It takes a lot of practice and planning to play blackjack successfully. Anyone can hit the tables and be lucky a few times, but it takes a different kind of player to be able to head over to the tables and be confident that you are going to win. It takes someone with a strategy, discipline and rock solid blackjack bankroll management.
Bankroll management is one of the most overlooked parts of an overall blackjack strategy and yet it is one of the most important aspects in any type of gambling, with blackjack being no exception. People think all they need to win is a good card counting strategy, playing basic blackjack strategy and a bit of luck as well. This is not the case at all though. If you don’t manage your money, you may win a bit but when you lose, you will probably lose it all. You do not want to make a habit of this because it can often lead to addictive behavior and can really change your life.
The good news is that bankroll management is actually pretty easy, at least in theory. It can really be reduced to three easy tips or steps. If you follow them and play your best blackjack game, you will be able to have fun while gambling on blackjack at your local casino or online, while not worrying about money if you do hit a cold streak.
Play Only With Money You Can Afford To Lose
First and foremost, only play with money you can afford to lose. Now, some people think the money they have they can afford to lose but often it is not the case. Some people will play with next month’s rent money with the belief that if they lose it all, they have time to make it back. This is the wrong mindset to have. You should be playing with money you can totally afford to lose and not have to make back for something at a later date. The plan is to never lose your whole bankroll, however you should plan for it because it can happen to anyone and it can happen unbelievably fast.
Play Within Your Limits
The next tip is to divide your bankroll accordingly and play within your limits. Let’s look at an example. If you play $10 per hand, how much should you buy-in to the table to feel safe? The safe answer is around 50x the max bet you will play, which using this example is $10. So, you would want to have at least $500 to feel comfortable, but you want to have more money in your pocket in case things go south during the session.
You usually want to have a bankroll of 10x your table buy-in, which in this case would be $5000 (10x $500). So, in other words, this translates to 500x your maximum bet, although some blackjack players will advocate having at least 1000x your max bet. This way, you can sustain a few losing streaks before you start to get into money issues. If a $5000 bankroll seems a bit out of reach to play $10 per hand, you should know there are some live casinos that have $5 minimum tables. Online blackjack sites have even lower betting limits, with stakes of $1 per hand or even less.
Obviously, the bigger your bankroll, the less the risk of ruin there is. The truth of the matter is you can never have too big a bankroll that is too big for when a blackjack game you’re playing, but it’s possible to have too small a bankroll, and this can drastically increase the probability that you will go broke. Additionally, the money you have in your bankroll shouldn’t be used for anything else besides blackjack.
Get Up and Leave the Table if it’s Not Your Day
The last tip is to leave the blackjack tables when you are having some bad luck. Many blackjack players fall into the trap of not leaving the tables when it’s just not working out for them, because they feel the need to make back their losses immediately. This usually leads to desperate plays, increasing bets to chase losses, and this inevitably results in more money being lost. Usually, it is a good idea to only spend one table buy-in per day, and once that money is gone, get up and leave the tables. It can be very difficult but it can save you and your bankroll. There will always be a blackjack game waiting for you upon your return to the casino.
If you follow these basic guidelines, you will be able to manage your bankroll effectively and will be a more profitable blackjack player!