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Anyone can walk into a casino and make the right bets
and know how to play them, but without sound money management
techniques, you can still end up going home broke.
Money management is your life-line to getting home with
some semblance of your starting bankroll. Otherwise, you'll
be hanging out in the lounge, tapped out, trying to score
free drinks. Therefore, below are money management rules
I live by when I'm out trying to procure a little from
the big guys. They will work if you rigorously apply them.
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First, never bring your entire bankroll with you to
one gambling session. You need to have a daily gambling
budget. Start by dividing your bankroll by the number
of days you'll be gambling. Then divide your daily bankroll
into the number of sessions you will be playing each day.
This is now your single-session bankroll. Don't bet tomorrow's
money until tomorrow comes. |
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Set a goal of winning between 50 to 100% of a single-session
bankroll. Then set aside your original bankroll plus half
your winnings. Now play with the remainder and continue
to set aside additional winnings. |
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Always bet the maximum amount of coins on a progressive
machine to get the bonus for royal flushes. |
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Use a winning progressive method of betting by setting
a predetermined percentage increase for each winning bet
and sticking to it. For example, I increase my winning
bets by 50% after the second win: $5, $5, $7, $10, $15,
$22, etc. I continuously flat bet (table minimum) when
losing. |
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The casino's goal is to create a fantasy land experience
for its patrons. One wily way is to devalue your money
by having you bet chips instead of legal tender. Think
of the deceptive nicknames chips have. A $5 chip is a
"nickel" and a $25 chip a "quarter."
Your best self-defense is to continue to bet with your
own greenback. This way you'll always realize its genuine
value. |
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If you do turn your bankroll into chips, take a moment
and carefully think about the exchange. You must always
treat chips as hard-earned cash like the money you save
for your child's college tuition, mortgage payments or
your retirement. |
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Never increase your bet when losing. A double-up-to-catch-up
strategy simulates a lamb being led to slaughter. |
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Discipline is not only a significant part of being a
successful gambler but probably the most important element
of money management. You must set loss limits and win
goals.
Example: When losing half your session bankroll (loss
limits) you walk, and when doubling your money (win goals),
consider doing the same. |
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Identify the profitable opportunities in gambling by
shopping for the best odds, rules and playing conditions
for the casino games you will be playing. Don't waste
your time on games in which the casino has more than a
2% house advantage. |
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Never gamble with money
you can’t afford to lose. Need I say more? |
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