Money Management for Gambling

We consider this topic (money management) to be one of the most important subjects on gambling. We even rank it ahead of playing strategy. One of our more favorite things to do (other than gamble) is to trade Futures and Options. If you know anything about Futures Trading and how to keep ahead of the game, you'll know that money management is everything. If you are careless with how you manage your money, you will NOT be successful.......PERIOD!

Below is a list of points you should follow to try and keep ahead of the game:

1. Never ever ever EVER use "nervous" money (money you're chicken to lose). Set a maximum amount that you can afford to lose and if you lose that amount, quit playing. Read below to determine what your limit is. 
2. After all your bills are paid, the kids have their new shoes, food is bought and your tank is full of gas, then you can decide how much you will gamble that month with the left over money. Next, you'll want to decide how many days out of that month you'll spend on internet gambling. You can now calculate your gambling sessions bankroll. For example, if you have six day's out of the month you are going to spend at the virtual Blackjack table and you can afford $1000 per month to blow, then you will have $166 per day online to gamble...basic stuff right?
3. Now that you have your limit set, DON'T GO OVER IT!
4. Take advantage of all the comps you can get your hands on. We know of quite a few players who hit a large jackpot using the comps they were given.
5. Consider playing games that are more of a game of skill rather than a game of chance. Try blackjack, some games of poker like Pai gow, five or seven-card games, sports betting, craps (yup, you heard us. Knowing how and when to place your bets is a skill that can greatly increase your take home pay).
6. Set your winning goal somewhere between 50% to 100% of a single-session bankroll. You can then set aside your original bankroll plus half your winnings. Play with what's left and then continue to set aside your winnings.
7. We suggest you use a winning progressive method of betting by setting a predetermined percentage increase for each winning bet and sticking to it. ie:  Increase your winning bets by 50% after the second win: $5, $5, $7, $10, $15, $22, etc. Also, use continuous flat betting (table minimum) when losing.
8. Never increase the bet size on consecutive losses.
9. If you're on a winning streak, for god's sake don't quit! If your win is, say, $50, keep playing with the goal of winning $50. As long as you are winning, keep setting your winning goal at that $50 until you lose. After that, then take your profits and leave. A little profit is always better than not profit at all.
10. Just as in trading commodities, always set your loss limits and win goals. Oh ya, keep it realistic too. You can't say "I'm not worried about some losses cause I'm going to play till I win that $200,000 jackpot". Set them and when either one is reached, then walk away. Be Disciplined!
11. Once again....Never quit if your on a winning streak. You could have horse shoes up your you-know-what and not realize it. We know another web portal owner who had an astounding 38 winning hands in a row. The minute he lost, he cashed out and was able to take his wife on a darn nice cruise. In other words a lot of smaller wins will pay off just as well as a jackpot.
12. If your bankroll increases, then so should your bet size. Likewise, when your bankroll dwindles, decrease your bet size. The cardinal sin in gambling is to try to recover your losses by increasing your bet when you are losing.