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money management
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by: Wild Bill.
Most gamblers have heard plenty about the concept of money management. The problem comes when these same gamblers try to apply someone else’s money management. The fact is money management is really a personal set of...
Money Managment

...guidelines which won't work well attempted wholesale from someone else’s ideas. Gamblers are better off considering what works for their own situations and then vow to follow it religiously in the heat of battle.

What makes for a good money management system?  One misconceptions is that money management can change unfavorable math for the player and give the player a winning edge over the casino.  Such thinking can easily send believers to the poor house in a hurry.  One of the reasons casinos love hearing about players with a money management “system” is they know such systems create greater unwarranted confidence in the average gambler.

The average casino customer doesn’t seem to realize some games just can’t be beat.  They buy into the concept they have an edge on the house thanks to some slick system they heard about or purchased and end up gambling much more than they would have without the system.  Why?  They foolishly believe systems can beat the casinos and then they get greedy. 

Gamble what you can afford to, an amount which is pre-determined by a well thought-out money management system.  No matter how good you think you will do, accept in all but a few games with proper skills you are playing at a disadvantage.

When you come up with your personal money management plan for all your gambling activities and follow it, you take much of the greed out of your game.  With it you accept gambling as a fun endeavor, one which offers occasional financial rewards.  Treat it much like any other entertainment activity you might partake in and gambling finds its proper place in your life. 

Two simple rules must be followed if a money management plan is to add positive value to your gambling.  The first rule everyone has heard of: do not bet with money you don’t have or money you need for life’s necessities.  It’s a pretty simple rule and it doesn’t need much explanation.  Of course many don’t heed it.  Quite simply gambling should always be done with discretionary funds you have in your possession and can afford to lose.



The second rule is don’t gamble when you aren’t in a good mood.  Gambling should be avoided when you just aren’t in the mood to have fun for whatever reason.  Sure losing money doesn’t make one happy, but the joys of getting on a hot roll at the craps table or hitting a big jackpot on a slot machine are going to happen at least once in awhile and need to be savored in the moment they occur. 

If you are stuck thinking about some bad news in your life when they happen, why even bother gambling?  Further don’t expect success at gambling to solve life’s problems.  Rarely will family or work problems be solved simply because you have a winning day of gambling. 

Next time I will give some more specifics about setting up a bankroll and properly using it to allow yourself the chance to enjoy your gambling more.  I don’t have any secrets to make you rich, but gambling should be about enriching your life, not your bank account. 

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