Gambling and Money Management - 5 Ways to Avoid Burning a Hole in Your Pocket

Gambling and Money Management - 5 Ways to Avoid Burning a Hole in Your Pocket

A perfect place to make a quick buck eh? Well, the truth is, against the house, the odds are usually always stacked against you. Here are 5 tips to avoid getting dangerously broke on your first bet.

1. Money Management

You do not want to be betting all out, 100% of your money on the first bet straight away. Especially when the odds are stacked against you 168 to 1. Even if you do win, you might end up in the hospital from the wild adrenaline rush you get when the results are shown. Especially if you are a newcomer to the world of gambling. When going to the casino, prepare a minimum of 20 unit bets. Never exceed more than 2% of your current amount on a bet unless you are a professional. And ALWAYS set a limiter on how much you are willing to lose.

2. Pace yourself

It's easy to place bets each and every single time. But that is pretty much the fastest way to flush down all that money into the casino. It is wise to always remain cool headed and pace yourself accordingly. Casino environments are designed in a way where it urges you to lose control and to bet every single time. Take your time, walk around if you have too. Especially if you are on a losing streak.

3. Look for a seasoned gambler

If you are a beginner, it is always wise to observe those who are placing bets. Especially the ones who seem to rack up the most wins. Those who do so, placing bets of $5,000 and above, are usually there not to have fun, but to rake in the cash. They are seasoned gamblers. A good way to see if they are one is that they do not generally place bets on every single round. They generally observe and wisely strike when they feel that they can win. This is important as they have developed a "feel" in the gambling world.

4. Never get emotional

It is always easy to lose control and get emotional if you have lost half of your savings in a matter of 3 hours. Sometimes it does happen. The worst way to ever counter it would be to get emotional and place the other 50% of your savings on the line. Money by itself is an idea, not a thing to get emotional about. Yet many people chose to do so.

5. Avoid the casino totally

If you are unable to control your emotions, unable to place bets patiently, willing to wait and play, your best bet would be to avoid it altogether by itself. Like many things you hear around, the casino is not a place to place all your hopes and dreams into making a quick buck. Those who go professional are usually the ones who possess certain key characteristics; luck, patience, intelligence and money management skills. They are those who have refined their gambling skills to a level where it is not a way of winning or losing but rather, to perfect their art form which is gambling.

Summary

In summary, manage your money and emotions carefully. Set realistic targets and limiters to stop yourself from going overboard with bets. Good discipline in these aspects will help you minimize loses.

To Your Success,

Aaron Leow

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