Blackjack Money Guide
Money management and gambling in the same sentence may sound like an oxymoron, but they go hand-in-hand with success. They are the very backbone of success in gambling. If you are used to entering a casino or playing casino games online without using money management techniques, it’s time to change your ways.
- Don’t gamble with the rent money. Seriously, only gamble with money you can afford to lose, and no more.
- Set a bankroll, a firm amount of money that you intend to wager for the current session or specific period of time. Set your bankroll before you begin play, when you are in full control of your head.
- When you reach your limit (bankroll), walk away. Log off, eat, go for a walk, do anything else, but do not remain at the table one minute longer.
- Acknowledge that winning and losing cycles occur.
- Whether you play baseball, the stock market, or Blackjack, you can expect to lose 70% of the time. If you’re going to lose 70% of the time, what does that tell you about flat betting? Flat betting is placing an equal wager on each hand. Instead of flat betting, vary your wagers.
- Bet larger sums when you’re on a winning streak and smaller sums when you’re on a losing streak. Fight the urge to bet big during a losing streak. That’s the time you should be betting less. Bet more during a winning streak. By matching your wagers to your current streak, you edge the odds closer to your favor and away from the house.
- Don’t try to win back losses with one big bet.
- When you’ve had an extraordinary (or even an ordinary) winning streak, immediately withdraw ? of your winnings. If you’re varying your wagers, you should be able to walk away from that session a winner.
- Weather your losing streaks. If you’re going to lose 70% of the time statistically, you’re bound to have losing streaks. You have to have patience to come out ahead when you play a game of chance, even when skill is involved. Don’t exceed your bankroll, but don’t throw in the towel just because you’ve lost three hands in a row.
- Walk away a winner. Quit while you’re ahead and don’t look back.