May 4th 2007
Only by using a proper budget or slots bankroll management system will you be able to reduce the risks and have the most fun. Find out more in this article.
Slots, just like any other casino game is a game of chance. You have to spend money if you want to play it, but you are not guaranteed a payout. Winning is never a sure thing, so you are always risking loosing your money when you play casino games.
Sometimes you may loose your bankroll, other times you may win, and win big. This is especially true when you are lucky enough to win a jackpot. The main thing to keep in mind is knowing when to stop playing. That is why you must budget your money and not bet more than how much you intended to spend in that session. This is known as bankroll management.
Slots are a fun and entertaining game to play, but only if you do not have a Gambling Addiction Problem, are playing for the right reasons and can afford to lose that amount of money. Do not use the rent money when playing slots. And most of all do not thing that you will make a profit that will pay for your car's gas. You are only setting yourself up for a disappointment. And you'll get in trouble with the landlord because you\'ve lost the rent money.
Some players may only afford to gamble $50 a month, while others can afford to spend as much as $5000 a month. It all depends on how much you can afford to spend, but there are a few things that you must keep in mind when setting up your budget:
After all, you will be able to buy a house if you save enough money, but no matter how much money you spend gambling you are not guaranteed to win the jackpot. No one says that you should stop gambling altogether. Everyone is entitled to a little fun, just remember your priorities when deciding how much to spend.
On the other hand, if you are retired, have a good income and you have finished paying the mortgage on the house and all the kids have moved out and take care of themselves, then you can afford to spend more gambling. Your budget in this case can be larger than the young man's budget.
As a general rule, you should not spend more than 20% of your income gambling. The safest percentage that you can use gambling is 10%. Keeping this in mind, if your income is of $4000 a month, then you should only gamble $400. If you go to a land based casino make sure not to spend more than $400 a month, and if you play online make sure to deposit the same amount of $400 every month.
Let us have a look at an example to better understand how bankroll management works:
You deposit $200 in your account in January. You play slots the entire month, and at the end of the month you have $50 left in your account.
The next month, February, you deposit the same amount of $200. With the $50 that are already in your account, you have $250 to play with. Unfortunately you try a higher value machine and win nothing. You have no more money in your account when February ends.
The next month, March, you deposit another $200 in your account. You do not win anything, but one day luck smiles upon you and you win a jackpot of $500. When March ends you have $575 in your account.
It is now April. You have enough money in your account, so you decide not to make any additional deposits. You take the $200 that you would have deposited this month, withdraw and additional $200 from your casino account and put the $400 you now have to better use. Use the money to have a nice weekend away with the wife and kids for example. At the end of the month you have $300 in your account, because you have lost $75 playing.
It is now May. Since you have enough money in your account, you decide not to make any additional deposits. You take the $200 that you would have deposited and use them for something else. Have a nice romantic dinner with your significant other for example.
This process is then repeated month after month. Remember that slots is a game where luck plays a big part. Sometimes you win. Other times you lose. No matter if you win a jackpot of $10,000 the first time you play or if you do not win anything a whole year remember to always budget your money. This is the only thing that will keep you from spending too much or even losing your entire bankroll.
You only hear about the people that won big jackpots or about those unfortunate players that have a gambling addiction problem and lost everything. You never hear about the cautious player that played smart. He never won a bundle, but he never lost too much either. What you do not know is that smart players have the biggest chances of winning that huge jackpot. Because they have a budget and stick to it they make sure not to lose very much and increase their odds of getting a big payout considerably.