Bankroll management is something vital in our day-to-day activities, and this is also true when we talk about gambling. More, we need to have our ideas clear about it before we even start playing, before we sit at the table.
Some say that the difference between those who win and those who lose is the art of bankroll management, it’s the only way that exists to make us survive gambling at the casino. At the end of the day, it’s all about using our money wisely, and to pick the games we can afford.
Picking games with the best odds is a good start, but deciding how much money we should bring to the casino is a necessity too, drawing that line we should not cross in terms of how much we will spend.
Crossing the line
We have all heard the expression that we should never bet more than what we can afford to lose, and this is a universal truth in gambling. Beating the house might require time and skills we might have, but whenever luck is involved we need to be careful.
What commonly happens is that before we do manage to beat the house, we lose, and we can only continue playing if we have the bankroll to face a losing streak. Going broke is game over, even for the professionals that have studied books and books of casino strategy.
We need to know where we are standing, so quitting while we are ahead is a great rule to build our bankroll. The strategy won’t help us if we don’t know how to make proper bets and make effecting bankroll management.
Buying a Ferrari is just out of most of everyone’s league, but if we do go for one we just might lose our house in that process. This to say that when gambling we should just aim to what we can afford, we should bet and bankroll wisely.
How should we assess and manage our money when we are at the casino? Knowing the answer to this question will turn us into a better gambler, will make us win more often. Visiting the casino often we notice a recurrent situation: people get broke there, and more, usually the ones that do get broke are those that don’t know how to bet.
Let’s take a simple example. If we have €100 to play and we are playing a game where the bet is 25€, we are not being very wise, and the dealer who convinced us to do it has to be a good one.
Risking one-fourth of all we have in one single hand is a bad strategy because if we lose we are almost bankrupt. Knowing how much we should play is a very important step, and something we always need to know before we start playing is what that table minimum bet is.
Knowing this we will know how much we can lose, and that’s the whole logic behind bankroll management, not how much we can win, but how much we can lose. Thinking like a loser will teach us the way to become a winner.
Finally, if we have those 100€, we should never play a hand more expensive than 2€, unless we are a top player. Low bets, avoiding getting bankrupt, is the best way to build a bankroll.