Why the rise in social and sweepstake casinos? – TheWestNews

Whether you are an experienced player, someone with deep pockets, or a novice nervous about gambling, a visit to a casino needs some careful preparations. And were not just talking about understanding how the various games work. The most important factor you need to take on board is how much money you should be willing to spend.

This shouldnt just be a case of saying something like: Oh, $50 sounds like enough to have a good time. Rather, you should adopt a more professional approach to your gambling spending. Doing so will make your entertainment last much longer and prevent you from spending more than you intended or indeed can afford to lose.

So, what is this method of setting your spending limits? The answer is something the industry calls bankroll management.

This simple yet extremely effective way to manage our funds relies on two key facts:

Sounds simple, right? Thats because it is. So lets tackle the first point, identifying your bankroll. This is not a case of just looking in your various bank or savings accounts and totting up how much money you have, or worse still, raiding your credit cards. Doing so is foolish you are not willing to lose all this money because you need a good portion of it for day-to-day living expenses, like food, mortgage payments, running the car, and that sort of thing.

Rather, you should consider your bankroll as only the amount of cash you are willing to commit to gambling. The nature of the game is that, of course, you might win, but equally, you might lose all this money. The bankroll should, by definition, be expendable.

Lets take an example. Although you may have $2,000 spare in your bank account, when you add up your liabilities, you, in reality, might only have $500 genuinely spare to spend on as you wish. If you wish to try some gambling at a casino, then this figure can be considered your bankroll.

Now that computation is out of the way; you need to figure out how to use it. For certain, it doesnt mean you can walk into a casino in Las Vegas like The Wynn, or log on to an online casino, head to the nearest roulette table and place the whole $500 on black. While you might win, doubling your cash instantly, theres a high risk of you losing and then having no bankroll left.

The answer is the effective bankroll management aspect of your funds. Many pro gamblers adopt this strategy from the very early days of their careers, and its something any player should use. To do so, always commit to spending 5% (some even suggest as low as 2%) of your current bankroll.

If 5% is the figure, and you walk into that same casino, now you know you can only spend $25 of your $500 roll on a spin on the roulette table. If you lose, it wont cripple you. If you win, you wont get too carried away, either.

The same applies to any casino game, whether its a hand of blackjack, a quick session on the slots, or a game of baccarat always limit your bets to 5%.

This is all what you might consider to be an aspect of responsible gambling, something that all the best casinos adopt because they wish to protect their players from harm. In many parts of the world, online casinos must be licensed, and to receive one, they must promote responsible gaming. Look at any respected UK gaming site, and at the bottom of the page, you will see links to the United Kingdom Gambling Commission, Gamble Aware, and GAMSTOP, which all promote safe gaming.

Just because you started limiting your bets at $25, which is 5% of your original bankroll, it doesnt mean you need to remain at that level. The whole point of bankroll management is that you always bet 5% of whatever your current bankroll total is.

Lets say you went to your local casino or logged on online to play and had a profitable session, winning $100. Now, your bankroll is $600, and you can revise your minimum bet upwards to 5% of that, which is $30 a bet.

But using the same logic, if you have a losing session, and your bankroll dwindles to $400, you can only bet 5% of that, so $20 a time.

The whole point is by being strict with yourself; you should find it really difficult to ever lose your entire roll. If things have gotten really bad and you have only $10 left, dont be tempted to try and double up and risk it all on one blackjack hand. Instead, stick to your limits and gamble just 50 cents.

Some people might apply upper limits to their bankrolls. In our example, if your role had reached over $1,000, you might consider taking all money over that figure off the table to reward yourself by buying something nice or putting it into your retirement fund. After all, gambling at higher stakes is not for everyone.

With these spending limits in place, you should enjoy your gambling much more because you wont ever feel stressed about your betting. At the end of the day, gambling in a casino is meant to be a form of entertainment, so have fun.

Read more from the original source:

Why the rise in social and sweepstake casinos? - TheWestNews