Gambling needs careful money management just like a business. Most people overlook this just because gambling is supposed to be "fun" - and it is. But messing up your bankroll or landing in debt is no fun. Use these bankroll management and betting tips to protect yourself from undue losses at the casino.
Bet Sizing and Odds
When sizing your bet, it is important to weigh the odds against the profit and risk. You want to be enough to make a significant profit if you do win, but you also want to make that the bet is small enough to not hurt you in case you lose. A good example is slot machines. Max betting on a dollar machine risks more with each bet, but if you win, the payoff can be huge. The same max betting on a penny machine carries less risk and lets you play longer, but any profit is usually small.
As a general rule, you should play cheaper games when you have a small bankroll or you are just want to have fun. If you're only after entertainment, why pay bigger for the same thing when you can get it cheap (e.g. quarter versus dollar slots)? But if you rarely gamble you can afford to make bigger bets.
Betting Systems
Many people are intrigued by betting systems and want to try them. Betting systems are good but they are not fool-proof. There are two things you need to realize about them: first, they can never guarantee a win; and second, some betting systems are riskier than others.
Use a betting system known as a "positive progression system." That means you increase your bet every time you win and go back to one betting unit when you lose. It is not that you assume a win in one game means you are more likely to win in another (that isn't the case). Rather, you want to risk only your profits as much as possible, not your bankroll. Of course there will come times when you have losing streaks and you bet with your bankroll. But this is better than negative progression - wagering more money when you lose - which risks your bankroll even more.
Win and Loss Stops
There are two kinds of stop systems: stop-loss and win-loss systems. In the first case, you stop gambling when you have lost enough money. In the second, you stop gambling when you have won enough. Both systems require discipline to apply.
You can put you stop-loss system at 50% of your session bankroll. Suppose you have $200 to spend on a single visit to the casino. Once your losses hit $100, you must stop playing.
A win-stop system works in a similar way. If you are up by, say 50%, you must set aside 50% of your win plus your whole bankroll and bet only with the 50% profit. If you have $100 and win $50, set aside $125 and play with the remaining $25. At worst, you'd walk away a $25 winner. If you're lucky, you will win more.