Bankroll Control
Having a great money management strategy begins at the top, with a proper bankroll, and requires knowledge, planning and discipline to keep you on track.
Why
Let's not make this any easier on the Casinos than we have to. There are plenty of others out there that do that for us. We know:
The Casinos have the edge on us, even if it's slight, it's constant over time
There is no such thing as a strategy that's a guaranteed way to win
In fact, over time, you will lose
This is the nature of gambling. It's inherently a risk. Gambling puts your money at risk, period.
We may not be able to flip the advantage, but we can manage our money and our strategies so that when the averages tilt to our favor, we're physically there, we're properly financed financed, and we're practiced and ready to jump on that opportunity. Most importantly, we'll have the discipline to walk.
Can we flip the advantage? In short bursts, yes. But it's going to take planning, practice and work.
What
In order to have a chance at long term success, you need to be on your game. All the time.
The 10 Pillars of Money Management.
1. Only gamble with money you can afford to lose
Bring money set aside for the purpose of entertainment
2. Manage your gambling money separately
Create a 401(g) account
Gas money
Flight
Hotels
Supplies
And your time at the table
3. Plan everything
Know ahead of time how much you're walking in with, and what you plan to walk out with
If you're playing multiple sessions in a day (i.e. a Vegas Vacation), only bring one session's worth of money to the floor with you.
Plan your meals, breaks, and other activities.
4. Track and log everything
Use a spreadsheet or a ledger to track every session.
It'll keep you accountable
It'll give you information
It'll help you see how you're progressing towards your goals.
5. Set an achievable "Win Goal" and stick to it
Think in terms of percentages, not dollars.
If you're buying in for $300 a 20% goal is $60. If you're at a higher level, add zeroes or other multiples.
$2500 = $500 in winnings
$10,000 = $2000
At the lower bankroll, that might seem silly. What's $60? It's 20%
If you reliably had a 20% gain in your stock portfolio or your 401(k), you'd be investigated by the feds. If your house goes up 20% every year, you'd be in great shape.
Why isn't 20% or 25% enough at the casino? It's simple relativism.
You've had a few great runs where you've colored up $500 on a $200 buy-in.
You can't let go of the fact that $60 is a tangible amount, and isn't enough to fill your gas tank and get a burger on the way home
This is what the casino is counting on. They play the long game, leeching a paltry 2% from you (on average) every hour. $2 per hundred is way less than $20, but look at those buildngs and those lights.
Play the long game against them, and don't get sucked into a hot streak or you'l burn your bankroll.
6. Use the "Rule of 10s"
The Rule of 10s gives of 10 chances to make our profit goal. It lets us "survive" the ups and downs of our sessions so that we'll be at the table when the hot roll comes.
It takes a bit of planning and discipline, but sticking to this simple rule will keep you more in touch with with your bankroll. Having 10 cracks at it is a huge stress reliever, as well. You can play a little bit looser, although with maybe a little less active money than you're probably used to.
Divide your 401(g) account into 10 sessions
Bring only 1 session out of your 401(g) acount to the casino
Don't dip into your pocket or your 401(g) if you lose it. If you lose, you walk
At the table, divide your session $ into 10
For each of 10 shooters, bet only that amount
Do not dip into your profits or your remaining bankroll should you go to zero on a shooter
7. Play for the win by planning for the loss
The Rule of 10s is an all-in strategy. We're planning on using the entire session buy-in to win that 20%. If you were only willing to lose half of it, then only bring half of it, and then play for 5 shooters.
Bet what you brought, it's the only way to survive the table until it heats up for you and matches up with your strategy. This holds true for your 401(g) account as well. You've got 10 shots in there, plan to use them all to make your goals.
Be willing to lose your entire session
Be willing to lose your entire alottment on any given shooter
You've budgeted for 10 shooters, use them all
... be willing to lose the entire session
Know that you've got more cracks at it in your 401(g)
8. Stick to your strategy
No switching mid-stream, unless you've prepped for a mitigation at the same dollar level and have a solid reason for a switch. There's no such thing as a "cold table" or a "hot shooter" ... the only things you can reliably count on are vetted controlled shooters, maybe yourself, and the actual random probabilities.
It's not a bad idea to have a strategy for you and a strategy for everyone else. Setup your session to account for that.
No random prop or side bets when you're "feeling it" unless you've budgeted for it, or took a win so that you could do it. This is one of the biggest sources of leakage, accounting for the casino's house edge.
9. Do not chase your losses
Chasing our gambling losses means using house money (your actual house's money). Don't do it.
Be a machine
You're going to have bad sessions as well as good
The 401(g) account and the Rule of 10s is designed to withstand periodic loss
Go home, take your lumps
Assess what happened
Address your weakness or mistakes
Adjust your strategy for next time
10. Be a machine
Learn to love discipline in every aspect of the gambling experience, specifically your money. Be an ATM machine ...
Application of Strategy
Knowledge of the game (payouts, etc)
Practice money management
Recognize when you're done, and actually be done.
Budget separately for fun
Side Bets, Tokes, Drinks
How
Log all 401(g) account activity into a spreadsheet
Plan your sessions
Plan your trips
Look into the future and see how your bankroll and session money can project to grow
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