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Sunday, November 23, 2008

Manage Your Money

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Pick up any good book on gambling and you're bound to find at least a page or two that talks about money management. Some keep it brief while others go into great mathematical detail.

Some books tell you to manage your money by the playing session, other say by the month and still others come up with complex financial systems. Today, I will share with you two general money management systems that will help you regardless of how intricate you wish to take your money management strategy—even if you have none at all. Session Management No matter how detailed you want to get with money management, session management is always a factor. Even the casual gambler should have some sort of session strategy. It's real simple. Before you go to gamble, decide how much money you are willing to lose.

Next, decide how much money you would be happy winning. Be realistic. Answers like "as much as I can" are usually what eventual losers say right before they start. If you are going to risk $100, set a maximum goal at $200.

Doubling your money is not bad. If you are playing the slots or some other game with a big payoff potential, you might go well beyond this in a single moment. However, have a stop point in mind. Here's the critical point. When you have either lost your set amount or won your goal, leave the casino. Many people fail to do this and many end up losing as a result. Seasonal Management If you are a sports bettor, one type of money management strategy that you'll want to think about is seasonal management. This is where you decide how much money you are willing to lose for the entire season.

Even if you don't have all that money in the bank right now, come up with a figure. Keep track of your wagering throughout the season and stop when you've lost the amount you set. What about winning? Well, sports is a different animal. If you are going to use seasonal management and tracking, you will keep on wagering until the season is complete.

You could set a maximum win amount and stop there if you desired, but most sports bettors that use seasonal management only stop when they've lost their set bankroll. There are certainly more complex money management systems out there, but these two concepts can help most gamblers get the job done. When you decide to gamble as a business, then it's time to take money management to the next level.

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