How Do You Know When to Quit Gambling?
How do you know when to stop gambling? This could mean how do you know when you need to end a specific gambling session. Or, it could also mean that you think you may have abetting problem and need to quit. Read the guide below for more.
Money Management Practices
One of the popular ways to try to beat the house edge in online casino games is by setting win goals and stop-loss limits. These strategies are called “money management techniques.”
Here’s how these techniques work:
First, you need to create “bankrolls.” The easy definition of a casino bankroll is the amount of cash you’ve set aside to play with. Players should not play with the money that they haven’t set to play with. Moreover, players should not be chasing after their losses.
Some money management gamblers like to divide their bankrolls into smaller amounts, but doing so has no effect on the math behind winning.
Win Goals and Stop Loss Bounds
A win goal is an amount of cash that you hope to win in a gaming session. When you have achieved your win goal, you then end that session. It’s a random amount that you get to select. Most cash management guys like to set a win goal with the use of a percentage of their session bankroll.
Stacks of Red Casino Chips
Now that you understand bankrolls and the win goals, you have 2/3 of the cash management equation. The last piece of the puzzle is the stop-loss limit.
This is the total opposite of the win goal. It’s an amount that, once you lose it, it then signals that it’s time to quit.
If you use $40 with your $100 session bankroll, you will then quit when your stack gets down to $60. You are going to play until you’ve either won $40 total or even lost $40 total, then you’ll quit.
How to Set Sized Win Goals and Stop Loss Limits
You need to do some self-analysis and use some of the judgment when setting up your loss limits and win goals. Mostly, it also depends on what sounds like fun to you.