Let’s admit it, no matter how much money we have, we all enjoy going to the casino from time to time and test our luck. Whenever you are preparing for a gambling session, you must always decide in advance how much money you are willing to lose, especially if you’re on a budget. Depending on how long you want to stay at the casino, you might also calculate how many bets you can place in order to extend your playtime.
Of course, when it comes to online gambling, you can find certain deals that will increase your balance, thus granting you a head start in your casino journey. By claiming the best Nektan bonuses available, you will get even more hours of entertainment, which could eventually result in some serious earnings, as long as you use your benefits wisely.As a general rule, when you go to the casino, you should never bring more money than you can’t afford to lose. The reason for this is that you should never consider gambling as a source of income, but rather as a form of entertainment.
You might already know that all casino games have a mathematical house edge. This doesn’t necessarily mean that the games are rigged, but that the casino relies on a win rate that keeps customers coming back time and time again. However, you can never be sure that you will be victorious, which means you should never bet with money you can’t lose, in the hope of making more or recovering what you’ve already lost.
Setting up a gambling budget can be a difficult task, especially for younger people. While it is highly depending on your personal experience and income, we realized that there is no solid rule for creating a budget. To be fair, a person that knows how to manage their expenses will be doing a great job at budgeting for gambling, while a messy one, which usually has no idea how to spend his money, is going to gamble more money than they can afford.
Below, you can find some tips that can help anyone go on a gambling adventure without risking all your hard-earned dollars.
1. Create a separate bank account for gambling
This might sound a bit too complicated, but it definitely isn’t. Nowadays, there are many alternative banking methods dedicated to casinos. Most banks provide reloadable debit cards with automatic deposits directly from your checking account. If you’re not willing to get an additional card just for gambling, you can go for an e-wallet such as Skrill, Neteller, Paypal or Interac, which have low fees and offer instant withdrawals. You can also pay with cryptocurrency, such as Bitcoin or Ethereum, which are the safest payment methods available since they guarantee transaction anonymity and there are no transaction fees.
Whichever banking option you choose, we highly recommend you don’t fund your gambling platform directly from your credit card, because you might end up spending some money you weren’t willing to, which might seriously affect your budget.
2. Set limits for gambling
Even though it might be a difficult task for many, deciding on a fixed amount that you wish to spend in the casino over the course of an entire year works like a charm. Let’s say that in the next 12 months you want to spend $1200 on gambling. First, you need to figure out where you will get that money from, and then adjust your monthly spending to be $100 lower than usual.
By applying this strategy, you can easily tell if you’ve set the limit too high and it will help you realize how expensive your other life priorities actually are. Therefore, by knowing in advance how much money you are going to spend gambling while still having a budget for every other necessity, shows you exactly how well you can handle your expenses.
3. Never plan on gambling only with the winnings
We’ve all been through this before. You win a considerable amount in the casino and instead of depositing it to your savings account, you decide to continue gambling only with your winnings. While this might seem like a great idea at first, you must remember that life is unpredictable. Let’s say that on your way to the casino, you have an accident, and all that gambling revenue must be spent on fixing your car. Well, now you’re left with no budget for placing bets, so your night out is ruined.
We know that winning a considerable amount can be exciting, but you should never let your emotions get in the way of your budgeting plan. If you put your winnings into the same account that you use for gambling, you might be tempted to try winning even more. This can happen, but in most cases, it won’t, and you will end up losing everything. So, spending only the pre-defined amount and set aside anything that is extra is the best way to keep as much money as possible.
4. Spend only the money you can afford to burn
Most of the people that have any sort of casino experience will offer you this advice. You might not know it yet, but casinos are designed to make it really easy for you to burn all your money and feel like you enjoy what you’re doing. That is why veterans never go to the casino with more money than they are willing to burn for one night. If you don’t feel good for spending cash on slot machines or table games, you should be looking for a different form of entertainment, because gambling probably isn’t for you.
5. Don’t gamble more just to recover what you’ve lost
We’ve seen people make this mistake thousand of times. This is a trap in which both experienced and beginner gamblers can fall at any time. After a long and unsuccessful gambling session, many people find themselves desperate to recover that money. The first thought that goes through their mind is to go to the ATM and withdraw more cash. While this might seem like the right thing to do at that moment, in reality, it’s the greatest mistake you can do as a gambler. Casinos are after all a means of entertainment and not a guaranteed way to get rich.
Our suggestion is to leave your credit card at home if you’re gambling at land-based casinos, or if you’re doing it at an online casino, set limits on the platform so that you won’t be able to overextend. Protect yourself from the illusion of winning back what you’ve lost by betting even more by setting boundaries.
6. Calculate how many bets you can make
This is a matter of personal preference. Let’s say you start with $100. You can put it all on red at the roulette and you can either double the amount or lose everything within a few seconds. Alternatively, you can make multiple $1 regular bets combined with outside bets which can lower your risks and extend your roulette playtime.
The gameplay style you go for highly depends on your strategy and expectations from the casino, which means that it’s up to you to decide how many bets you want to make with the budget you have.
Bear in mind that there are no guaranteed casino strategies that will make you rich overnight. However, by applying some basic budgeting tactics and managing your bets to get the highest possible win rate, you can eventually go against all odds and have some memorable gambling sessions. While there is no magical amount that you should be spending in the casino in order to win, we highly recommend you to never prioritize gambling over any personal expenses that might affect your life if they’re not paid on time. Have fun, but don’t forget to take care of your wallet!