Sunday, August 16, 2009

Money Management In Betting

Money management and online gambling do not seem to be things that people ever want to hear about let alone discuss. It doesn't sound as sexy as discussing elements of gambling such as strategy or gaming techniques, but believe me it is equally as important. Without money management you are going to end up; no matter how you play or how much free cash you are given; with nothing. The positive qualities of online gambling - convenience, speed and anonymity, are often the features that lead to the downfall of a player. Being able to gamble anytime and in any location can lead, if you are not careful, to irresponsible gambling, loose play and impulsiveness. Many players have fallen into the trap of getting caught up in the heat of the moment and losing their head, thereby ending up losing their bankroll, through betting on hands that they never would have considered had they been in a real casino. Add alcohol to the situation and things can get even worse.

Money management therefore does not give you a special advantage or increase your betting capacity but it does restrict your losses and allow you to take more of a profit when you are on a rare 'hot streak'.

In order to manage your money when gambling online you need to set yourself limits - strict limits which you stick to no matter what. Throwing away your hard earned money is not anyone's idea of fun, so it's important that you bet only what you can afford. This involves making a simple decision - how much money are you willing to risk or in other words, how much money can you afford to lose? For some the best way to do it is to give yourself a loss limit based on your bankroll. Let's just say you have £250 of a bankroll. If you hit a 'losing streak' and lose 50% of your bankroll, leaving you with £125, then that should be the time to bail. You might decide on a much higher or lower percentage, but whatever you decide on you need to stick to, thereby eliminating the probability of disaster occurring and losing everything. By doing this you are also reducing the frustration that people tend to feel when they are losing - by taking control and making that stand against losing everything you are negating the fury that the downward spiral can bring. You haven't then lost everything - just what you were willing to lose in that session/day. By doing this you are also preventing yourself from entering the worst possible scenario of losing your entire bankroll, and then returning to the cashier and making another deposit to put things right. Believe me, it happens - desperation makes you do some pretty stupid things!

The key to being happy in your gambling is to accept the profits you make based on your bankroll and then being able to walk away when you are still ahead of the game. Gambling is fun, and the excitement of winning is amazing - remembering to keep things in perspective will help it stay fun!

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