So, here we are in part two. This
part of the article will be covering
money management and the interesting
issues that surround it.
Money Management
If you think about it, this whole
article is really about choosing the
correct way to manage your money in
the casino. How good you play will
be reflected in the size of your
winnings. Many gambling books and
articles about playing casino games
will tell you how important money
management is. Money management is
an important concept when gambling,
but only when it is not shrouded by
its tricks and faux promises. Some
gaming sources treat money
management as a system or a process
by which they can come out ahead at
the casino. Honestly, this is not
what we believe to be the best thing
for gamblers to believe. There isn’t
one money management system out
there that can help you win; no
special method or mysterious formula
can turn a negative into a positive
one.
The intention of these money
management systems believers and
sources are honorable. People that
believe in money management systems
want the player’s time to last
longer or give the player awareness
that they can walk away a winner.
The only snag here is that some
systems can be very elaborate and,
in their betting manipulations, may
confuse players into thinking that
their chances of winning have
improved.
Money management system are not
going to necessarily do any harm as
long as they are devoid of leading
players into delusional
recommendations. The worst case
scenario is that money management
systems will give players a false
sense of security; they won’t lead
to guaranteed winnings, but hey will
not do major harm either. As long as
a casino game player doesn’t start
playing a game using the recommended
system thinking it will make them
rich, they can do no harm. In theory
many of these systems look good, but
they do not guarantee any winnings.
The best case scenario, they will
remind players to measure how they
feel about their wins and losses.
Look at it this way – money
management is a vital and essential
psychological creation, but is not a
mathematical realism. A smart casino
gambler must be able to choose an
approach to their money that looks
sensible and psychologically
fulfilling to them.
Below, we will provide some
different ways than casino gamblers
handle their money. Keep in mind,
nothing in the following
recommendations will be able to cast
any magical spell over your game
play that will change any
mathematical chances or guarantee
riches. The following suggestions
will be able to improve your overall
enjoyment of the casino game you
choose to play. Your resilience when
playing will be better, too.
Play with a plan in place
When we suggest a plan we are not
talking about the one where you plan
to win the casinos vault of cash.
This is not a plan, this is a dream.
Play with a real plan in place. One
where you as the player understand
what you want o achieve and one
where you are willing to accept in
terms of time, entertainment, and
money, too. By having a real plan in
place where you understand these
thins and accept the probabilities,
you will be in much more control
when playing.
Set a loss of money limit
Honestly, personal choice is fine
and dandy, but setting a limit of
losses when gambling is essential
for those of you who have their
sanity in mind. To set a limit, put
aside an amount of money for your
next gambling adventure, whether it
is for online poker or playing at
Caesar’s Palace in Vegas. When you
do start to play, you have to
understand that you have a budget in
place and stick to it. This sounds
so simple, but it one of the biggest
issues gamblers have when they have
lost money. They just had to try and
get their money back. This
suggestion takes discipline and it
sounds easy, but the minute some
players walk into the casino or log
on to the online casino, they
totally forget about it. Chasing
your losses with money you can’t
afford to bet with is a slippery
downward slope. Set a limit, figure
out your play, and do not engage in
the unfortunate situation of trying
to win back your budget with
additional money if you lose your
limit.
Set a win goal
Just as you would set a loss limit,
you need to also set a win goal,
too. We are not suggesting that you
believe that you will win a certain
amount if it is your goal to do so,
we are suggesting that you quit when
you have reached a certain amount of
winnings. Quit while you are ahead?
If you are up to a certain amount of
money, end your play, walk away a
winner. If profit play appeals to
you (and it should), then make
modest goals. Don’t think that
because you make this goal and you
believe that you can stick to it –
it will happen. If you set modest
goals, you will be more likely to be
able to achieve them.
Observe how your money stacks up
To figure out just how much action
you are creating at the table games,
try this interesting recommendation.
When you buy in for chips, put them
in a stack on your left side. Make
all of your wagers from this stack.
When you win, collect the chips and
put them in a separate stack on your
right side. After you have gone
through all of the casino chips on
your left, you can see how you are
doing by counting the chips on the
right of you.
