Ten rules of money management

5 October 2019

By John Marchel

When it comes to managing your bankroll for gambling, you should have a plan of action. It’s also important for you to remember that a money management plan will not help you to win at the tables or on the machines, but a good plan will aid you by reducing your losses and give you a better chance to come out ahead in the long run.

Here are ten items that you should incorporate in your money management plan:

1. Budget your gambling funds three ways: for the entire trip, for each day, and for each session.

2. Gamble only with funds you can afford to lose.

3. Decide beforehand how much you want to spend during your gambling session. Don’t
exceed your spending limit if you should lose. There will be another day, another session and another trip.

4. Establish a goal for your winnings; for example, double your buy-in amount. Same for losing; minus 50%, you need to quit that session.

5. When you are winning that’s the time to increase the size of your wager. When going through a losing streak, reduce the bet size.

6. Avoid playing when you are tired, or have had too much alcohol to drink.

7. Play at tables or machines you can afford. Your session bankroll should be sufficient to cover at least 20 bets.

8. Keep your gambling expectations reasonable. Don’t expect to make $1,000 if you start with $100.

9. After analyzing five consecutive actions of play, decide to continue if you are winning, or leave the table or machine because you are losing. If losing, move to another table, pit, machine or casino.

10. Have fun and always try to quit while you’re ahead.


BET YOU DIDN'T KNOW

• Thomas Jefferson, president of the U.S., was considered a real Renaissance man; however, he didn’t know how to manage money. After he left office his debts piled up so high he convinced the state of Virginia to pass a special law allowing him to hold a lottery to raise money. Few people bought tickets, but friends secretly raised funds to help the former president with his debts.

• Not all casinos make money all the time. In the first days of operation, between March 15 and March 20, 1857 Monte Carlo Casino in Monaco only one visitor entered the premises – and he won only two francs.

• Groucho Marx, the comedian, got his name because he used to carry all his poker money in a “Grouch bag.” What is a Grouch bag? It’s a bag than hangs around your neck to keep one’s possessions in.

• The largest “legal” wager ever made was an 8 to 1 money line bet (the outcome of a game without points), that San Francisco would beat San Diego in the Super Bowl XXIX. An unidentified gambler wagered $2.4 million at the Mirage in Las Vegas. The 49ers won and the person had a payout of $300,000.

• The gambling history of Europe had many forms of betting such as pigeon races, cockfighting and other contests. Checkers and chess games have also been found to be played for money.