Place a limit on the money that you can afford to lose. Set aside this amount of money in advance. When you do this, you won’t lose track of how much you’ve lost and will be able to control what you have. The last thing you want to do is to start taking money out of your savings account or any other place you have it. Only gamble money that you can afford to lose, meaning if you lost that amount of money, your financial situation would still be secure. You must pace yourself. Don’t bet all your money at
once, this is very dangerous as the odds are always in favor of the house. Let’s say you put aside $100 to gamble with. Of that $100 place small bets such as $2 or $4 on a single bet. Just imagine if you lost the entire $100 dollars on one bet, you would be forced to
quit so soon. Pace yourself, there is no rush.
Another important aspect of money management and being wise about your money is to NEVER borrow money. This is not safe and even if you think you will get that money back on the next bet, don’t do it. This is a horrible habit to start. You can easily lose control and spiral into a pile of debt. This is where it turns from enjoyment into disaster. Take what I’m saying very seriously. Some of you reading this have probably borrowed small amounts from a friend or family member in the past, and everything turned out great and you paid the money back. Great, I’m glad for you. However, don’t do it anymore. It just isn’t a good habit to get in to. Think for a moment about what you would do if you borrowed money from a friend and got stuck in a losing streak. You got deeper and deeper into debt. Maybe your friend doesn’t need the money right away, but what if he came to you and said he had some unexpected car trouble that month and needed the money you owe him right away? What would you say? What would you do knowing that you don’t have the money he lent you because you gambled everything away? It’s not a pretty situation to be in. Believe me, I’ve been the friend who has lent the money and it can ultimately ruin a good friendship or any sort of relationship you have with that person. Don’t put that at risk for some extra gambling money. Just take my advice and never borrow money.
Since we are speaking about money management, it just as important to manage your money properly just as much as it is to know when to quit. I always say to quit after you win. It may seem like you are in the middle of a lucky streak, but with online gambling, that streak can end quite suddenly. It is tempting to keep betting as you think of all the money rolling in however this is better known as greed. Greed is a nasty thing, especially when in the context of gambling. The reason I say this is because it can be very dangerous, especially to a new, inexperienced gambler. Another situation you can find yourself in is when you have been winning and when the next bet rolls around, you lose. There are quite a few people out there that become adamant about winning that money back. They begin to go after their loss trying to win it back as they keep betting to win. This is very bad rationale as you will probably continue to lose even more money. Just remember to manage your money wisely and only play when you are thinking clearly about the bets you place.