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Home Gambling 9 Useful Money Management Tips For Online Gamblers
  • Gambling

9 Useful Money Management Tips For Online Gamblers

By
Дмитра Врачарић
-
October 23, 2020
Image source: unsplash.com

Ever since the pandemic has started, online gambling is even more popular since it allows you to play remotely and you even communicate with the other players. There are many websites where you can find your favorite casino games – in online versions. One of them is canadacasino.ca.

If you are new to gambling, let us tell you that money and time management are crucial, and discipline will take you far. We know that you want to win and stay in the game as long as you can. That is why we have some practical tips for you so that you can improve and develop your gambling skills.

1. Define your bankroll

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The first thing you must do, even before logging into your account, is to set your budget for that occasion. Otherwise, you might get carried away and risk money that you might need for your living expenses, and that is never wise. Which amount of money can you spend on online gambling during that particular session? Will you have money for the next sessions that you are planning? The rule is that you should not wager more money than you can afford to lose. Set a limit and stick to it even if at that very moment you feel like you are the luckiest person in the world.

2. You are playing with real money

Just like the chips in a real casino, on a psychological level, distance you from the fact that you are betting with real money – your own money, the virtual money balance in online casinos has a similar effect. As you don’t actually see the banknotes in front of you, it is easier to lose control and allow yourself to spend more than you should.

3. Don’t think you know every trick in the book

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No matter how many books you have read, or how many games of poker you have won, there is always uncertainty in this, and that is exactly why it is called gambling. Always be on alert and don’t fall into the trap of arrogance because there might be players who will be more experienced than you. Have in mind that the house wins in the long run, so plan your playing sessions wisely and approach with caution.

4. Don’t drink alcohol while playing

It is not a wise idea to drink in a casino, as it lowers your inhibitions (meaning that it loosens your mental breaks) and will make you prone to risky behavior. It the same when it comes to online gambling from the comfort of your own home. Don’t be tempted to reach for the booze while you are relaxing on your couch, playing some Texas Hold’em, since it might impact you in a negative way much more than you think. Alcohol will impair your judgment and guide your decisions – most likely in the wrong direction.

5. Watch the time

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There are no clocks in the casinos for that same reason; to make you lose track of time so that you will spend more time playing, and with that, to increase the chances of losing more money. It would be even better if you decide from the very beginning for how long you will be playing and set an alarm on your smartphone, for example. Also, play at a slower pace. That way you will get to enjoy the game and slow down the rate of loss, while having enough time to reassess the finances at certain intervals.

6. Ways of betting

There are a few ways to bet in casino games. The first way is flat betting; meaning that every time you bet with the same amount of money, no matter how strong your cards are, or if you think you are on a streak of good luck. The second way is with progressive betting – when you adjust the size of the bet depending on whether you are winning or losing. Random betting is the third way, and it is based on your feelings and guesses. Regardless of which way you will do it, the rule of thumb is that you should wager somewhere between 1 and 5% of your total bankroll. That is another reason why having a bankroll is important. Don’t ever go over 10% as that might make you leave the game quickly after you start to lose.

7. Choose the right games

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Which casino games are your favorite? Which ones are you good at? These are the two main questions you should ask yourself. Roulette and blackjack are considered good options as they are easy to learn, have a low house edge, and good return to the players. For these two, unlike poker, you don’t need much of a strategy as a discipline is key.

8. Don’t get carried away

Some people are compulsive gamblers and they feel compelled to play. In those cases, abstinence is the best solution. Many are playing just for fun and with the hopes of making a little extra cash. You must learn when to call it, even when it feels like a breakthrough is just around the corner. There are some times when you might end up wishing that you didn’t lose so much money with the wrong wagers, so in that case, it is possible that you should work on your self-control and perhaps develop some (new) strategy. We tend to get stuck in our own ways, so doing some research or getting advice from experienced players (that you trust) will give you new insights and techniques.

9 . Be careful not to get addicted

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Just as with taking drugs, betting gives us a rush of adrenaline and winning – an amazing sense of pleasure and accomplishment. These feelings can be rather addictive, but over time, all this can turn into a compulsion that will no longer bring you joy and it can eventually destroy your life. Don’t let that happen to you, and withdraw at the very first signs that you have no control over it, and instead, it controls you. In that case, you could write to the customer service team of the online casino and ask them to suspend your account so that you won’t be able to bet any more. It would be highly recommended to seek therapy and support as well.

  • TAGS
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  • betting
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  • Online Casino
  • Online Gambling
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Дмитра Врачарић

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