Tried-and-True Money Casino Gambling Management Techniques

There are dozens and perhaps scores or even hundreds of books and Internet-based advice about money management while playing in a casino. Some are excellent. Some not so much.

This article covers some tried-and-true money management techniques for casino players. They also apply to online gambling.

Contents

1. Money management is critical when playing casino games
2. Tried-and-true casino money management techniques
3. The most critical skill for casino money management
4. Summary

Money management is critical when playing casino games

Yes, money management is not just a good thing when playing in a casino or online. It is critical. Players may know everything there is to know about how to play their favorite games. They may know all the best bets and the smartest ways to play. They may know that they should not imbibe too much alcohol while playing.

All these things will help players have fun while gambling, but without proper money management, disaster can still befall the unsuspecting casino game player. The next section lists and explores several proven money management techniques in the hope that they will prevent disaster from striking.

If this article interests you, keep reading. Alternatively, explore other topics like blackjack strategy, roulette strategy, and how to win at slots.

Tried-and-true casino money management techniques

All gambling money management techniques have certain aspects in common. They include:

• Only gamble with money you can afford to lose. The money cannot be needed for living expenses of any kind.
• Always bring the money with you – whether your trip is for one session or several days – bring the entire amount with you. Do not plan on using an ATM for some of your play.
• Never use credit.
• Keep track of your betting, wins and losses. Your memory can fool you. Log amounts as they occur.
• Have discipline. Do not chase losses. Do not play when you are tired or agitated.
• When you win big (you decide what “big” is) reserve some (or all) of the win as profit. Do not use any of the amount reserved for betting on the current session, day, or trip.

Some specific techniques to help with money management are:

Keep separate bankrolls:

• If your trip is for more than one day, divide your trip bankroll into daily bankrolls. 
• If there will be more than one playing session per day, divide each daily bankroll into session bankrolls – one for each planned session.
• Bring ONLY the amount of the one session bankroll with you to each session.
• If you lose the session bankroll – QUIT PLAYING for that session. Do not play any more until your planned next session. Bring the next session’s bankroll when you start that next session.
• Never, never, never, dip into future session’s allocations.
• If you win a substantial amount during a session, hold a portion of the win aside. Do not bet any of that saved portion during the current session.
• When the session is over, any remaining bankroll and held winnings are reserved for future trips. That money is never to be used again during the current trip.

If the trip is a short trip (only one or two sessions), set stop-win and stop-loss limits:

• If only one session, the stop loss could be the entire bankroll. If you play more than one session, the stop loss could be one-half, one-third, or other reasonable percentage of the bankroll.
• Once the stop-loss is hit, stop playing. Resist the sometimes very strong urge to continue play using the remainder.
• A stop-win on the other hand is either a percentage of the bankroll (such as a cumulative win of 10, 15, 20, or 25 percent), or a specific amount (such as $100, $200, etc.).
• Once the stop-win amount is achieved, lock up the win. Do not use it for future play. Take it home as a profit.
• Continue playing until you hit the stop-loss on the remaining amount. 
• If you hit another stop-win amount, lock that amount up as well.
• Continue playing until you either hit a stop-loss, or you decide it is time to leave.

Manage your bet size based on your current bankroll:

• Keep betting a flat amount based on your bankroll size – perhaps 1-5 percent of your bankroll depending on the game. Maintain that bet size throughout the session.

If you become tired, frustrated, edgy, or in any way are not feeling in control, immediately stop play. Take a break. Leave the casino to clear your head. Do not return to play until you feel in total control.

The most critical skill for casino money management

Basic aspects of money management, some specific money management techniques listed above, and several other money management techniques that can be found online or in books are all helpful in avoiding disaster while gambling.

However, none of these techniques are worth anything if the player does not have one critical skill – discipline.

Limiting what you bring to the casino to what you can afford to lose means nothing if you dip into your next session’s bankroll or head to the ATM after blowing a session or trip bankroll.

Having a stop-loss means nothing if you continue playing after you hit that stop-loss.

Having a stop-win means nothing if you dip into that locked-up win after you lose a session bankroll.

Rules of money management are only as good as the player’s discipline to adhere to those rules regardless of how difficult that may be. Without the proper discipline players would be better off staying home or getting their entertainment in a less dangerous (figuratively speaking) way.

Summary

Proper money management is crucial for having fun playing casino games. Those who do not use money management are setting themselves up for disaster.

This article has explored a few money management techniques. There are several other available. Players can also develop a plan that works well for them.

An important point to remember is to always play with money that you can afford to lose. The most important skill of all, however, is to always stay disciplined.