Playing in casinos is all about money – when it would last and if there are other ways to obtain one. Casino games are really entertaining but can also be dangerous if you mismanage your funds.
Controlling your Finances
The term bankroll is used both in land-based and online casinos which refers to the money that a player or the casino has for casino-related activities. The definition matters to either the player or the casino side. For the player side, it’s the money that they used to play games while it’s the money to pay the player for the casino side. It is important to manage your money and never spend more than what you have.
Best Strategies to Keep Your Money Rolling
Managing your bankroll is important because it allocates a limit to a player for them to avoid losing money. It is a golden rule to set aside money for a casino that you are ready to lose. Not most of the time your winning so set expectations that you’ll never have that money again. Never bet what you can’t afford or you’ll lose everything. It’s a matter of odds so take a step back when you know you spent already what you spare.
Once you determine how much money you’ll spare for playing casino games, manage them. There are different systems known in casinos to help you manage your funds.
- The Martingale – helps players in controlling stakes but carries a high risk of getting broke. Its principle is simple: losing will double your stakes winning will make you start at the beginning stake. Either way, you will eventually win.
- The Kelly Criteria – has a formula to determine how much exactly you should bet based on the odds. The bet increases as you win and decreases as you lose. This gives you a lower chance of getting broke.
- Stop Loss Technique – setting an amount you’re willing to lose and once you lose them all, then you should stop playing.
- The Ferguson Rules – coined after Chris Ferguson, a poker champion. Here are the three basic rules
- Never play when the buy-in is more than 5% of your money.
- Never join a multi-table tournament where the buy-in is 2% higher than your current money.
- Cash out when you want if the money you have is more than 10% of what you originally had.
One big mistake in casinos as well is that there are players who love making large bets. With this, once you lose them all, it would take time to recuperate your funds to play again. Be cautious with your money and start off small. Eventually, you’ll never know, there will be a streak of luck and you’ll win more than what you have.