Diceland Casino's Advise On Gambling Money Management
Everyone wants to make money when gambling online, yet only a few are able to come out as winners. What are their secrets? Here are some tips from us at Diceland Casino that show there is no secret formula - just discipline, practice, and some simply gambling money management rules.
Define a Bankroll
Set aside a specific amount of cash that you will use for wagering. This is your bankroll, so respect it. Overspend it and you're toast. Although the size of the bankroll isn't significant (you don't need a huge purse to be profitable), avoid risking a big chunk of it on a single bet. Divide it into 50 parts, and bet just one part each time you want to wager. In effect, you are risking 2% of your bankroll on every gamble. This is the most basic rule to follow when understanding gambling money management.
Setting a Profit Target
While knowing how much money you are prepared to risk and lose, we believe a key element for your success is setting realistic goals. Of course you aren't going to make millions on a $100, but you should be satisfied if you double your money after six months. When setting your profit mark, estimate the number of bets you are going to place next month, and then estimate your edge (the net amount of cash each wager will win on average), generally 5% in sports betting. With a 5% edge, you'll make $0.50 on each $10 bet (bankroll of $500). If you wager 300 times in a month on a 5% edge, your monthly profits should be about $150.