Here is a fine example of this
recommendation. Say you buy in at a
blackjack table for $200 and get
forty $5 chips, which you put on
your left. After all the chips have
been wagered, you see that you have
$250 in chips on your right. Now you
can put in $200 in chips back on
your left and pocket the $50. You
play the left pile and end up with
$160. So you lost $40 this time, but
you still have the $50 that you
pocketed from the first session. So,
now you are ahead $10 after playing
$400 worth of action. You can move
the $160 on the right to the left of
you and play through it. Or you
could add $40 to it so you would
have another $200 session. Of
course, only if it is within your
budget.
The fun and interesting thing about
having the stack on the left and
right is that it enables you to
monitor how much money you are
actually wagering in total. A $200
dollar investment may get you $1000
or $2000 worth of action. This also
exemplifies how the house edge adds
up – it is not your initial $200
that is exposed to the house edge,
it is the total amount of your
wagers – this can add up fast. Think
of this recommendation as a money
moving monitor. It is another option
of money management.
Try playing in smaller increments of
time
Try taking your total gambling bank
roll and dividing it up in the
number of playing sessions that you
are going to play. For example, say
you are going to play at an online
poker room for two days and you have
an $800 bankroll. You may think to
break each of the two playing days
into four sessions of $100 each.
This means over the two days you
will be playing 8 sessions where you
play with $100 each time - -this
totals $800. Now, you can define a
playing session by either an amount
of time or by the amount of money
you hope to win. If you end up
losing money in a session, you log
off and do something else. Think of
this suggestion as a way to extend
your game play and the best way to
make sure your bank roll doesn’t
vanish in one sitting.
Take notes when playing
This is a great technique for online
poker or online casino game play.
Many casinos have issues with
players sitting at tables taking
notes, but some do not care. If you
really want to know how you are
doing when gambling, write it down.
After each session of game play,
write down what you lost or won,
your average wager amount, and how
long the session was. Many players
are not organized or anal enough o
do this all the time. But part of
successful gambling is to be in as
much control as you can – being an
organized player puts you in more
control of your gambling. Writing
things down after each session or
during it will give you the ability
to see exactly where you stand. This
will not tell you the best games for
you, but it will give you a true
sense of your finances. After a long
period of time and diligent note
taking, you may start to see what
games you are playing better though.
Money Management systems
This is where money management gets
really weird. When you see the words
beat the casino or even
win specifically attached to
negative games of chance such as
roulette or craps – you need to walk
away. The best way to sum up money
management systems quickly for you
is to say that they do not work –
none of them. You can try to bend
and twist the rules of probability
and mathematics all you want in
order to turn negative expectation
casino games into positive casino
games – but it will not work. You
can’t. Even so, the gaming world is
full of these systems and their
advocates. A few of these money
management systems have been around
for hundreds of years, but their
advocates love to spruce them up to
current days and peddle them to
naïve and desperate players. The
players that advocate these systems
are players that like to feel that
they have some sort of control where
they can’t and don’t. You do not
want o become a player like this.
Becoming a better casino game player
is not done by advocating money
management systems.
Here are a couple basic system scams
and their intrinsic pitfalls. We
will not bother wasting you time by
completely explaining how to use
these systems, but we will briefly
tell you why they do not pan out.
Why would any of you reading this
want to learn and have to retain all
the details of something that is not
recommended:
The Martingale System
This system is universally
attractive at first and then
universally ditched after players
realize the plan. With this system,
you double your bet after each loss
in an even money game; whenever you
win, you recover your losses and
make the amount of your initial
wager. This sound appealing, right?
The problem with this system is that
you may lose more than you make up
for by the time you reach the
table’s betting limit. Limits are in
place at game tables specifically
for Martingale users.
Cancellation (D’Alembert System)
Used by new players at roulette
tables (or other even money casino
bets) that is a variation of the
Martingale. It seems a bit more
complicating – adding to its allure
– but the end result is the same. If
you do win, it will be a small
amount compared to the enormous risk
you will be taking to achieve the
win. Remember, becoming a better
casino game player requires you to
take smaller risks.
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