Money management and you

16 July 2017

By John Grochowski

Money management is an important concept in gambling. Anything that helps you discipline yourself to keep losses under control while making sure you keep at least part of any winnings is a good thing.

However, when Jason, a loyal reader and slot player, e-mailed to ask “What’s the best money management system to beat the slots?” I had to urge him to slow down. Money management can’t change the odds of the games, and they can’t give you an edge.

There are things you can do to keep your bankroll intact. Here are some important things to remember about money management on the slots:

• The best money management systems for slots start with setting a budget.

Enjoy the wins when they come, but understand there will be times that you’ll be paying for slot entertainment with losses. Never bet with money you can’t afford to lose. When a losing session happens, you want the money to come from an entertainment budget, not from money you need to pay the bills.

• Set a limit on losses and stick to it.

If you set a limit of $100 before you play, then if your losses reach $100, end the session and close the site. Don’t immediately start depositing new credits or tapping into deposit you hadn’t planned to use that day.

• Size your bets in accordance with your bankroll.

Imagine your loss limit is $100 and you’re playing a 30-payline game with a minimum bet of 30 cents a 1 cent per line and a maximum of $3 at 10 cents per line. Under those conditions, you can’t afford to bet the max. Your $100 will only stretch to 33 spins with on left over, and one 10-minute-long cold streak could end your day.

More realistically, you’re looking at 30-cent minimum bets. For extended play, you should size your bets so your bankroll will cover at least 250 spins.

• When you win, don’t give it all back.

That doesn’t mean if your first spin wins a few dollars, you should stop playing and never go back below even for the day. Ups and downs are normal parts of the game.

However, when you win any substantial amount, you should lock part of that up, not to be gambled again that day. It’s perfectly normal to use part of your winnings to increase your budget for the day, but keep part of your winnings. My recommendation is that you take at least half of any substantial payoff and put it away.

• Try setting win goals as well as loss limits.

One method I use involved floating win goals and loss limits. When I’m winning, I raise the floor, ensuring I’ll walk away with more money than if I’d lost my original limit.

For example, if I budget $100 for the day and resolve not to reach for any more funds, then I’m done for the day if the credit meter reaches zero. At the same time I set win goals in increments. If I set in increments of $25, then when the credit meter reaches $125 I raise my floor so that now I’ll stop if the credit meter drops to $25. If the meter rises to $150, meaning I’ve won $50 for the day, then my floor rises to $50.

Any time I reach a win goal, my loss limit rises, so that I’m assured of leaving with more money.

None of this can change the outcomes of the games. Money management techniques can help you limit losses and keep a portion of your wins, and those are worthwhile goals for any slot player.

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