Blackjack bankroll money management

Money management can mean a couple of different things. Either it means how you manage your bets in game (using betting systems etc) or how you budget for gambling from your disposable income. It is the latter that is discussed in this article.

The number one rule to remember is that blackjack is a game. It is supposed to be a form of entertainment. It should not be seen as a method for making money. Because blackjack has a house edge, in the long run you will invariably be down on your money so never bet more than you can afford to lose.

Gamblers who play with money they cannot afford to lose have a tendency to chase losses, risking more money in an attempt to win back what they have lost. This puts these players at even greater financial risk and indicates ‘problem gambling’.

To be a winner it is vital to protect yourself from unnecessary losses. The easiest way to do this is to simply walk away from the table when you win a certain amount. Likewise, a ‘loss limit’ should be set to ensure that your bankroll is not wiped out in a single session. These limits can be set as either dollar amounts or unit amounts.

If you lose more than 20 units in any gambling session, stop playing. While this is an arbitrary figure it is applicable whether you have a small bankroll and are playing $5 units or a proportionately larger bankroll wagering $100 per unit.

It is also vital to have reserve units (known as stack splitting). In blackjack correct strategy for a given hand may necessitate doubling down or splitting. In these cases you are at a statistical disadvantage if you cannot afford to make the correct play due to insufficient chips. Don’t give the house a greater edge than you need to.

While it is okay to increase your bet size when winning, never do so when losing. Similarly, don’t quit while you are winning. If you are up several units see if you can win more. Remember to stop play when your luck changes. Using loss limits will ensure your session was still a profitable one.

If you are going on holiday and plan to gamble while you are away it is important to set a gambling budget before you leave home. This money is separate from any other spending money and is an amount you can afford to lose. This holiday budget is then divided by the number of days you plan to gamble. A $200 budget on a four day trip would mean $50 gambling budget per day.

This daily budget should not be played all in one session. You can divide it any way you wish but it’s best to take breaks between each session. This maximises your budgets longevity. It is suggested that the daily budget is put into separate envelopes in your room safe. At the start of the day you will take this money to play with divided into several sessions. At the end of the day any money (including winnings) is returned to the envelope and it is sealed. This prevents you from being too tempted to play with the cash. While this takes discipline it should mean that any profits are not lost to the casino and that losing days can be balanced by winning days.

Casinos are set up to take your money. At tables cash is converted into chips; on slots, into ‘credits’ – this is to make you forget that you are playing with real money. The free drinks they supply loosen you up. You will see no clocks so lose track of how long you’ve been betting. Lights and alarms make any small win seem huge (even if you are still down on your deposit). And casinos operate at a very fast pace. More hands, more money wagered. Don’t allow yourself to be tricked by the casinos. Any winnings become your money – you are not ‘playing with the casinos money’.

It is easy to leave the casino with no money. Leaving with your winnings intact takes discipline and careful money management. It is this self control that divides the winners from the losers.