Pro gamblers make a lot of money, but a lot of the time they also spend a lot of money, as with big risk comes big rewards. This means they need to be really smart with their money management and ensure that they don’t put themselves into debt, or end up losing far more than they win.
These money management tips will help you play like a pro and ensure that budgeting for real money game is easier than ever.
Create a realistic budget
It’s one thing to decide how much you can spend on gambling, but another entirely to budget properly and ensure that your money lasts the length of time you want, and for the stakes games you want to play. Before you budget, determine what games you want to play and what their stakes will be set at. This way, you can work out how much you can afford to wager, the amount of time your money could last and how much you need to stay in the game.
Have a budget buffer
When you budget, create a buffer so that if you are in a game and need to keep wagering, you can afford to do so. There is nothing worse than playing poker and having to fold simply because you cannot afford to place the next bet. A great idea is to set aside 25% of your budget as a buffer and then work with that, and if you don’t need it, you’re still a winner as you can use it in another game.
Save half, spend half
A great rule of thumb to live by is to save half your winnings, and spend the other half. You can think of this as investing 50% of everything you make in your future gambling budget. This way, you’ll not only give your budget a boost, you’ll also ensure that you don’t simply end up playing back all your winnings in the pursuit of more, and you’ll always come out ahead.
Never chase losses
This is a fatal rookie error and one you need to avoid at all cost. If you are not winning, stop playing! Don’t throw good money after bad in the hope that the tables will turn, you won’t be doing yourself any favours and you may well end up out of pocket. Knowing when to quit is the smartest lesson any pro gambler can learn.
Play at stakes you can afford
This may seem obvious, but it is amazing how many players don’t stick to games with stakes that are within their budget. Rather stick to lower stakes games and win smaller sums than trying to play with the pros before you are ready. The higher the stakes, the bigger the wins, but the stiffer the competition too.
Smart money management is one of the key components of what makes a pro gambler a successful player, and if you follow this advice, you’re well on your way to playing like one of the pros!