Gambling and online gambling in particular is viewed differently by different people. To some, it is a hobby that injects a bit of fun and adrenaline in their monotone life. To others, it can be a vice, even sin, while another group of people is even trying to make a living out of it. No matter who you are and which group you represent, your gambling habits can teach you a lot about money, money management, you can even discover your true self!
In this article,we will show you how to become aware of these things,while gambling on the best online casinos.
Money Management is Key to Successful Gambling
If you are losing money by gambling, and you haven’t heard of money management, you now know the reason why you are unsuccessful. Money management is key for successful betting, gambling, or investing, everything that includes luck and risk factor. Money management allows you to realize how you can minimize the risk and get a profit in the long run.
If we talk about the lottery and gambling in general, many people will decide to gamble because they are drawn by a huge jackpot prize. They don’t realize that the odds of winning a jackpot are less than the odds to be hit by lightning. Some people even play the same lottery for decades and end up with almost nothing. If they understood the chances and kept track of their losses, they would certainly stop at some point.
The first rule of successful gambling is – don’t gamble the money you can’t afford to lose. By sticking with your bank and tracking your wins and losses you will develop a money management system that will tell show you how successful your gambling strategy is, precisely.
For many gamblers, a big win erases all the losses they previously had, and they usually become reckless and spend more money afterward, which ends up in losing all they won. Knowing the exact time when to stop is not only responsible, it is driven by facts and cold logic – most of the online slots have RTP around 96%, which means that gambling is, on average, a zero-sum game in the best-case scenario. If you already earned a substantial amount of money, there is a strong possibility that your lucky streak will end soon.
Risk more and you Potentially Earn more, but there is a Catch
The relationship between the risk and reward is not hard to understand. Most gamblers know that if you risk more, you potentially win more. If you bet on red or black numbers on roulette, you will double your money if you guessed properly. Obviously, if you bet $10, you will get only another $10. But if you bet $1000, that changes the picture significantly. Here you can see the importance of money management and not breaking the bank. If you divide all the money you are comfortable losing into equal sums, you will get the number of bets available for your gambling session. During the session, you should keep track of your winning percentage and compare that to the average RTP of the game you are playing. Therefore, you will be able to decide when is the right time to stop and take your winnings.
If you decide to divide the total sum into fewer bets, you will have a chance to win big, but you risk more and in general, you will lose money more often compared to the opposite case – dividing the total sum into more bets. By doing this, you will be able to win more often, but the profit will be smaller as well.
So, it all comes down to your preferences – do you want a smaller chance for winning big, for the sake of thrill and excitement, or you will try an analytic approach and settle for a smaller, but more consistent wins.
Understand Wagering Requirements – Nothing is Free
Many people are drawn into the world of online gambling with welcome bonuses and free spins. If an average novice gambler read the advertisements on almost every casino website, he would think that sites are offering free money to new players, just to register an account and bet on their platform. Of course, that is not true. Nothing is free, and the online casino would never offer you free money. To withdraw the bonus amount they gave you “for free”, you have to risk your first deposit a certain number of times – wagering requirements. To see if the offer is good or bad, you must read how many times you need to bet your deposit and bonus amount to become eligible for withdrawal. Also, you have to check which casino games are counted towards it, because you may end up playing some game and think it is counted towards the wagering requirements, only to discover it is not counted.
If you are a responsible and analytic gambler, you will learn and practice the money management tips we gave you in this article naturally. It will lead to more successful gambling endeavors, although we can’t promise that you will win big, or win consistently. Nobody can promise you that, because all those games are based on random numbers generator, it is chance and luck.
It is also very important to keep a clear mind and not get addicted to gambling. Every big win is like opium for the brain, you want more of that excitement and adrenaline rush. If you notice a pattern in your behavior that shows that you are becoming a gambling addict, stop at once and get professional help. Play casino games on the sites that support responsible gambling policy.
Published by Carolin P