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CASINO
TIPS
Never bring your entire bankroll with you to one gambling session.
You need to have a daily gambling budget. Start by dividing your
bankroll by the number of days you'll be gambling. Then divide your
daily bankroll into the number of sessions you will be playing each
day. This is now your single-session bankroll. Don't bet tomorrow's
money until tomorrow comes.
Set a goal of winning between 50 to 100% of a single-session
bankroll. Then set aside your original bankroll plus half your
winnings. Now play with the remainder and continue to set aside
additional winnings.
Use a winning progressive method of betting by setting a
predetermined percentage increase for each winning bet and sticking
to it. For example, I increase my winning bets by 50% after the
second win: $5, $5, $7, $10, $15, $22, etc. I continuously flat bet
(table minimum) when losing.
The casino's goal is to create a fantasyland experience for its
patrons. One wily way is to devalue your money by having you bet
chips instead of legal tender. Think of the deceptive nicknames
chips have. A $5 chip is a "nickel" and a $25 chip a "quarter." Your
best self-defense is to continue to bet with your own greenback.
This way you'll always realize its genuine value.
If you do turn your bankroll into chips, take a moment and carefully
think about the exchange. You must always treat chips as hard-earned
cash-like the money you save for your child's college tuition,
mortgage payments or your retirement.
Never increase your bet when losing. A double-up-to-catch-up
strategy simulates a lamb being led to slaughter.
Discipline is not only a significant part of being a successful
gambler but probably the most important element of money management.
You must set loss limits and win goals. Example: When losing half
your session bankroll (loss limits) you walk, and when doubling your
money (win goals), consider doing the same.
Identify the profitable opportunities in gambling by shopping for
the best odds, rules and playing conditions for the casino games you
will be playing. Don't waste your time on games in which the casino
has more than a 2% house advantage.
Never gamble with money you can't afford to lose. Need I say more?
Finally, money management will not affect the house advantage nor
guarantee that you will win more money. If the house has an
advantage before money management, it still has that same advantage
even after you apply money management techniques. What good money
management principals will do is minimize your losses and in most
cases protect your winnings.
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