winning several games consecutively may make one cocky and lead them to gamble more to see if they can win more money, leading to the loss of the winnings and more.
d. If I have been playing for x amount of time, then I will stop playing.
Unless you are a professional gambler, you should have a set amount of time for playing, after which you should probably walk away. Decide this amount of time beforehand, then walk away once you have reached it. This rule has the added advantage that it will help keep your gambling exciting as it is very easy to get bored when you overdo a leisurely activity. Additionally, it is easier to stick to your bankroll if it is only intended to serve a set amount of time.
Conclusion
The thought of having gambling rules may sound boring and restrictive. Yet, not having gambling rules, especially money management rules, can lead to insurmountable losses. You can have simple money management rules that help keep your gameplay enjoyable without hurting the bank. As with all rules, they only work if you stick to them.
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