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Gaming Guru

 

7 Money Management Tips

7 January 2011

Money management cannot change the house edge of any casino game, but it can help you have a more enjoyable casino visit. Money management is how you handle your money in the casino to make sure you have enough to last for your entire casino visit. A good bankroll management system will help you control the amount of money that you put at risk. This will enable you to play longer on your money. Here are seven tips simple money management tips.

Before You Play

Set a Budget

Gambling is a form of entertainment that does not have a set price. The money you spend gambling should be considered an entertainment expense and you should never take money to the casino that you can't afford to lose. If you do come home a winner you should be happy, but the reality is that many players will lose money when they play. You know this up front and take your chances. That's why the money you use to gamble with should be money that you budget for entertainment. Before you go to the casino, you should determine the amount that you want to use for gambling and stick with it.

Set Your Playing Limits

Before you play you need to decide on the limits of the games you will be playing. The size of your bankroll will be a determining factor in the limits you play. If your bankroll consists of $50, you would be foolish to sit down at the dollar slot machines. Stick with quarters or nickel slot machines. Your bankroll is not big enough for the higher limit games.

When You Play

Use Smaller Denomination Bills

When you go to the casino to play, only take the money you allocated for that gambling session. Feed smaller denomination bills into the machine. If you have $100 for your playing session, you should NOT put the $100 bill into the machine. Instead it is better to go to the cage and get five $20 bills and use these one at a time. If you don't have any luck with your first $20, take a break or switch machines.

Don't Play Multiple Machines

Playing more than one machine just exposes you more to the house edge. In the long run you will just lose your money faster. Playing two machines involves standing or leaning out of your chair to reach over to the adjacent machine. Like the lady caught up in the slot frenzy, this is not very relaxing. Sit down in the chair in front of your machine and relax.

Don't Play Off Credits

The ticket out system was designed so you will be more inclined to play off a few credits rather than walking to the cage to collect a small amount of money. Keep in mind that playing off a dollar here and there adds up to a lot of money over the course of your casino visits. Most of the new machines allow you to put vouchers from one machine into another.

When You Win

Lock Up a Profit

If you do win during your playing session, don't forget to lock up a profit. Take some of your winnings and set them aside. There is nothing worse than winning money and then giving it all back. Some players feel that when they win they are playing with the casino's money. However once you win it becomes YOUR money that you are playing with. Many players win and then get greedy and end up losing all of their winnings. The one advantage the players have over the casino is that they can quit playing anytime they want to. Winners know enough to quit and take a profit after winning.

If You Lose

Don't Borrow Money

Don't ever borrow money or take cash advances on your credit cards to use for gambling. The fees imposed when you use your credit card for a cash advance in the casino are huge. This is on top of the fee charged by your credit card company for a cash advance. Taking a cash advance to play a negative expectation game is very costly and you will lose more money than you planned to.

Until Next time remember:
Luck comes and goes.....Knowledge Stays Forever.

Bill Burton
Bill Burton is a gambling expert and best-selling author of Get the Edge at Low Limit Texas Hold'em and 1000 Best Casino Gambling Secrets. He is the former Casino Gambling columnist for About.com.

Burton's Texas Holdem book was published in 2002 long before the game became a national phenomenon. The producers of Bravo's Celebrity Poker Showdown used his book during the first season to teach the game to the participants.

He writes for several national gaming magazines and newsletters. These publications include: Casino Player, Strictly Slots, The Southern California Gaming Guide, Midwest Gaming and Travel magazine, Southern Gaming and Destinations magazine, Midwest Player and Blackjack Insider.

Burton is an instructor for the Golden Touch Craps dice control seminars teaching players how to gain the advantage in craps. He is an expert at all casino games and can teach players how to play any casino game as well as offering them advice to get the most out of their casino visits.

Bill Burton Websites:

www.billburton.com
www.goldentouchcraps.com

Books by Bill Burton:

1000 Best Casino Gambling Secrets

> More Books By Bill Burton

Bill Burton
Bill Burton is a gambling expert and best-selling author of Get the Edge at Low Limit Texas Hold'em and 1000 Best Casino Gambling Secrets. He is the former Casino Gambling columnist for About.com.

Burton's Texas Holdem book was published in 2002 long before the game became a national phenomenon. The producers of Bravo's Celebrity Poker Showdown used his book during the first season to teach the game to the participants.

He writes for several national gaming magazines and newsletters. These publications include: Casino Player, Strictly Slots, The Southern California Gaming Guide, Midwest Gaming and Travel magazine, Southern Gaming and Destinations magazine, Midwest Player and Blackjack Insider.

Burton is an instructor for the Golden Touch Craps dice control seminars teaching players how to gain the advantage in craps. He is an expert at all casino games and can teach players how to play any casino game as well as offering them advice to get the most out of their casino visits.

Bill Burton Websites:

www.billburton.com
www.goldentouchcraps.com

Books by Bill Burton:

1000 Best Casino Gambling Secrets

> More Books By Bill Burton