Gamblers tend to have a stereotypically negative connotation of not being good with money. People think that because you like to gamble you are wasting money. In some cases this might, unfortunately, be true, however it isn’t fair overgeneralize.
A gambler that know what he or she is doing does not over play his or her bankroll, they set limits, and this is specially necessary when you are dealing with change, like you do while playing slots. At a physical casino this might be a little easier to handle or maintain, but at an online casino, overplaying your budget is just too easy; all you have to do is click.
The old gambling motto, “All I need is a chip and a chair,” is for dreamers; I don’t mean to be the bubble-popper, but if you really want to see real profits, then you need to be able to manage through thick and thin, through high points and low points, good luck streaks and bad luck streaks. If you are a slot player, then the temptation can be even greater to just spin one more time, just one more to make up for the last loss. Here are a couple tips to keep that spin-happy finger under control:
Micro Managing a Micro-Budget
Managing a micro-budget specifically for gambling purposes is better known as casino bankroll management. As fancy and complex as this might sound, it is actually very simple: money is money, so if you are good at managing your money, this shouldn’t be difficult. Just like you set aside money for groceries, utilities, and daily spending, you need to set aside a specific amount that you know is only for playing, if you can. Never play money if you can’t afford to lose it.
What you need to do is establish an initial investment, and then limit your deposits and your withdrawals to a percentage. Limiting your deposits, and more importantly sticking to that limit adamantly, keeps you in the safe margin. Limiting your withdrawals keeps your account in check because, in case you hit a losing streak, you will have a good amount in your account to cover your streak so that you won’t have to deposit as much.
All the small things…
Now, since we are talking about playing slots here, obviously you aren’t going to be betting hundreds at a time, but the rate at which small $5 amounts can add up. Before you know it, you’ve overplayed your budget. This is especially true when slots throw you curve balls and you lose some money. You end up “chasing” the losses, and that is a huge “don’t”. If you hit a bad point and you reach your limit, it’s better to stop, even if you didn’t win. Stick to your money management system.
One very useful habit is to stop seeing gambling as something that you need to settle weekly. You never know how long a bad luck streak will last; it could be a week just as likely as it could be just one day. Trust your system. Do not increase the percentage you invest.
All these things require one fundamental trait: discipline. Gambling is an excellent, and very difficult, exercise in discipline. Some people are better at this than others, and there is nothing wrong with that. If you feel that you might lack even the slightest bit of self-control to manage your own budget, then have someone you trust do it for you. That person acts as a banker that either “approves” or “rejects” your transactions with the slot games and ensures that you don’t go overboard. It may seem strange to have someone controlling your gambling money, watching you, but it works. You can think of it as a team relationship. This life is all about balance, equilibrium. Do what you wish and enjoy yourself, but don’t let that scale tip in the wrong direction.