The worst gambling mistakes that you can make are starting without a plan and making decisions without all of the facts. These two mistakes almost guarantee that you’re going to lose too much money when you gamble.
Sadly, these aren’t the only two mistakes that you need to avoid when you’re gambling. This article includes six errors at the casino that you’re probably making right now.
Every gambling mistake you make is costing you real money. The ones listed in this article aren’t the only blunders that are going to cost you money either, but they might be some of the worst offenders.
Gambling Without a Plan
One of the most important lessons I learned in my life is that anytime I want to succeed at something that’s important, I need to have a plan. I used to just jump in without a plan and figure things out along the way.
This was valuable because it taught me how to adjust, adapt, and troubleshoot things when I needed to. But starting with a good plan makes everything better and easier. You’re still going to need to adapt and adjust, but you can skip most of the painful lessons when you enter any situation with a good plan.
The question is, how do you develop and use a good plan when you’re preparing to gamble for real money?
The best plans start out with what you want to accomplish. When it comes to gambling, everything boils down to one of two possible motivations. Every gambler thinks that they want to win, but winning isn’t the real reason why most gamblers risk their money.
This is clear because most gamblers aren’t doing what they need to do if they really want to win. Instead, most gamblers are risking their money because they want to be entertained.
Gambling for entertainment is fine, as long as you don’t beat yourself up when you lose. This happens when you think you want to win but don’t do what it takes to win.
It’s time to decide if you want to gamble to win, or if you’re gambling for entertainment, with a chance to win every once in a while.
Gambling Without the Facts
The best way to start with your gambling plan is to gather as many facts as you can. The more facts you gather, the more you understand what’s important and what isn’t.
An important fact to understand is what the casino house edge is for each gambling activity that’s available. You’re going to learn more about this in the next section.
What gambling activities are you interested in? Do you know what all of the rules are for these games? Do you know the best strategy to use for each of these games?
Every gambling activity lets you win from time to time if you play long enough. But this isn’t what I’m talking about. What I’m talking about are gambling activities that you can win more than you lose in the long run. These opportunities are rare.
Focusing on the Wrong Casino Activities
I could spend quite a bit of time explaining all of the gambling activities that you shouldn’t be focusing on. But it’s much quicker to give you a short overview of the few gambling activities that you should be focusing on.
This means that if a gambling activity isn’t included in this section, the odds are that you should be avoiding it. None of the gambling activities in this section are easy to beat, but they all offer a narrow path to success.
- Sports gambling – It’s easy to win half of your sports bets if you’re wagering on the point spread. But you have to win 53% or more of your point spread wagers to make a profit because of the vig. You can learn to do this if you become a good sports handicapper.
- Poker games – Poker games where you compete against other poker players can be beat. But you have to master a wide range of strategies to do it. You can do it, but it takes a long time and a great deal of work.
- Blackjack – Blackjack is the best game in most casinos, but the only way to win is to count cards. Learn how to count cards and you can win.
- Horse racing – Horse racing is similar to sports gambling. You can learn to be a good enough horse handicapper to produce a profit.
- Video poker games – Most video poker games can’t be beta, but there are a few that offer a return over 100%. Find these machines using pay tables and memorize perfect strategy for the machine.
Ignoring Casino Bankroll Requirements
This isn’t usually listed as an important step when you’re trying to learn how to win when you gamble, but one of the most important things you can do is to learn about casino bankroll management.
A bankroll is an easy way to track how much you’re winning or losing. And if you’re not tracking how much you win or lose you have no idea if you need to improve.
The other important thing you use a bankroll for is to determine how much you should risk on each wager. When you run out of money, you’re not going to be able to keep gambling.
If you’re losing when you gamble, you’re going to have to keep adding to your bankroll or you’re eventually going to run out of money.
Set aside a gambling bankroll, then monitor it closely. This is the best way to use a bankroll as a gambler.
Gambling Too Fast and Too Much
Two things that destroy gamblers’ bankrolls are gambling too fast and risking too much. These are two different things that both make you risk more money in a set amount of time. And the fact is that if you aren’t gambling with an advantage, then the more you risk, the more you’re going to lose.
When you consider how much you risk on each bet, it’s simple to minimize your losses. You simply need to make smaller wagers. No matter where you’re gambling, make the lowest wagers that you can until you learn how to win.
Here’s a trick that you can use to make smaller wager amounts. Sign up for an online or mobile casino account. The table minimums are smaller online and in mobile casinos than they are in live casinos.
Ignoring Casino Bonuses and Compensation
When you gamble there are often special programs or schemes that are available to help offset your gambling losses. These programs and schemes usually don’t help you win, but they often help you gamble longer.
The two main programs and schemes that are available are casino bonus programs and compensation schemes.
Online or mobile casinos often offer bonus programs. You put some money in the casino and the casino gives you some extra money to gamble with. This basically gives you a bigger bankroll.
Live casinos often offer a compensation scheme through a player’s or slots club. You get a membership, which is free, then your gambling is tracked. The more you gamble, the more the compensation scheme provides in rewards.
Bonus programs and compensation schemes are one of the few ways you can get something back from the casinos. You need to take advantage of bonus programs when you gamble online or mobile, and take advantage of compensation schemes when you gamble in live casinos.
Plan to Win More at Casinos
The best way to avoid gambling mistakes is to start with a good plan. A small amount of time in preparation can save you a great deal of money when you’re gambling.
Gather all of the facts, including a list of gambling activities that give you the best chance. Stop participating in gambling activities that simply can’t be beat.
Make sure you have your gambling bankroll in place, and never bet more than your bankroll can handle. When you gamble too much or gamble too fast, it eats your bankroll too fast. Finally, don’t forget about getting compensation and bonuses when you gamble.