Every frequent bettor knows that, no matter how good you are, you win some games and lose sometimes. We hear that many punters are drowning in debt because they have not adopted some smart money management tips that can help keep them in the black.
There are many casino games one can play, online or offline. Most of them will give you a shot at winning, even as a beginner. But to keep winning, you have to learn a few tricks, whether you are playing live casino online games or visiting a physical casino. The rules are generally the same, and if you master some money management skills, you can become a master punter.
Money management is what separates a regular bettor from a professional. It is a skill necessary to succeed in any business, including betting. If you cannot manage money properly, you might find yourself running at a loss. As a bettor with good money management skills, you can turn your winnings into more profit while minimizing the risk of losing it all.
This article will expose you to some tips you can apply to manage your wins and your losses. Some of them include:
1. Have a Budget
Having a budget is important, but remember to be disciplined and stay within that budget. Betting will give a wholesome experience and a continuous adrenaline rush. When you have been winning continuously, you may feel like it is your lucky day and decide to exceed your budget and lose all of your money in one go.
If you are a regular, you can have a different budget set daily, weekly, and monthly. Remember that your budget should be money that you can afford to lose; this way, you can continue having fun regardless of the outcome of the games you play.
2. Separate Your Gambling Bank Account From Your Private Account
It is not advisable to mix up your finances as an adept punter. You may have a set budget for playing games, but if all your money is in one place, it won’t be difficult to dip into your private account when you are having a good time.
Having a separate betting account will make it easier to keep track of your wins and losses. You will know how much profit you have made over time or the amount of loss you have recorded.
3. Do Not Withdraw From Your Betting Account
After creating an account for betting, this is where you deposit all your earnings as well. After a while, you will not need to add personal finances into your bet account; your winnings will provide enough funds for the next month’s betting budget.
As you start making money from gambling, do not withdraw all of your winnings at once. Remember to leave some in the betting account to grow your betting capacity. This way, you may never need to visit your private bank account to fund your gambling. You can have fun, as you bet, without getting upset anytime you make a loss.
4. Keep Records
This may sound stressful because most people want to bet and have fun. But in the heat of the moment, it is easy to lose track of the amount you have put in and how much you have won or lost.
If you are playing different games when you visit a casino, you should carry a small notepad to record all your activities.
However, this record should be moved to an excel sheet or notebook to enable you to see your activities from a better standpoint.
With this, you can determine where your profits and losses are coming from, learn what games are your strong points, and start focusing on them.
5. Do Not Get Emotional When You Play
Your mood or previous bet result can influence how you place bets. If you have a losing streak, it is best to stop betting when you hit your budget.
Revenge betting is when you try to beat the system and win all your lost money. This often leads to more losses instead of winning.
When you bet, work with strategy instead of letting your emotions get the better of you.
6. Have a Stop Loss
The hardest part of betting is knowing when to stop. Often when people lose, they continue playing with hopes of winning the next game, which may never happen. Instead, they become irrational and play games without having a strategy.
Stop loss is the amount of money you are willing to lose at a time. Once you have lost up to that amount, you stop gambling. Stop loss is different from budgeting in the sense that your budget is the overall amount you intend to spend on placing bets, whether you are winning or losing. Having a stop loss ensures that you do not lose too much money at once.
Once you have hit your stop loss, call it a day. You can return to gambling the next day.
Of course, self-control is very important for you to follow the rules you have set out for yourself. As a punter, if your control is not top-notch, you might end up losing more money than you win.
Good Betting Habits Every Punter Should Adopt
Your betting habits play a huge role in your journey to becoming a successful bettor. With the following habits, you can turn betting from a hobby into a profitable business.
- Make a plan and stick to it: If you do not intend to be a one-off bettor, you should have a laid-out plan. This plan should include a budget, stop loss, game strategy, and record-keeping. Endeavor to follow the plans you have made religiously to succeed in your betting career.
- Diversify when you bet: The saying ”do not put all your eggs in one basket” greatly comes to play here. Do not be found hugging one game table because you have won a few games. Try out other games in the casino; you will find other games that are easier to play and present better chances of winning. This doesn’t mean that you should bet on every game; even in diversifying, be strategic.
- Play strategically: A good punter knows the importance of research. It would help if you didn’t blindly hop on any game that seems exciting, but instead, take your time to learn about the game and what it takes to successfully beat the house or your opponents. Every game has separate rules and odds. With research, you can find which games will be favorable to you and when to play them.
The Bottom Line
Casino owners are very smart and have employed different methods to ensure that you continue having fun and playing games whenever you are on their premises. Your job is to have fun, but do not get carried away with games that you end up going home with a slim pocket.
Remember that you can have fun and make money simultaneously – the money management tips mentioned above will help make it easier.
