Gambling is fun. It can also be so much fun that it becomes a problem. This is why it is so important to set up your gambling budget, also known as a bankroll.
A bankroll correctly defined is a gambler’s total gambling budget. It should never be all the money you take to a casino on a single visit. Rather, you must use only a portion of that budget on any single gambling venture.
Now how big should your bankroll be? It depends, above all things, on how much you can afford to gamble with. If you have only a modest income and/or need a lot of money for other things, you obviously cannot have a large bankroll. For example, if you are paying off debts or saving for a house. You probably should not even gamble apart from the occasional lottery ticket.
On the other hand, if you are financially secure, retired and your kids have finished college, you have more freedom to build your bankroll. Set aside a portion of your monthly earnings for your bankroll. Ideally, this should be no more than 10% of your total earnings. Every month, you will set aside this same amount of money to your gambling budget if you want to.
Here is how a casino bankroll works:
First month, you bring $250 to the casino to play slots. By month’s end, you have profited by $50 for a total bankroll of $300.
Second month, you again bring $250 to the casino and play slots again. You play tight and stop playing when you lose $200. Your bankroll is now at $100.
Third month, you add another $250. You lose $150 before winning $800 for a total of $1,000.
Fourth month, since you already have $1,000, you choose not to add to your bankroll. Instead, you spend your $250 on an expensive present for your partner.
Fifth month, you lose $300 and stop playing. Out of the $700 that is left, you spend $300 a family trip. You are left with a $400 bankroll.
The above is an example of how a bankroll should work. How tight or loose you play depends on you, of course. You can decide to set loss limits per month or you can risk your whole bankroll. It’s up to you. The important thing is to never gamble with money meant for other things. Instead, enjoy the rewards of gambling when they do come by spending them wisely. That spells the difference between winners and losers in the casino.