Best practices to manage your Casino budget

It goes without saying that if you want to keep playing at your favourite casino, you need to learn how to manage your budget. You can’t spin the wheels or play a hand of cards if you’re flat broke. That’s why it’s vital that you learn how to manage your bankroll so that you get the most bang for your buck. You can get more info there, but more importantly, you can continue on to learn even more ways to stretch your gambling money.

Never gamble using scared money

You’ve probably heard professional gamblers say the term “scared money”. What does it mean? Scared money is any money that you’re afraid to lose. Why would you be afraid of losing money? You might be afraid of losing your money if you’re gambling with your grocery money. Any time you’re using money that you can’t lose to gamble, that’s scared money.

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You will never make wise decisions if you’re playing with scared money. You will find yourself on the other end of consistent bad beats because the decisions you make are all wrong. You’re making decisions based on your fear of losing.

 

The way you avoid this is by only gambling with money you can afford to lose. If you only have $50 this week you can gamble with, that’s okay. If you use that money wisely, you might be able to turn it into much more money. If you’re playing a game like poker and people sense that you’re playing with scared money, they will do everything possible to put you into positions where you lose.

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Only play with money that you’ve recently deposited

Usually, the desire to make another deposit happens if you’re on a losing streak. The thought process goes a little something like this: If you deposit more money, you’ll get over your losing streak and come out ahead. After all, the casino can’t always keep you on a losing streak. Right? Wrong. Very wrong.

 

It’s entirely possible that if you blow your entire wad, you’ll do the exact same thing after you deposit more money. Yes, you’ll probably win a little bit, but that would happen even if you didn’t have to make a deposit. There is no way to get over the hump of a losing streak other than to stop playing. There’s no amount of money that you can deposit, which will cause the casino to start spitting out money like a broken ATM.

Set limits and stick to them

It’s best if you set a limit on how much you’re willing to spend during each gambling session. Some people will set limits on how much they can lose per week, but it’s easy to lose all that money in one session. Instead, you should set a limit for each gambling session.

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The best way to determine your limit is to look at how much money is in your account and determine how long it needs to last. If you have $200 in your account and you want it to last two weeks and you plan on having ten gambling sessions, you should budget $20 per session.

 

The amount that you set doesn’t have to be set in stone. If you plan on playing for $20 per session and you go over a couple of bucks, don’t sweat it. As long as you’re within reach of your limit, you’ll be fine.

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Stop gambling while you’re ahead

Okay, this is going to be the hardest one of the bunches. How can you stop when you’re on a winning streak? The problem with winning streaks is you don’t know when they become losing streaks. A winning streak can easily turn into a losing streak quickly if you’re not careful.

 

If you find yourself significantly ahead, you might consider withdrawing some of the money into your bank account. If you don’t go that route, at least stop gambling and do something else. If you’re ahead of the game, that means you’ll have more money to gamble later on and that will increase your chances of hitting the jackpot.