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Gambling Bankroll Management (Part II)
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In addition to establishing a budget and portioning it out on a dally - and bet-size - basis, you can employ some simple strategies that help you stay within the framework of your budget. This article contains a few time-honored methods of limiting your losses.
Stop-loss limits: covering your own butt.
You may be familiar with stop-loss limits from the stock market. Stop-loss limits protect your shares from a severe downturn by instructing your broker to sell if a stock falls to a certain price.
You can apply the same rationale to gambling. An example is our earlier recommendation to decide in advance how much you're willing to risk per trip and per day. When you lose your preset amount, stop, head for the door, and spend the rest of the day golfing or sightseeing.
Big comebacks - erasing your gambling debt by winning big - are the stuff of legends. And that's where those stories belong. You're not gambling in the casino to make a living or pay off your bills. Treat gambling like a vacation, and leave the dreams of making a fortune in the casino for Hollywood movies.
Time limits: knowing when you've had enough.
Another good restraint is to set limits on how long you play each day. Marathon sessions at the tables usually spell disaster. The longer you play, the more likely you are to lose your focus and perspective.
Don't play for more than two hours at a time, and don't go play for more than four to six total hours a day. Casinos are tough enough to beat anyway, but when you're mentally foggy or hungry, you add an extra burden to the job.
Figure out how to take breaks because they can help you clear your head and protect your bankroll. Stopping for lunch or dinner may seem obvious, but the number of players who totally forget to eat when they're gambling is amazing. Reasons to take breaks abound. Here are just a few:
- Visiting the bathroom: Drink plenty of water so you have to take frequent trips to the powder room. Those short walks stretch both your legs and your bankroll.
- Scoring in the sports book: Place a few minimum-bet sports wagers over in the sports book. You'll be motivated to stand up every so often to track the progress of your teams, and these wagers provide perhaps the best entertainment value anywhere in the casino.
- Exercising: Even if it's just a brisk walk around the casino floor, do something to get your circulation going. Even better is a real workout at the hotel gym.
- Calling your loved ones: Your significant other and family appreciate a check-in call every once in a while. A check-in call can also provide additional restraints for sticking to your budget. You can easily lose touch with reality while gambling, and a quick phone call can remind you of what's important in life.
Everyone wants to walk away a winner. Cashing out a winner is one of the greatest feelings in the world, and it's the ultimate goal of everyone who gambles. But remember - one of the worst feelings is dumping all your winnings back when you're up a lot and then losing for the day. So quitting when you win a predetermined amount ensures that you have some winning days during your visit.
Some people set up target goals, such as quitting when they get ahead of their daily bankroll by 50 percent or 100 percent. If you wisely add your profits back into your bankroll (rather than spending them), you have a larger buffer to withstand future negative swings.
Keep in mind that quitting early never helps you in the long term because you have absolutely no way of knowing when the cards are going to turn for the day. But you reap a tremendous psychological benefit if you stop playing when you win a certain amount.
