You no doubt already realize that if you want to be successful at gambling you have to be willing to take some financial risk. Of course that doesn’t mean you are very good at budgeting money. Knowing how to gamble with or developing a money management strategy for blackjack is not knowledge you are born with. So let’s talk about establishing an effective money management strategy.
Part of the appeal of black jack is the chance of winning big – it’s a rush. However, lurking around every winning hand are a whole bunch of losing hands; and you WILL get losing hands, a lot of them. If you want to be a long-term gambler you have to accept the fact that there will ‘losing streaks’ and budget accordingly. There are a few simple rules that will help you stick to a money management plan.
1. Before you enter the casino, put a strict limit on your bankroll. Dedicate yourself to the proposition that you will only bet with money you can afford to lose. Decide what that amount is BEFORE you start playing blackjack and do NOT deviate from that no matter what happens. This is not an easy rule to stick with, especially in the excitement of a winning streak or the throes of a losing streak. You will be tempted to bet more money than you can afford. The purpose of black jack is to have fun and maybe win a little too, but all without adversely affecting your financial and emotional well-being. When you go gambling, stow some emergency money away in a safe place, where it’s not easily accessible. Keep your bankroll close at hand in a separate place, and have fun with that money.
2. When the bankroll is gone so should you be. When you reach the end of the bankroll you have set aside for that blackjack session leave immediately. The first loss will be always the least loss, and if you dip into your emergency money hoping to make up your first loss, chances are you will end up losing even more.
3. If you are having a big winning streak, put half of that money away immediately and resolve not to bet with it. This is very important. That way, even if you lose all of the rest of the money in your original bankroll, you still come out at least a bit ahead.
4. Quit while you are ahead. This is the biggest key to success. If you double your bankroll at any time while playing blackjack, leave immediately. Even if you have had some losses in earlier black jack sessions, it’s important to walk away and not try to recoup any of those losses by playing “just one more hand”.
5. Weather the losing streaks. All too often people quit gambling when they are down, not when they are ahead, which is a formula for constant losses. If you are really committed to long term gambling success, you must be willing to wait out long losing streaks. It is quite normal to have a long run of short term losses