Bankroll Management Tactics That Work and Grow Your Money

How often have you gone bust and have to start again from scratch? This is the story for many people; the house always wins. But can you grow your bankroll and keep your winning just ahead to keep afloat? Some people have successfully played for a long time without breaking the bank. It all comes down to deploying bankroll management strategies that work.

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Bankroll management simply involves ensuring that you are winning more than you are losing. Every play you make has a risk of loss and win. A good money management plan creates winning goals and loss limits. Gamblers who manage to grow their bankroll make a money management plan and stick to it.

Martingale strategy

This is a high risk- high reward strategy which perhaps defines the ultimate risk-taking spirit. You double the amount of the next bet for every loss you make. The theory is that you will recover the loss in the doubled bet.

This strategy works very well when you are playing skill games like poker. But it is very dangerous in games of chance like roulette. You would need an unlimited bankroll to sustain the string of losses that are often seen in games of chance.

Kelly Bet

This strategy is also called the Kelly criterion. You try to maximize your winnings in bets that have higher chances of winning and minimize risks in high-risk bets. This strategy assumes that you can predict the outcomes with a high degree of accuracy.

The Kelly bet works very well in sports betting. This is because you can improve your edge with careful analysis of the teams and players. A common tactic is to wage a huge amount on low odds, for a modest profit.

It also works well for casino games where your skill provides an edge like blackjack or poker. You can find plenty of games to test this strategy. SkyCity casino review, for example, shows several offers for blackjack, baccarat, and poker where you can play for free or real money.

Patience Factor

Experienced gamblers will tell you that patience is perhaps the most important factor in a money management strategy. There is no sure strategy to give you an edge over the house. You can only absorb your losses and hope for a more profitable play next time.

Common Sense Money Management

In addition to developing a money management strategy, you should be on guard against common mistakes that make you lose money;

  • Avoid betting money you can’t afford - Set your limit and stick to it. Spending more money after your bankroll is decimated is throwing good money after bad. Retreat and make a new plan, or take time to develop more skills.
  • Avoid lines of credit – You are in a game, not an investment plan. This is in line with the previous point of not spending money that you can’t afford. Spend only what is in your budget. Ideally, your bankroll should come from your entertainment allowance.
  • Stay sober - It is advisable to stay sober unless you are playing purely for entertainment purposes. Keeping your head clear helps you observe limits, and avoid unnecessary risks.
  • Take a rest – Avoid marathon sessions. Both online and land-based casinos operate 24/7 which can lull you into playing for extended periods. Take time to eat and sleep. Playing with a fresh mind improves your edge.
  • Keep track of your losses and wins – What is your winning rate? Keeping a record of your wins will help you assess the effectiveness of your money management strategy.

No one plays to lose, but unfortunately, losses happen. Growing your bankroll requires sticking to your money management plan; knowing when to push your luck and when to take the losses and run.