Money Management

Most beginners believe that to succeed into online gambling they just need some dose of luck and a playing strategy or a "fool proof" method passed by some "expert".   Nothing can be further from reality. For sure you need Ms. Luck to be on your side and some method may work for some type of online games, like roulette and poker (while no method work with slots and others). However, if you do not develop a consistent program of Money Management you will not succeed. You may even hit the jackpot on the Slots machine a couple of time on a day, but without a Money Management program, you will mostly for sure leave the casino without much in your pocket. Even worst if you did not win, than your online experience that day may turn very sour and frustrating. Learning the correct playing strategies is only half the battle. You are doomed to lose if you are not prepared with a sound money management plan. The following guidelines will maximize your profits and minimize your chances of going broke.

1. Don't come online if you are not financially prepared to loose whatever money you will play.  If the money you'll have for betting this time is very much needed for something else more important in the real world, simply don't enter the online casino this time, or separate just what you can afford to loose. Set a maximum amount that you can afford to lose and if you lose that amount, quit playing.   We're not implying that you should enter a online casino prepared to loose, absolutely not. On the contrary, we want you to go online for your gambling session highly motivated and positive that you will have a pleasurable session and a winning one. You must come confident on you and your gaming abilities. However, to avoid subsequent problems, if something goes wrong this time (after all you shouldn't believe that you will never loose, as this is very unrealistic - the casino has always a favorable edge, though you have your strategy, skills, and luck to counteract this edge) you must have some kind of Money Management at your disposal. Also, going online very short on cash or knowing you cannot afford to loose it will put so much pressure on you that this pressure may work against you, leading you to fail to concentrate on your game appropriately.

2. Never increase the bet size on consecutive losses. On consecutive wins, increase your bets in a manner that suits your style of play. We would recommend a simple 50% progression or a 1, 2, 3, 5 progression. For a 50% progression, after you win a bet, make your next bet the same plus 50% more. The progression would look like this for a $5 bet: $5, $8, $12, $18, $27, $40, $60, etc. You keep increasing your bet until you lose, then you start again at $5. For the 1,2, 3, 5 win progression, you increase your bet from 1 unit to 3 then to a maximum of 5 units following consecutive wins. For example, the progression for a $5 basic bet is $5, $10, $15, $25 then back to $5.  After you make the maximum 5-unit bet, win or lose, make your next bet 1 unit. This progression therefore, is more conservative than the 50% progression.

3. Your playing bankroll for the above win progressions should be 100 units. If your minimum bet is $5, you need a $500 playing bankroll.

4. Do not bring your entire bankroll with you; bring enough for 2 or 3 playing sessions 40 or 60 units. Use 20 units per playing session and quit the session if you lose the 20 units or win 10 units. Hence, a $5 player with a $500 dollar playing bankroll would use $100 per playing session and quit if the $100 was lost or $50 won. 

5. Don't ever quit a session in the middle of a winning streak. If you managed to win 10 units, keep playing with the goal of winning another 10 units. As long as you keep winning, keep setting 10 unit winning goals. However, when the tide turns and you begin to lose, quit the session with your profit. Remember, a small profit is better than no profit!

6. As your playing bankroll increases as you win, increase your bet size. Likewise, decrease the bet size if your playing bankroll decreases. Always make your minimum wager equal to 1/100th of your playing bankroll using the win progression.

 

The cardinal sin in casino gambling is to chase your losses, which means increasing your bets when you are losing hoping your next bet will win it all back. Everyone who gambles in a casino sooner or later will experience losses and how you handle yourself in this situation will determine in the long run whether or not you will be a winner. If you've lost one or two of your playing session bankrolls, the best you can do is limit your losses. The casino will always be there for your next visit and if you follow the proper playing strategies you will soon be back on the road to winning.

Text from www.casinorankings.com

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