Posts tagged Management
Money Management – Play Smart!
Jun 3rd
Unless you have unlimited resources for play at casinos (who has?) there’s a few pointers to take into consideration. One thing is playing against other people, if you play games like poker or backgammon, its your skill and luck that decides your winnings and losses. However, if you play games against the house (the casino) its important that you keep track of your money.
Money management isn’t about playing with a certain play-strategy, but it will help you control the amount of money that you put at risk and will enable you to play longer on your bankroll. Since all casino’s keep around 5% of all bets in average, the first suggestion is to set goals for wins and losses, since you are guaranteed to loss if you keep playing forever. So lets say your limit for a month is 500$, and amount you can lose without hurting your real life economy. One way to go about it, is put all the money on “red” on a roulette, and win or lose. However that just wont give you much fun for your money. If instead you deposit 50$ on the casino, and set your loss limit to 100$ for the day, you can deposit 50$ more, before you reach you loss limit. So if you lost the 100$ you stop playing.
The Win limit is the second, equally important part of money management – at least if you want to keep some of your winnings. One way is to say, when you reach 300$ you will stop playing, and withdraw all money, but this often removes a lot of fun, and can actually ruin your winning streak.
So the other and preferred option would to say, that your win limit is 300$ – but instead of withdrawing all 300$ just withdrawal 50% or 75% of the money or a place in between. Like withdraw 200$ and keep playing for the 100$. This gives you profit on the play session AND lets you continue to play. So you start over with the same limits and play on from the 100$, on a good day you reach your goal several times and getting many withdrawals. On a bad day you will still keep you initial 200$ that you withdraw, even if you lose the 100$ you kept in the game.
This is the overall recommended way to go about it, since this system allows you to keep good winnings and you don’t have to walk away from a good run. What also goes to your advantage is, that this actually lets you take some of the money other players losses. Since all casinos pay out 95% and many players tend to win without knowing when to say stop, and then lose all they won. This is the money you want to get a slice of.
Good luck and play responsibly.
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Jakob Groenbaek
Webmaster/owner, http://www.playcasinobonus.org
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Blackjack Money Management: Strategy to Maximize Your Winnings
Apr 17th
Blackjack is an incredibly popular casino table game for a variety of reasons. First, it is much easier to learn than some of the more complicated games and your only goal is to beat the dealer’s hand. Even better for the player, you can lower the house edge to a nearly nonexistent level! To do so, you need to learn what’s called basic strategy, a set of rules dictating the best moves in all situations.
Before sitting down and memorizing a chart, you should know that some blackjack decisions start before the cards are dealt. Rule variations affect the house edge as well as the number of decks that are in play. The rule variations that are good for the player include double down after a split, double down any sum, hitting on split aces and re-split of aces. Other special rules will usually give the casino a greater advantage. The long-term expected house edge is often from.5%-1%, although you can occasionally find a game with a player advantage if you look hard enough.
Also, if you ever see a single deck game, immediately sit down, as each additional deck adds to the casino’s advantage. (It’s typical to play with 6-8 decks)
Once you’ve grasped this concept, you should find a blackjack basic strategy chart and study it carefully, remembering when to hit, stand or double down in different situations.
A Blackjack “Sucker Bet”
Insurance -You will sometimes have a chance to make an “insurance” bet when the dealer shows an ace. If you decide to take it, you place a second bet half the size of your first wager. You get paid off at 2-1 if the dealer does have 21. While it may sound good to buy this insurance in the case of a sure loss, this bet actually has a high casino edge. In the long run, “insurance” is really a misleading bet that will only add to the casino edge.
Building a Bankroll with Blackjack
Blackjack is a great casino game to play, as long as you are willing to put in the time necessary to learn basic strategy. The odds will typically be much greater than most of the alternatives you can find. In order to increase your edge even more and turn the odds in to your favor, you can hunt down VIP bonuses, comps and online sign-up bonuses to help you show more profit at the blackjack table.
For more detailed blackjack bankroll management strategy including a full basic strategy chart and casino VIP programs, check out our Bankroll Management website.
