Online Casino Money Management

[zebedy]

i received this in an email and it sounds like good advice, so i thought i would share

Online Casino Money Management


Online casino gambling requires a greater awareness of money management skills and ability than normal in-person/on-site casino gambling does. The pace of online casino gambling is significantly faster than at a traditional brick and mortar casino which means that there are far more bets per hour on line than in person. With this increase in action at an online casino comes greater potential risk. A gambler that is unable to control himself and his bankroll will be blown out in no time at an online casino. Therefore a solid money management system is mandatory for success.

First, determine what your real gambling bankroll is. This money should be money that is left over AFTER all of your bills and obligations are accounted for and taken care of. You should NEVER bet money that is meant for your obligations or, to quote the old saying, "never bet the rent on ANYTHING!"

Next break your online casino gambling bankroll down, split it up, for weekly and then daily sessions. Do not act like far too many gamblers that consider their gambling bankroll whatever is available at the moment and a session being nothing more than gambling until all of that money is gone.

You should learn to set loss limits and when to walk away. You should learn to not go on tilt and chase losses. The skill of learning how to lose is as important as learning how to win because if you don't learn how to lose you won't be around to win.

There are many paths to success at online casino gambling but there are also certain guaranteed ways to fail at it. One thing is for sure, if you lack vision and a plan you be annihilated in short order. Online casino gambling is as much about discipline as gambling itself.

Along those same lines you must learn to turn off all emotion to succeed at online casino gambling. You must not be cool but instead be cold, ice cold. You must be cold during those tough times when most gamblers turn red hot with rage. Most gamblers fail because they cannot control themselves, not because of "bad luck" or the odds. Sure, the online casino odds favor the house but gamblers beat those odds every day by beating themselves and their instinct to chase losses and go on "tilt" after a bad beat.

There are many online casino gamblers that are experts at the games that they bet on and often make solid bets and gains but end up losing everything because they cannot control themselves. Some of the smartest gamblers and best experts at games of chance cannot handle losing and failure and therefore destroy themselves due to their inability to think long term.

Long term thought and planning is a major component of online casino gambling success. The more long term that you are thinking, the less likely that you will be rattled at one individual bet that goes bad. Always focus on the long term and realize that online casino gambling is a marathon and not a sprint.
by Alana Morgan

 

[Mousey]

Good solid advice... But it leaves out the player who wins and then goes on tilt and plays it all back.

Setting loss limits is critical... but so is setting 'win' goals... i.e.: I deposit $50, if I get it up to $250, or $500 (or whatever) hit the withdrawal button. Is it easier to leave it in the casino? Fine, but then set loss limits... quitting after losing no more than, say, $50 each successive session, playing no more than one session at that casino per day. If you can't do that, then withdraw!

 

[Simmo!]

I wrote this up for Bryan a while back. Might add something to the pot, although less so for Americans now a lot of the casinos have pulled out:

How To Manage Your Gambling Budget

Cheers

Simmo!