If you’re like me and do a lot of research on how to improve your gambling results, you’ve seen countless articles about money management. Sometimes it seems like money management is the best answer to all your gambling issues.
But is gambling money management really that important?
In some cases, money management is as important as many authors make it seem. But in other cases, it isn’t of much significance. I cover both sides of the money management argument below.
Why Gambling Money Management Is Important
It doesn’t matter who you are or how much money you have. The fact is that you have a limited amount of money you can gamble with. Usually, the money you’re willing to gamble with is decided after you take care of your bills and prior obligations. You can choose to use your money in any way you wish.
You create a casino gambling bankroll, whether you set aside an actual amount to gamble with or if you simply gamble with extra money in your pocket. No matter the case, you need to figure out how to maximize your playing time with your bankroll.
People gamble for many different reasons, but most of them boil down to entertainment. You might enjoy gambling to take your mind off the outside world for a bit or enjoy the rush of placing a bet with the hopes of hitting a big win. Either way, the longer you can make your bankroll last, the better.
Let’s look at an example:
You work a full-time job with a great deal of stress. You enjoy gambling one night a week and on the weekends to wind down and relieve stress. You’re willing to spend $400 a week gambling and want to be able to gamble at least 10 hours every week.
Meaning, you need to make sure you don’t lose more than $40 an hour gambling.
The good news is that you have several options. However, if you don’t exercise good money management, you’re going to run out of money sometimes.
With the goal of losing no more than $40 an hour, you can play just about any game you want if you make small bets and use proper strategy. Playing a quarter slot machine as fast as you can will average less loss per hour than if you’re only betting 25 cents per spin. And slot machines are some of the worst games you can play in the casino.
You can make $10 bets on most table games and average less than $40 an hour in losses. But the key is learning which games offer the best return. If you don’t understand how the games work and how the casinos make money, you can play a game that takes your money too fast.
Some games, like slot machines and roulette, don’t offer much by means of strategy. But games like video poker, blackjack, craps, and baccarat have simple strategies that lower the house edge.
Every time you lower the house edge, it makes your money last longer. When you combine a low house edge game with small wagers, you can often double or triple the time you can play. This is one of the most powerful money management techniques you can use.
Why Gambling Money Management Isn’t Important
The problem with money management is that many people believe that by using a money management system, you can beat the casinos. This simply isn’t true.
You can’t use any type of money management system or trick to become a winning gambler.
In other words, unless you do something different than most gamblers, you’re going to lose no matter how well you manage your money. If you’re going to lose anyway, what’s the point in focusing on managing your money?
Here are some tactics that are more vital than money management if you want to stop losing money. If you’re not willing to do one of these things, then you’re going to keep losing money. Regardless of your money management approach, it’s all going to disappear eventually.
This might seem extreme, but the easiest way to stop losing money when gambling is to stop gambling. Most gamblers lose, and if you don’t believe me, you can quickly find studies that show it’s true.
When people come to me for help to improve their gambling results, I make it imperative that they must start doing things differently. They cannot do the same thing as average gamblers if they want to keep their money.
The most extreme way to stop being an average gambler is to stop gambling. But what if you’re not interested in stopping and still want to stop losing? The next section will be of interest to you.
Learn Real Winning Strategies
As I’ve mentioned before, it doesn’t matter how you manage your money if you’re losing. But if you can figure out how to start winning consistently, you can eliminate the most common issues with money management.
I’ve talked to many gamblers who claim that they’re trying to win. But once I start asking them questions, the truth comes out. Most gamblers hope to win, but they aren’t doing what they need to do to have a real chance to win.
If you’re not willing to do what it takes to start winning, you can try to use whatever money management strategy sounds best. But if you’re ready to change, here’s what you need to do.
The first step is to start playing a game that you can realistically win. This limits your options, but there are a few casino games where you can get an edge. The most popular ones are poker, sports betting, and blackjack. These aren’t the only ones, but they’re the most popular because they offer the best opportunities.
The list of gambling activities that don’t offer a realistic chance to win is long. But if you’re playing any of these games, you should stop right now. Here’s a partial list of games you can’t beat in the long run:
Now that you know what you can’t play and what you can, the next step is to pick a game to try and master. Winning gamblers have to constantly try to master their chosen game. You can pick poker, blackjack, or sports betting because they all give you a better chance to profit.
But once you pick a gambling activity, you must dedicate your efforts to becoming a master.
Nothing short of this is going to get you where you need to be. You’ll need to learn as much about your chosen activity as possible and constantly learn more and try to improve.
Now, let’s bring all this back to money management. Once you learn some real winning gambling strategies, you can use money management to help give you the best chance to win. Keep practicing to maximize the amount you can win. Proper management and solid gambling strategies will keep you from going broke.
The answer to the question of the importance of gambling money management is that it depends on your goals. If your goal is to make sure you can play a set amount of time before you run out of money, it’s imperative to use proper money management.
But if your goal is to become a winning gambler, money management is secondary to doing the right things to become a winning player.
Of course, money management is still important for winning players. But if you never learn how to win, no money management scheme is going to do what you need it to do in the long run.