I’ve yet to pick up a good book on gambling that didn’t talk about bankroll creation and management. It’s that important. Even the lightest of books has a page or two devoted to it-regardless of the book’s game topic.
Unfortunately, the topic of creating and managing a bankroll can quickly become a complicated one. I’ve broken this article about money management down to two main segments-session money management and seasonal money management. I’ll go over some light information on each to give you a real head’s up. Let’s get into money management.
Managing your money by the session
This is the most popular method and best for those not betting on sports-Blackjack, Craps, Roulette, Poker, etc. Session management can get so detailed; you’ll need a PhD to follow it all. But, we’re not going that deep.
Basically, it’s like this. Before you go to play in the casino, you set limits. How much are you willing to lose? And you have to stick to it. So, let’s say Charlie is about to walk into the Win Here casino to play some Craps. He might set a loss limit of $100. His bankroll is now $100.
Ah, but wait. Charlie also needs to see a win cap. Yep, you’ve got to cap your wins and leave before it all goes bye-bye. Keep this realistic. For instance, if you set the win cap at $200, you’d leave when your bankroll equals $200, which would be a $100 gain-or a 100% increase. Anything more than 200% is highly unrealistic.
Most people fail at both ends of session management, but the win cap kills almost everyone. They are winning, so why love? Yes, why leave? Why not stay until you’ve lost it all back?
Managing your money by the season
No, I’m not referring to spring, summer, fall and winter. I’m talking about sports seasons-or anything else that lasts more than one session. Actually, a gambling marathon would apply too.
It works the same as session management, except that you’re setting a loss and win cap for the entire season-and thus, the amount is larger. In fact, you might not even have the money in your possession.
Let’s try an example. Charlie is a hard-working guy. He lives paycheck to paycheck, but loves betting football. He decides that he can afford to lose about $100 a week for the entire season. Figuring in playoffs and the Super Bowl, he sets a seasonal bankroll of $2,300.
He doesn’t have $2,300 right now, but he has the initial $100 to get going. So each week he now knows that he has $100 to spend. Additionally, he set a win cap at $3,500. If his bankroll ever hits $3,500, he’s out. Be smart with your money. You’ll have more fun and you could take more home in the process.
By Jim Boik
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