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.
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- Do Some Gambling Games Trick You Into Gambling Real Money
But is gambling money management really that important?
An upper limit is how much money you win before you stop playing a game, or stop gambling altogether. A lower limit is how much money you lose before you stop playing a game or stop gambling. One other limit is very important: time. You should not spend so much time in a casino that you lose track of where you are or what else you should be doing.
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.
Stop Gambling
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:
- Slots
- Baccarat
- Craps
- Roulette
- Bingo
- Keno
- Lottery
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.
Conclusion
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.
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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.
The future of online casinos may not lie with slot games or spinning roulette wheels. As casinos look to attract the so-called ‘Millenial’ generation to part with their cash, we are seeing the worlds of video gaming and gambling merging to form one entity. Already a new wave of online casinos spear-headed by names like Rizk, Casumo and Dunder are replacing traditional loyalty plans with player journeys and wheels of fortune, and using leader-boards which allow slot players to compete against one another. Now real money video games are seen as a major part of the future of online casino gambling.
REAL MONEY GAMING IN ATLANTIC CITY
When we think of skill based gambling games, we think primarily of card games such as Blackjack and Poker. However these traditional casino games may not appeal to younger audiences for whom Playstation and X-box consoles represent their idea of online gaming. In an effort to woo this younger crowd, casinos are looking at creating real money video games which allow you to gamble on your playing ability. The first of these games have already arrived at land-based casinos in Atlantic City, and it is only a matter of time before they make the transition to online casinos.
LEADING THE CHARGE
This real money video game gambling revolution is being led by two US-based companies at the moment: GameCo and Gamblit Gaming. Both of these young companies have already debuted a number of very interesting titles which allow players to gamble on the outcome of games, and where the skill of the player will directly affect how much they can win. This movement has been made possible because in 2016 legislators in the US legalized skill based gambling, meaning that it is now possible to visit selected Atlantic City casinos to test your gaming skills for real money.
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SHOOTING FOR THE STARS
One of the very first of these skill based gambling games was Danger Arena from GameCo, which is a first-person shooter where players are rewarded for how many killer robots they can kill in a given time period. The same company has also developed a basketball shooting game as well as Pharaoh’s Secret Temple, which is modelled on the Bejewelled style of game. Meanwhile Gamblit has come up with even more sophisticated looking games such as Zombie shoot-em-up ‘Into the Dead which they developed in conjunction with established game developers PikPok. The same two companies came up with racing game Breakneck, while Gamblit developed a pinball game called Playboy Pinball Casino.
HOW DO REAL MONEY VIDEO GAMES WORK?
Of course, casinos are not about to offer players games which are going to lose them money, so although the outcome of these games is affected by the skill level of the player, the casino is still going to make a profit in the long run. The games are set to give a return to player of somewhere around 90% – similar to land-based slot machines – and sometimes no matter how skilled the player he or she is not going to be able to win. For example in the Danger Area game the player will need to shoot 6 robots in order to make back his money, but sometimes the game will not feature that many killable robots and so there is no way to win. It may sound unfair, but really it’s the same principle as a game of Blackjack where the cards you are dealt make it impossible to win no matter how good you are.
COMING TO YOUR FAVOURITE ONLINE CASINO
For now most of these real money video games are only available in Nevada and New Jersey, but skill based games like these are now also available online. Of course there are a lot of legal hoops to jump through before online gaming for real money becomes a reality, but with the successful launch of the games in land-based casinos it seems certain that online versions will follow somewhere down the road. The possibilities are limitless: from sports titles to word games and all points in between. You can be confident that the opportunity to gamble on your video gaming skills via your smartphone or laptop will soon be a reality.
by David Ross O’Connor
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Discover more about the History of Slot Machines here.