Little did people know that a simple card game that began sometime in the 19th century would later become one of the most popular casino games in the world. Today, you can easily find these tables scattered all over the land based casino floors as well as thousands of them online. Not only is it fun to play, but it’s not complicated to learn. It’s actually a great game for beginners, however if you want to become a good player, we highly recommend you check out the article we wrote about on Blackjack strategies called, The Optimal Strategy to Win at Blackjack. In that article, we go over some great strategies that can teach you how to handle each hand you’ve been dealt.
In addition to the strategies we’ve discussed in the previous article, it’s also very important to know how to manage your money when you’re gambling. It’s one thing to be able to understand whether you should “hit”, “stand”, “split”, etc. But it’s equally important to be able to manage your personal bankroll. By doing so, you will be able to determine how much money you should risk as well as when it’s a good time to call it quits. In this article, we’ll be going over some very useful money management tips that can help you save and earn more money when gambling at the Blackjack tables.
Money Management Strategies
A lot of times people will go to the casino and just use whatever money they have with them to gamble without setting any limits, and this is a big mistake. For beginners, when learning how to play Blackjack, a lot of times they will cover all the basic rules of the game, however they seem to forget, or even worse, won’t even think about the importance of money management strategies. One of the reasons why people become addicted to gambling is because they don’t keep tabs on their spending habits, and unfortunately end up losing all their money a lot of times.
Money management at casinos is when you monitor the amount of money you’re gambling on the games. Managing your bankroll is extremely beneficial as it will help you figure out about how long you can play as well as how much you can potentially win. If you don’t manage your bankroll wisely, it’s possible all the rules and strategies you learned could go to waste. Being able to control your budget, understanding when to increase/decrease your bets and knowing when to stop gambling are all important money management factors. Continue reading below to learn the money management strategies we’ve come up with and to hopefully save and earn you more money in the long run.
- Establish Your Bankroll
Before you start playing, decide how much money you’re willing to risk in case you end up losing. Every day will not be full of wins, no matter how good of a player you are, therefore you should always prepare yourself for worse case scenarios by establishing a limit to your losses. Do the same for your wins by setting a win limit. This can be difficult to stick to, especially if you’re on a winning streak, but nonetheless, make sure you stop once you’ve reached your limit.
Also, make sure your buy-in is at least X50 the minimum bet amount. For example, if you’re playing at a table with a minimum bet of $10, that means you need to have at least $500 on you. Whatever you do, make sure you never borrow any money from people in order to gamble. Borrowing money or using something like rent money, is a “big no-no”, and could possibly end in a bad situation.
- Monitor Your Bets
Make sure you divide your bankroll roll so that you don’t end up betting it all at once. Dividing it will allow you to have separate set amounts for each hand. Not only will this help you to manage your money, but it will also assist you in organizing your play time.
- Set Your Wins Aside
Make sure you separate and cash out any of your winning profits. Once you’ve done that, go ahead and continue with your original bankroll amount. For example, if the bankroll you started off with is $500 and you win $100, go ahead and remove the $100 from your bankroll so you don’t end up betting any of the money you won.
- Don’t Get Drunk
As tempting as it may be to have one of those complimentary alcohol beverages while you’re gambling, don’t do it. It’s just too risky, especially when you’re gambling with your hard earned money. Gambling while drunk can lead to poor judgement and cause you to do things you may regret the next day.
In order to follow and stick with these Blackjack money management strategies, you will have to be disciplined. If you’re ever in the situation where you may have reached your limit, but would like to keep on playing, you can always practice on our casino games right here at Caesars Casino Online for free. Sure you won’t be winning any actual money on our games, however you won’t be losing any either, and they’re a ton of fun.