Bankroll management is an important issue when one engages in gambling. Sometimes, bankroll management is the only option you have when it comes to strategy. This is particularly true for games of pure chance like slots. A player’s bankroll is the gambler’s lifeline so he may enjoy the games more. One of the possible goals of bankroll management is to make your bankroll last as long as possible.
With the many bankroll management methods out there, players can choose what’s best for them. One can never completely say that a certain bankroll management method or system can universally work for everybody. Players will just have to find a method or system that will for them individually.
Though there are many bankroll management methods out there, most gamblers will agree that the fundamental practices of money management are still essential. Other than maintaining your bankroll, these fundamental practices will help you grow your bankroll as long as you stay committed and disciplined.
Some of the basic principles of bankroll management include the following:
Principle #1 – Never gamble away any money that is sacred. This is one of the most practical of the fundamental principles every gambler should learn. Never should anyone gamble away their child’s education fund or any money you can never afford to lose. Players who find themselves breaking this foundational principle are those who lack discipline, which is a key trait in bankroll management.
Principle #2 – Always play with a specific strategy in mind. This foundational principle has to do with strategy games like poker or blackjack. These games that require player skill should always be played using a particular strategy. If not, then you are, in effect, just giving away your money to the casino. Strategy games give players a chance to lower a casino’s house edge.
Principle #3 – Remember to use proper risk management. Risk management comes in the form of limits when you play your games. A couple of tools that might come in handy are loss limits and win goals. Other gamblers make it a point never to make a bet larger than five percent of their total bankroll.
Principle #4 – Know when to call it quits when your bankroll is gone. There will be days when you will be tempted to take out more cash either to make more money or chase after the cash you lost. Your initial bankroll is only one of your signals that you have reached your limit. Another one is when you feel that desperate urge to take out more money to rebuild whatever bankroll you lost. Once you have these two signals up then that is a clear indication that you should head out for the casino doors.
Bankroll management will require some discipline from anyone who wants to become the master of their bankrolls. It doesn’t matter what management method you choose as long as it works for you.