Divvy Up the Stakes: How to separate your bankroll budget for multi-gambling.
What kind of
gambler are you? I’m assuming you are a gambler, if you’re reading
this. So, what kind of things do you bet on? Are you a casino player
who mashes away at the spin button on your favorite slots? Do you
skip from one table game to another in hopes of a well-played hot
streak? Maybe you stick to the poker tables, seeking out schools of
fish to prey upon? Or, maybe you like dropping a little action on
your favorite sporting events?
No matter what
type of gambler you are, it’s critical that you maintain a tight
budget on your wagering expenses. It’s easy enough to say, ‘Okay,
I have $200 to play poker with this week‘, setting that as your
buy-in limit and sticking to it. But if you happen to be a
multi-gambler like myself – the type who enjoys casinos, poker
games and a little sports action on the side – you have to be able
to separate your bankrolls into multiple limited budgets.
Seeing as Canada
is inching ever closer to the legalization
of single-event sports betting, I thought this an appropriate
time to broach the subject of…
Setting a Bankroll Budget for Multi-Gambling
Be careful not
to lump your entire bankroll into a single cash pot. If you plan to
bet on the weekend’s big games, join in a poker tournament at the
local casino, and play a little blackjack at your favorite online
casino during the fast-folding lulls, you’ll want to make sure you’ve
got the money set aside for each of these activities. You’d be
surprised how easy it is to lose sight of how much money you’re
spending when you don’t divvy up the bankroll properly.
Last month, I
headed south across the border to Atlantic City to place a bet on the
Super Bowl. I had no doubt Tom Brady would lead the Patriots to yet
another victory, and made a sizable amount of cash betting on it. But
with the odds heavily in New England’s favor, I had to spend a lot to
make a little. The odds were, I believe, -139. I posted $500 and
collected about $360 in winnings.
Having to place
so much down at the sportsbook, I decided to budget just $300 for all
other gambling expenses. This I divided into 4 bankrolls; $50 for
slot machines, $50 for roulette, $100 for blackjack, and another $100
for the craps table. Normally I would set some aside to play online
poker whenever I got the itch, but since I had so much invested in
the Super Bowl, I chose to refrain from the virtual felt that
It worked out
great, and even though I lost all of the casino budget, I still ended
up ahead when the sports book handed me $860 (hence the reason I held
myself to $300 for casino gaming). So long as the Pats beat the Rams,
I was guaranteed a profit.
Bankroll Budgeting for Exclusive Casino Players
thing about casinos is that they have so many different types of
games to play. Some may enjoy a single type of gaming, but most of
use have at least a few favorites. Even if you’re an exclusive casino
goer, you may want to divide your bankroll for the different types of
games you want to play – slot machines, blackjack, roulette, craps,
get so caught up in the experience, we might blow through an entire
bankroll on the first game we play. If you want to ensure you’ll get
ample time on all your favorite games, divvy the stakes accordingly.
Use the same method described above, sizing your bankrolls by
popularity and average cost (i.e. blackjack costs more per play than
a slots spin).
Budgeting your Casino Bankroll for a Vacation
Another common problem arises when first-time gamblers make their first trip to Las Vegas. They arrive on day one and hit the casino with vigor. By the time the vacation is over, they’re nursing severe sun-burn from sitting by the pool all day because their bankroll budget ran dry days ago.
If you’re planning a multi-day vacation, on top of the bankrolling budgeting detailed above, make sure you divide each of your bankrolls evenly by the number of days you hope to spend doing some gambling.
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(Remember to gamble responsibly)