As with any other endeavor, which requires a particular investment, in order to safeguard it against any adverse effects, a key moment to consider is the implementation of sound money management. It is not an easy task because in some cases even a player with significant experience may be lured to deviate from the gambling budget they’ve established, stretching their tolerance for risk a bit more. Taking up additional risk, they may come to a point, when the bankroll simply vanishes. In order to avoid financial ruin, every player needs to follow particular steps, which would allow them to remain in the game for longer.
Setting a gambling budget
The first step is deciding on the amount of one’s total gambling bankroll. The amount itself depends on the individual. We should note that this bankroll must be separate from the money one uses to cover their expenses on hotel accommodations, dining and other notables.
Even if a player can afford to set a large-sized bankroll for gambling, this does not mean it should remain unmanaged. Since video poker features fast gameplay and if a player has chosen high denomination and a multi-hand machine, it is staggering how easy they can run through a sizeable bankroll in no time.
In case a player intends to spend only a day at the casino, then they may gamble up to the limit of their bankroll and abstain from going even a cent beyond it.
In case their plans include a two-day or longer stay at a particular destination, then the player may divide the total bankroll into smaller ones for each session.
If one has put aside an amount such as $10 000 and plans a five-day stay at the gambling destination, for each session a day they will have $2 000. In case the player intends to have two sessions each day, then they may further divide the daily bankroll into two smaller bankrolls of $1 000 each. In order to ensure that the money will cover their entire stay, the player may put each session’s cash in a separate wallet. If they prefer to use envelopes, they may mark the day and the session on them (for example, ”Friday – evening session”).
One should not forget that they should take the predetermined amount for the respective session only, while the remaining sum should be in their hotel room. This way they will avoid the enticement to go beyond the session limit. In case the bankroll for the respective session vanishes, the player would be wise to leave the casino and spend their time on some other recreational activity.
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There are people who will probably use their earnings playing again, having in mind they are operating with the casino’s money. One should not forget that if they earn something at a casino, it is theirs, it does not belong to the house. A word of advice: it may be better if these earnings are put aside rather than bet them again.
What one should also consider is the time limit for each playing session. A beginner who is still learning a particular game should spend two hours maximum. With any passing minute beyond that time limit, one may feel somewhat overwhelmed, may lose focus, and may not be able to make reasonable decisions.
Avoid using ATMs and credit cards
As one happens to be amidst an astonishing play session, but runs out of money, they may be enticed to use their credit card or visit the ATM nearby. That would be a grave mistake and would violate the session limit the player already set. When one loses their session bankroll, it is better if they leave the casino and wait for the next play session in the schedule.
A player should not take credit and ATM cards along during the stay at the casino or the hotel. This way they would avoid being enticed to exceed the limit set. Another very important moment to note is that a player should not gamble with money that they cannot afford to lose. No need to mention the money covering a consumption loan installment or a mortgage.
Avoid switching to a higher-denomination game to recoup losses
It is not uncommon for a player to be overwhelmed by frustration when they witness how their bankroll vaporizes. Thus, in order to compensate for losses, some players decide to play a higher-denomination game. What they do not seem to realize is that such a move would lead to even greater losses!
Player advantage video poker games are not that often found in higher denominations. In case a player increases a denomination in an attempt to recoup losses, all they do is heighten the probability of experiencing financial ruin. And, as we already stressed, the key rule to restrain from any losses postulates that one should not gamble more than they have put aside for the particular session. In case the play session is not going as planned and there has been a considerable streak of losses, the best decision is to stop playing and wait for the next session.
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Know when to stop playing
To stay within one’s gambling budget is the first step to proper money management, while the second is to know when to quit playing. In most cases it is reasonable to quit before the entire bankroll for the particular session is lost. However, what if one is winning?
In case a player is amid a streak of wins, experts in the field advise that they should keep on playing until the end of the predetermined session time. If the player has decided to gamble for two hours, they should quit when that time is up, even if they have made money. In case the player continues to gamble beyond that time limit, they are more likely to make a bad decision at some point, because of fatigue and loss of concentration.
There are casinos that will probably pressure their visitors to some degree to continue playing to sustain their comp status. When one enters a casino, they need to apply for a slot club card. As long as one uses that card, they are able to amass points and win cash or complimentary services (comps). The latter may include vouchers for meals at restaurants, tickets to a concert or other event, a free of charge hotel room and so on.
Using a slot club card and disposing of all promotions, which transform a casino advantage game into a player advantage game is usually recommended. However, players with vast experience in the field would say that it is far better for one to cover their own expenses on meals, hotel rooms and entertainment than to ”bust the bank to get a comp”.
A player on a losing streak should not succumb to casino pressure to keep on playing. The same is true if a player has made money, but their play session has expired. A player on a losing streak should leave the casino, even if they have a part of the bankroll for the respective session left, or if they intended to stay longer on the casino floor.
