How To Manage Your Gambling Funds SmartlySeptember 13, 2022
When talking about being a professional gambler most will primarily discuss betting strategies. While strategy is important, it isn’t the backbone of what makes a professional successful. It is, in fact, smart money management that matters above all else. The bottom line is that if you aren’t carefully keeping track of your funds you aren’t approaching gambling like a professional.
It may seem obvious, but it is amazing how many amateur gamblers overlook the importance of money management. If you’re not clear on where you financially stand, what you have to work with, and how much you can commit to a bet, you’re at a major disadvantage.
Let’s take a closer look.
Money Management Basics
First and foremost, regardless ofwhether you’re working with crypto or traditional currency, the same rules apply. The bulk of your bankroll should be kept in a separate account to your betting funds. Only what is needed for a session should be deposited at a casino. This process will make it very clear what your overall financial situation is. Profits for any session should be withdrawn back to the main account immediately.
The idea is to keep gambling funds level. So if losses are suffered, more funds are brought from the main account as is needed. If the main account needs a top up this is done from an external bank account. The simple balancing of the accounts will keep you well aware of where all your cash is at a glance. Of course, a good practice is to avoid having to top up the main account.
Remember that money management may not be as fun as gambling, but is just as important as the gambling itself.
Placing Bets Smartly
Great sites like ZAR Casino are all about freedom. This includes how you are able to spend your cash. Notice that the site has a wide range of games, all with different minimum betting amounts. Depending on how much cash you have to spend, you will want to choose an option that fits into your budget. It is essential to not over extend and choose a minimum bet beyond your level.
Although you will certainly win more at a higher betting level, you will also potentially lose more. That’s why it is important to stick to a betting amount that allows for losses without draining your funds. If you suffer losses, consider dropping to a lower minimum betting amount.
Gambling Is A Long Game
Smart gamblers know that betting is a long game. To put it another way; you are not going to get rich fast without facing incredibly unfavourable odds. It is better to bet small, win small, and build up a healthy bankroll over time.
A good rule of thumb is that professional gamblers rarely ever make a single bet that is more than 1% of the total bankroll. Hence, any single bet made playing Roulette, Poker, Baccarat, Blackjack or any other game should be less than 1% of your total funds. Do the maths, figure it out, and stick to this basic rule.