Techniques to Limit Your Gambling Losses
When a professional investor buys a stock, he sets a stop loss limit. If the price of the stock falls to the stop loss price, the investor immediately sells the stock to limit the loss. There is no waiting for tomorrow to see if the price goes up again. Players need to cultivate that ruthless decisiveness in limiting their gambling losses. Gamblers that cannot cut their losses risk being caught in the web of problem or compulsive gambling. This can ruin both personal and work life and must be avoided.
It is not easy to go away from the table. The hope, nurtured in a large part by movies, that the next roll of the dice will turn the tide is strong. So we have set out a 3-step blueprint to get players started.
- Make a realistic assessment of the losses that you can absorb.
- Use the facilities provided by online casinos.
- Stretch your bankroll so that you avoid reaching your targeted loss.
Of course not all online casinos need to have the associated risk of losing real money. There are thousands of free play options albeit lacking the kick you get from playing to win real money. You'll probably also want to check out our extensive list of free spins no deposit required casinos.
Online casinos urge players to treat online gambling as entertainment. You should spend on online gambling just as you do on other forms of entertainment. The difference is that gambling gives you a chance to win and you should treat such winnings as bonus.
The net amount that you decide to spend on gambling is your target loss limit. You must definitely have a clear amount in mind for this. Otherwise you are likely to spend far more than you can afford to before you realise that you are in trouble.
Different players will have different approaches to estimating this amount. A simple method is to deduct committed and essential expenses from your net income and apportion a part of the leftover amount for gambling. It is suggested that you work out a loss limit per week, because a day as the base period is too small and a month is too large.
Online casinos allow players to set loss limits. If you have set a loss limit of $200 per week, the casino will stop accepting your wagers when you lose $200 in one week. The most common ways of using this facility are explained below.
- There may be a provision to enter your loss limit in your account profile, which you can access after logging in.
- You can contact customer support and they will set the limit in your account.
This is perhaps the most important section. You have worked out a weekly limit on losses and have put in the required setting at the online casino. However, if you are using up the limit in the first two days of the week and cannot gamble for the next five days you are bound to be frustrated. You should familiarise yourself with the following useful techniques that will enable your bankroll to last the full week.
Many casino games are based purely on luck, like slots and roulette. Some like blackjack and video poker involve a fair degree of skill as well. If you are playing these games you need to master the optimum strategies. Making the right decisions will take your expected return to well over 99% and significantly minimise your losses.
For online play you do not have to memorise these optimum strategies. Tabulated versions of blackjack and video poker strategy are available and you can refer to them before each decision you have to make.
Sometimes you may feel that you are going through an unlucky streak, losing bet after bet. Expert players slow down the pace of the game by reducing the bet amount till the unlucky streak passes. This way you will lose less during the unlucky period and have more money available when lady luck favours you.
You must be aware that in casino games each bet is independent of what has happened in the past. Yet at the tables gamblers to experience losing and winning streaks and you should be able to handle both.
This tip applies mainly to roulette. All bets within any version of roulette offer the same average return. Single number bets pay 35 to 1 but hit comparatively rarely. Bets on red or black will win about half the times but pay only even money. Such bets with lower risks stretch the bankroll for longer periods.
The counter argument is that the low risk bets deprive the player of the thrill he is seeking. The solution is to adopt the following strategy from the start. Hedge high risk bets with low risk bets and get both thrill and safety.
Many online casino games offer bets that are called sucker bets. These bets award payouts far below their fair value. They offer the attraction of comparative large payouts, but the problem is that the fair payouts are even larger. The surest way to pile up losses is to fall in the trap of sucker bets.
Baccarat: The two main bets in baccarat pay even money or less. This is a grind and devoid of excitement. Baccarat very conveniently offers a tie bet that pays 8 to 1 (in rare cases 9 to 1). The mathematically fair payout is about 10.5 to 1. This bet is a sure loser in the long run.
Craps: There is no shortage of sucker bets in craps. Added to the deceptively high payouts, they have fancy names. Craps, the bet that gives the game its name, is one of them. Some others are Any 7 and Horn Bet.
Casino games have an average return of less than 100%. This implies that though some players will win from time to time, on an average in the long run players will decrease their bankroll by a few percentage points, even if they play perfectly.
The longer you play, the more you will bet. The more you bet, the more money you are likely to lose. Hence adhering to your planned time limits is very important. The best online casinos will inform you how long you have been playing and will ask you whether you want to continue. Use this facility well.
You may have got bored of this message, but it can never be overstated. Treat gambling as a form of entertainment and not a means of income. If you internalise this you will not then chase your losses.
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