The Internet is filled with guides about managing your online gambling budget, but if you have read a few, you have seen that they are either regurgitating the same advice or are pretty much impossible to follow. To put a stop to that, we have created a list of tips that actually work.
Set a Budget and Stick to It
No matter how many times you have heard this advice, it bears repeating ad nauseum. The most common reason why people end up in trouble gambling is spending more than they can afford. This is the first rule of gambling and you need to burn it in your brain. The importance of setting a budget and sticking with it can’t be overstated. If you don’t, you run a risk of blowing through your savings or your kid’s college fund in one evening. Of course, for this to work, you have to be realistic with your budget. Decide how much money you are comfortable with losing and use that number as your hard cap. Once it is done, walk away and don’t spend a cent more, regardless of how strong you feel that your luck is about to change.
Remove Emotions from Equation
Emotions have no place in a casino if you want to make your money to last. We have all seen Hollywood movies with some crazy but fun gambling professionals betting thousands of dollars in a single hand. It should go without saying, but don’t try to emulate that behavior. It looks great in movies, especially when they win, but in reality, it is a sure way of blowing your entire budget in a matter of minutes. Gambling should be observed clinically, removed from emotions as much as possible. Anything else is a recipe for disaster and a short gambling career.
Never Gamble When You are Desperate
Another popular Hollywood cliché is somebody in desperate need of money taking his chances at a casino table. This rarely works even in movies, let alone real life. When you are desperate, your judgment is clouded and you are not thinking straight. Gambling in this state of mind always ends in tears. Avoid it at all costs. There are always better ways of finding the money you need and gambling shouldn’t even be considered.
Set A Bet Limit
A $100 deposit can last you five minutes or five hours, depending not just on your luck or skill, but also on the size of your bets. Try not to gamble more than is required. Online slots are notorious for this, as you can place bets as low as $0.25, but also as high as $10. Do the math yourself and see how many spins you can get in either case. It may seem boring playing for nickel and dimes, but consider that the longer you play, the higher your chances of winning are. And that brings us to the final item on our list of tips.
Set A Goal
Setting a goal is a perfect way of creating an exit strategy and managing your winnings. A goal will help you by creating a purpose in your gambling and not just mindlessly clicking on your screen until you run out of money. Some people play until they reach a certain threshold and withdraw their money. Others play for fun and rarely if ever, touch their deposits. One of the strategies we recommend is setting a goal amount of money and halving it when you reach it. For instance, you can set your goal to be $500. Once you achieve it, withdraw half to your bank account and leave the other half to play with. Repeat this several times and you will create a self-sustaining hobby you can enjoy for a long time.