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How to Avoid Losing Money When Gambling

May 15, 2021 133 0
How to Avoid Losing Money When Gambling

For some people, playing casino games online or at brick-and-mortar venues has become an integral part of their life. But when it comes to gambling, your first priority should be to have a fun time. Most people see casino games as a form of entertainment. So, if you don’t mind shedding $100 on a concert ticket, then losing $100 at a casino should be fine.

But here’s the good news. There are various ways to avoid losing money when gambling—and they have little to do with time and money management. You can find out more about that below.

How Do You Not Lose Money in Gambling?

While there’s no surefire way to win at gambling, there are a bunch of things you can do to prevent going broke fast. As a gambler, your goal is to manage your bankroll and avoid losing money. That’s because becoming a winner starts with knowing how to handle your bank balance.

Besides clever casino bankroll management, making good choices is also essential. Learn to recognize risks that aren’t worth taking. Also, the amount of money you have can change your perspective. As you slowly burn your bankroll, your anxiety may cloud your judgment. A bunch of other factors, including time and energy level, can affect your gambling.

Simple Ways to Avoid Losing Money When Gambling

Educated gamblers have a lot of fun playing online because they know the ropes. They can risk as much or as little as they wish. The trick is being so knowledgeable about their gambling activities. Here are some tips to help you manage your time, money, and involvement in gambling for the better.

Set an Entertainment Allowance

When talking about a gambling budget, the number one rule is never to use the money for your basic living expenses. That includes the money for your food, monthly bills, transportation, etc. If you’re current on your obligations, have food on the table, and with some cash to spare, only then can you allocate money to less immediate needs such as gambling. 

But of course, you do want to prioritize building an emergency and retirement fund. It takes a few more slices out of your monthly budget pie, but setting aside funds for entertainment is also important. Try letting your entertainment allowance accumulate for a couple of months before visiting a casino.  

Set Up a Gambling Bank Account

Another way to avoid losing money is by setting up a gambling bank account. You may drain that account every month without worrying about going broke or how you can afford your basic living expenses. 

When you visit the casino, only bring the card for your entertainment account. That way, if you’re having an unlucky game day and gave in to the temptation to get more funds, it won’t matter much. So long as you only play with money allocated for your gambling pleasure, you’ll have no problem maintaining the best financial health possible.

Select Your Gambling Venues Cautiously

Not all casinos are created equal. Some make more money from their games than other venues with similar game offerings. And that’s not only true for slot machines. Casinos may have varying rules for blackjack or use different numbers of card decks. Try to comparison shop between table games, and you might be shocked at the tiny differences that add up.

If one casino only has European roulette while the other offers American roulette, go for the former. The single zero European game pays more often than the double zero American games. Moreover, slot machines can pay differently. It’s best to read online casino reviews to get an idea.

Pick the Right Games

Selecting a game is part of the gambling fun. If you’re consistently losing playing the same machines or table games, then it’s time to shake things up. One thing that could help you avoid losing money is the house edge. It’s a statistical prediction of the amount (on average) you’ll lose on each wager over time. 

Generally speaking, lower house edge games gives you better odds of going home a winner. As far as table games are concerned, blackjack is your best bet. It typically has a less than 1% house advantage. However, that’s assuming that you’re employing the perfect basic strategy. Changing your game can be intimidating, but it’s well worth the effort. Switching can be easier by selecting a game that’s close to your comfort zone.

Have a Plan

If you want to avoid losing money gambling, never enter a casino without a plan. You must set a budget and have a plan for how you’re going to gamble it. It’s best to withdraw your casino budget before your visit. Casino ATMs usually charge ridiculous withdrawal fees.

Only bring an amount of money you can afford to lose. Use the funds you’ve allocated for entertainment—not money for food or paying the rent. That will make gambling a lot less stressful and smarter. Keep your bankroll to an amount you’re comfortable with, and leave your cards at home.

Set Win and Stop Loss Limits

Whether it’s the stock market or casino, you’ll eventually have more bucks in the game than you put into it yourself. Sure it feels fantastic to be a winner, but you’ll likely play it down. Keep yourself from playing it up because you didn’t have that amount at the start. After a big win, it’s always a good idea to take your money out of the game. That way, you’re only playing with a reasonable amount and less likely to go home with nothing.

Similarly, setting a stop loss limit helps you avoid losing money gambling. Not only that, setting caps helps you take more frequent breaks. That can be beneficial to your health and mental sharpness.

Ask for Smaller Denomination Bills

More often than not, casino cashiers will pay you in as less high denomination bills as possible. As you walk away from the cashier, you may opt to play some other games you’ll see along the way. In that case, you’ll incur less risk when you spend a small denomination bill than when you lay down a high denomination bill.

But of course, be practical. If you’re going to collect a large cash prize, it’s better to have it in as few bills as possible. You don’t want money bulging out of your pockets as you leave the cashier.

Why Do I Keep Losing Money Gambling?

Feeling like you’re losing too much money when gambling can be a dangerous problem. If you’re a recreational gambler, a bunch of reasons can be causing you to keep losing money gambling. It can be that you’re wagering too much money on every bet, gambling more than you can afford, or you might be placing the wrong bets altogether. Are you aiming to climb the ladder of the VIP club?

Another thing to ask yourself is, are you a problem gambler? Some gambling addiction signs include missing work because of gambling, draining your wallet, lying about your gambling activities, or feeling remorseful after gambling. If you’ve ever done any of those, please consider getting some help for possible gambling addiction. Gambling problems ruin lives, so it’s best to address them immediately. 

Do Most People Lose Money Gambling?

Casinos offer fun and entertainment, but statistically speaking, you can’t get much more than that. Gambling doesn’t make a good alternative for earning extra bucks. Don’t even think about it. 

Every casino game you play has a statistical probability against your winning. Although the house edge varies for each game, its purpose is to help ensure that the casino won’t lose money against players in the long run. But that’s not to say that house edge won’t ever let you win. Some players do succeed, and sometimes, they even take home life-changing amounts. 

Conclusion

All in all, if you want to avoid losing money when gambling, the key is to develop good habits. Plan ahead and be self-disciplined enough so you won’t have to worry about your spending. Casinos can only rake in as much money as you give them. Therefore, you’re responsible for protecting yourself and your bank account.

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