The casino’s goal is to create a fantasyland experience for its patrons. One wily way is to devalue your money by having you bet chips instead of legal tender. Think of the deceptive nicknames chips have. A $5 chip is a “nickel” and a $25 chip a “quarter.” Your best self-defense is to continue to bet with your own greenback. This way you’ll always realize its genuine value.
If you do turn your bankroll into chips, take a moment and carefully think about the exchange. You must always treat chips as hard-earned cash-like the money you save for your child’s college tuition, mortgage payments or your retirement.
Never increase your bet when losing. A double-up-to-catch-up strategy simulates a lamb being led to slaughter.
Discipline is not only a significant part of being a successful gambler but probably the most important element of money management. You must set loss limits and win goals. Example: When losing half your session bankroll (loss limits) you walk, and when doubling your money (win goals), consider doing the same.
Identify the profitable opportunities in gambling by shopping for the best odds, rules and playing conditions for the casino games you will be playing. Don’t waste your time on games in which the casino has more than a 2% house advantage.
Never gamble with money you can’t afford to lose. Need I say more?
Finally, money management will not affect the house advantage nor guarantee that you will win more money. If the house has an advantage before money management, it still has that same advantage even after you apply money management techniques. What good money management principals will do is minimize your losses and in most cases protect your winnings.