There is nothing better for a slot player than a sound money management system that the player adheres to. Now don’t get me wrong, I’m not saying a good money management system will make you a winner playing slots. What I am saying is managing your money while playing slots allows you to play slots enjoyably without the feelings of guilt and remorse.
I’ve briefly mentioned some bankroll tips in my slot strategies that actually work article. However, we need to examine money management a bit closer because it is so important for slot machine players.
We all know that when we play slots we are at a disadvantage over the casino and there is nothing we can do to change that. There is no “secret system” that a player can use to move the odds in their favor. However, the biggest thing you can do as a slot player is try to maximize your wins and minimize your losses and that’s where a money management system comes into play.
Money Management System
Money management while gambling is all about maintaining emotional control. Do not allow the excitement of playing overwhelm your decision making process. When you start making decisions based on emotions bad things usually happen. The goal is to have a good time while remaining in full control of your actions at all times.
First, let’s get the obvious out of the way before we move forward. I feel compelled to say this because I know it can be a real problem for some. NEVER use money to gamble that you cannot afford to lose. If your money management system is to get as much money as possible and don’t stop until it is all gone, you are setting yourself up for failure. If this is your system it’s like you’re riding in a car without a seatbelt. You may get away with it for a while, but when you crash there will be nothing there to save you.
Your money management system will ALWAYS be based on the assumption that you will lose all of your money. Does that mean you will never win? Of course not, but by assuming you are going to lose enables you to figure out exactly how much money you should gamble. Again, if you can’t afford to lose it don’t make it part of your bankroll.
Whether you gamble online or travel to land-based casinos the system is basically the same. The total amount that you feel you can afford to lose or are okay with losing is your overall gambling bankroll. It doesn’t matter if you’re going to Las Vegas for three days or sitting at home playing at your favorite online casino; you need to set your gambling bankroll.
Once you determine exactly how much you can afford to lose, then you can start to figure out your session bankroll. A session bankroll is a portion of your overall bankroll that you will use for a set period of time. Using the Vegas three day vacation as an example, your overall bankroll will be broken down into gambling sessions. Make sure you divide it so you have gambling money the entire time you are there. If you don’t, you are setting yourself up for a situation where you will be tempted to take out more gambling money.
Your session bankroll is your loss limit for each session. If you lose the money you are done until your next session. What about when you win? The best rule is the double principle. Whenever you double your money you take the winnings and put it aside not to be used. That money is going home with you. You are not going to put it back into the machine. You can continue gambling on your original session bankroll and if you double the money again, you use the same process.
I can’t tell you how important a sound money management system is for slot players. It is often the difference between having a good time and leaving feeling miserable. Maybe this system doesn’t work for you, but please find something that does.