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HOME > STRATEGY > Strategies & Tips > Money management advice

Money management advice

2 December 2017

By Henry Tamburin

Once you’ve got your gambling bankroll in place and start using it, you'd better know how to manage it. Let me state clearly up front that no money management system alone is going to eliminate the long-term house edge against you. What it will do is help you make your bankroll last longer so you can play longer, and that is what most casino players want.

Here are some tips to manage your money:

1. On an extended gambling trip, set aside a portion of your bankroll to use each day. If you lose the amount you earmarked for day #1 then you must stop gambling on day #1 (do some non-gambling activities).

2. Establish session (or timed) stop-loss limits. If you’ve set aside $300 to use for gambling on Day 1 and you plan on two sessions, only bring $150 to your first session. If you lose the $150, then you quit playing. However, you’ve still got another $150 that you budgeted for session #2.

3. Don’t overbet. Playing dollar slot machines with a hundred-dollar bankroll just isn’t going to work. If you really want your money to last, play at a lower denomination.

4. Don’t “chase your losses,” meaning betting more in the hopes of winning it all back quickly. This is a common mistake made by most gamblers.

5. Don’t lose back the money that you’ve won in a session. Easy to say, but sometimes hard to do. Here’s a plan that can help. Set a win goal equal to some percent of your session stake. Let’s suppose your session bankroll is $100 and you would be happy if you could walk away with a $50 profit.

If luck is going your way and you exceed the $50 win goal, go ahead and keep playing but increase your win goal to $100. As long as you keep winning keep incrementally increasing your win goal. Now here’s the discipline – when the tide turns and your winnings drop below the previous win goal, you should leave the table with profits intact (i.e., take the money and run).

6. Get in the habit of setting aside the money you win from a gambling session to bring home. If you lack discipline to do this, then place those winnings in an envelope in the hotel safety deposit box (where it stays untouched until you leave for home). If you need more push, then convert the winnings to traveler's checks and immediately mail them home. The point is, don’t put into play any hard-earned money that you’ve managed to win (don’t think of it as playing with the “casino’s money” – once you’ve won it, it’s your money).

Getting your bankroll converted back to cash
At the end of your gambling trip, if you’ve played smartly and managed your bankroll wisely, you’ll have a bankroll that needs converting into cash.

1. If you’ve won a lot chips at a table game, be sure to color up before you leave. This means the dealer will convert your smaller denomination chips into larger chips so there will be less of them to bring to the cashier.

2. Many slot and video poker machines will dispense a ticket when you cash out. Take care not to lose the ticket, and be forewarned that they expire. So it’s best at the end of your trip to take that ticket to the cashier and get cash, rather than bring the ticket home where it could get lost.

3. If you’ve won a lot of money at the tables, then you should ask the casino to issue you a check for your winnings. It’s a lot easier and safer leaving for home with a check in your pocket than a wad of cash (note that the casino cashier will confirm with the pit supervisor that you indeed won those chips at the tables).

4. Likewise, if you hit a big slot machine jackpot, make sure you tell the casino employee that shows up at your machine that you want to be paid by check (or you could ask for some of the jackpot in cash and the rest paid by check).

5. If you insist on converting your chips or machine winnings into cash and you have a lot of it, to be safe, ask casino security to escort you to your car.

6. If need be, you can always go to a local bank and convert your cash to traveler's checks, which is a much safer way to get your money home.

If you want more details on how to manage your money in a casino, check out the books More Frugal Gambling by Jean Scott and Comp City by Max Rubin.

It’s your hard-earned money that you gamble with in a casino. So doesn’t it make sense to use it wisely?



Henry Tamburin, Ph.D., is editor of the Blackjack Insider e-Newsletter (www.bjinsider.com) and host of smartgaming.com. Visit Henry at www.smartgaming.com.


This article is provided by the Frank Scoblete Network. Melissa A. Kaplan is the network's managing editor. If you would like to use this article on your website, please contact Casino City Press, the exclusive web syndication outlet for the Frank Scoblete Network. To contact Frank, please e-mail him at fscobe@optonline.net.

 
Henry Tamburin
For a FREE three-month subscription to Henry Tamburin's Blackjack Insider e-Newsletter, which includes full membership privileges, sign up at www.bjinsider.com/free. For a free copy of Tamburin's Casino Gambling Catalog, call 1-888-353-3234 or go to www.smartgaming.com. For information on the Golden Touch Blackjack course taught by Tamburin call 1-866-WINBJ-21 or visit www.goldentouchblackjack.com.

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