A win limit will help you successfully withdraw your winnings and end more sessions as a winner. A loss limit will stop you from losing a lot of money. A time limit will help you avoid playing too long and making bad decisions late into the night. Choose your units for each of these limits and stop playing as soon as you reach one of them.
Understand the “house edge”
You should always remember that “house” has an advantage in the long run. No matter how well you play, you will always have to give money to the house at some point. Yes, you can get lucky by winning a lot of money, but it takes a lot of luck. Most days will end in a loss.
Some games have a higher house than others. For example, the house edge in American Roulette is 5.27%, while the house edge in European Roulette is only 2.7%. Stick to games with a lower “home advantage”.
Consider all sides of the game
This is a continuation of the previous tip. Remember that gambling is about having fun. The “house edge” will be useful in the long run and will ensure that you are a profitable customer for the casino. Look at your gaming time as the price of a day filled with fun. Don’t look at gambling as a way of overcoming financial problems or paying taxes.
If gambling is taking up too much of your time or money at any one time, it is time to take a break. If gambling is not fun, don’t do it. The best way to understand all sides is to remember that gambling always has some kind of payment associated with it. If the payoff is too high, gambling is no longer fun and has lost its meaning.
Practise the basics of money management
Your gambling money (the total amount of money a player allocates to gambling) keeps you playing longer and develops good gambling habits. No matter how much money you have, make sure that each bet represents a small percentage of your total gambling money. I like to make bets equal to or less than 1% of my total gambling money.
Bets that become a large percentage of your gambling money will quickly put you in an uncomfortable situation. Even a little bad luck and you’ll be quickly knocked off balance. Then you’re left with two pretty good options – either make a new investment or stop gambling.
Don’t play with money you need for something else
Put aside the money you will use to play and consider that it will disappear altogether. By doing this, you could help yourself avoid playing with money you need for something else. Hope for the best, but prepare for the worst. If you lose all your gambling money, you should still have money left over to pay the bills and invest for the future.
If it sounds too good to be true, it is
The gambling industry loves to make big promises and give ridiculous bonuses, but somehow manages to stay in business year after year. Every time a casino promises something that sounds too good to be true, it is ALWAYS a trap. A €10,000 bonus may sound good, but I can guarantee it won’t lead to you waking up one day with an extra 10 grand in your bank account.