Learn to manage your poker, casino and sports betting bankroll at BankrollManagement.org
Easy Money Management Strategy
Nov 30th
The buzzwords “money management” is thrown around left and right in the gambling world. Look around for advice on money management and you will find everything from grossly incomplete articles to full blown strategies for brilliant mathematicians. Today, I will share a quick and easy money management strategy that you can use each time you gamble. It’s effective and takes just a minute to learn.
I will give you an easy way to manage your gambling sessions. Sure, you could dive deeper into money management and run it like a business, but this isn’t practical for most people. Gambling with no money management is foolish though. By simply managing your sessions, you will give yourself a better opportunity to win and withstand losing streaks.
This session management strategy will work for games like Craps, Roulette, Baccarat, Blackjack and so forth. Sports betting and poker would require a little tweaking. Here’s the basic content. Gambling is full of streaks. The worst thing I can think of is encountering a long losing streak when you first start playing. Talk about a bad experience. The goal of this strategy is to give you a fighting chance to withstand those losing streaks and to allow you to capitalize on the winning ones.
Step One: Bankroll
The first step is to come up with an amount of money you wouldn’t mind losing. This is called your bankroll. For our example, I will use $200 as my bankroll and I will be playing Blackjack.
Step Two: Betting Units
A betting unit is simply the amount of money you will bet per opportunity–per hand in Blackjack. Since streaks can last a little while, we want to divide our bankroll by 25. It’s ok to divide by more, but doing less is really not helping much. Dividing my bankroll by 25 gives me $8 betting units. I can now bet up to $8 per hand.
Step Three: Action
Let’s assume there’s an $8 table somewhere–yes, I know there isn’t, but this is just hypothetical. It would be foolish to play there, even though my betting unit is $8. You want to give yourself the opportunity to bet up and down. In this case, going to a $5 or less table is optimal. Occasionally, you need to reevaluate your bankroll and adjust your betting unit up or down. For example, if I were to raise my bankroll to $300, my betting unit is now $12. I will want to increase my wagers.
As you can see, this simple strategy of managing your money will allow you to increase profits, withstand many losing streaks, and have more fun.
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Gambling at an Online Casino – Tips For Money Management
Aug 15th
The first rule in online gambling money management is to avoid parlays, teasers, props and other related bad bets. Casino sportsbooks and other online betting services like parlays and teasers offer bets that are low percentage plays and rarely pay off, therefore the can increase the betting services profits and margins. Any gambler, whether you are betting on baseball or the NFL, should avoid parlays and teasers even at the best online casino. Parlays can take a winning day and make it less of a winning day or, in some cases, even a losing day. Parlays increase the profit margin of an online casino and decrease the profit margin of the sports betting player. Even the best online casinos will likely have parlays and teasers, because they want to increase their profit margins. It’s important for anyone to avoid parlays, but you especially want to avoid them if you are betting on baseball games online.
Take as an example the best online casino gambling strategy of a college football Saturday. Say the better went 5-3 on his eight football picks against the odds. If he was betting to win $100 per game, betting flat he would show an after vig/juice daily profit of $170 that day. However, if that same player had $100 worth of parlays on his eight picks and none of them came in, he would have decreased his bankroll profit margin down to $70. Remember that he lost three of his eight picks, but he did hit 63% of his picks against the odds. An online casino would love for that player to screw around with his $100 worth of parlays because their profit margin would be better, but he would be disappointed in the results.
Just how ridiculous a parlay is can be demonstrated by an online baseball gambling player who goes 4-1 on his picks against the odds. If he bet those picks flat against the odds his final profit would be $390. But if he bet all five picks together on a five team parlay he would get nothing. Imagine getting no return on what should have been a banner day against the betting board. It no wonder that even the best online casinos love parlays.
Especially for baseball games online you want to avoid parlays and teasers. Avoid following the masses. Most serious online gambling resources tell you to avoid parlays and teasers, although there are no specific rules telling not to bet them. However, it usually is not a profitable idea. Again, there is nothing specific telling you not to bet parlays, teasers or propositions. However, if you look at the accepted online gambling rules you will not see much in favor of them. There are times when a parlay can be decent and perhaps even a good bet. However, in general, it’s not a good idea. You need to beware, however, because even the best online casino will offer them. Do not get sucked in.
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