Topic: Gambling Management - page 21. (Read 3177 times)

That's good method to be used in gambling, at least you can minimize the chance to lose all (winnings + initial deposit).
Now the question is, when will you do it if you do not have a target or a limit when you are on lucky moment of winning?
You need to have a plan before start, when will you withdraw your initial deposit? Will it be when you make 10-20% profit, 30-40% profit or when you have doubled your deposit?
A plan is still not enough as your greed when you are on winning may kill the plan, so you need a loud reminder on yourself when you need to withdraw your initial deposit.

Winning big on a small bet? Awesome! But don't go all Hollywood and start betting the farm. Remember, that small bet was your lucky charm, not a magic money machine.Multi-betting? Think of it like spreading your pizza toppings too thin – sure, you might get a little bit of everything, but you won't be truly satisfied. Gambling ain't a guaranteed path to riches, that's for sure. But if you play smart, set limits, and know when to cash out, you can walk away a winner.

Playing as you Wish is something you so if you don't have strategic plans on bankroll management and that means you could go bankrupt at any point and loose the capacity to be able to gamble but I'd you have got a good bankroll management and you are very keen to it, you have better chances of staying longer gambling till you are lucky.

Sometimes reckless gambling can be profitable but this doesn't happen often, most times we gamble reckless we end up loosing all our funds and it's only a few times you can get lucky and probably hit it big at once but then it's very important you make sure you always be on the safe side my managing your funds well enough so you don't end them in regrets, discipline to staying true to your bankroll rules helps you  a lot to staying very responsible gambling but it takes a few who actually keeps to such gambling rules and discipline .

I do that too, always using all the money I got from a big win in the beginning, and it will run out in the end.
The self-control not to use all the money is still not good for me and is still affected by greed to bet all.

But if you've started changing those habits, that's good enough.
There is effort and management that you are trying to do.
But it must be clear what percentage you will use and what percentage of funds will be reserved,
so that there is no excessive use of funds when gambling.

That may help somewhat.I think you are referring to sport bets in here.I will tell you what I do with slots,I set a budget like let's say 50 dollars and play with minimum bet of 0.10 a slot machine that has a max win x35000 like Clash of Camelot or x40000 like Return of the Green Knight.I choose these two games as an example here as the bonus feature in these games can go crazy sometimes.When I have bad sessions going to 0 I quit and call it a day.I try twice a week or 100 dollars max weekly and don't put more as this is my allocated budget for gambling.That works well for me.

Your money then its  your rules on which if you do find yourself having that kind of impulsive betting or manner and it leads into spending all of your bankroll in one go then it would be just that right that you should really be needing to change up. IF you are already that making use of your previous wins profits because of that kind of all in betting then it would be just that right that you would really be needing up some adjustments so that you could really be able to make yourself having that more bets that you could be able to bet on and not really just that putting up all of those funds in one bet.
This is really that a very common gambler behavior on which we are really that too impulsive on things on which it does come into a point that you would be having that all in kind of behavior.

I mean you're probably getting kinda of greedy considering you're betting though winning or losing it wouldn't really matter since you just let your emotions win at this time which is what the casino likes you to do and that just means that you fall on their trap.  Personally, I dont really think that it is possible to earn a good amount of profit, especially on gambling because it is just way to risky for someone to actually think that it is a good idea or good source of income, it is for sure might be a way to make a profit and there are a lot of people probably that get lucky who is able to make a good amount of money on it but it doesnt actually mean that you could do it as well. Lets be honest most of the games are rigged and probably designed for you to lose your money so I dont really think that we could actually make a good income on that, Personally, I would prefer sports betting since it might be fair in the most part and kinda fun also in my experience, the winning is as well big for the multiplier.

The thing is if we want to actually want to minimize the loss just dont gamble and put your funds on something that could actually make a good income as an investment, for sure your funds are going to be safe as an asset.

This strategy of management of funds as you explained you do above can indeed be helpful, I mean, it's a good strategy provided you are disciplined well  enough not to break or stop along the way, in my place, it is commonly said that there are several ways to catch a rat, so, every rat hunter have to find a the way that works best for him or her, depending on the type of rat the hunter is chasing, and at what location and the kind or type of hole the rat lives in.

So also in gambling, there are several ways to money or fund management, we all as gamblers just have to find out a way that works for us,  which also should depend on our personal gambling behaviors and level and type of activity.
So, as a gambler, it is your responsibility to find out or device a strategy that will work or works for you, depending on how you do your gambling, as I believe we all have our different ways of gambling, which is why sometimes, a strategy that works for one person doesn't work for others, simply, that strategy may require a certain type of gambling behavior which only that person the strategy works for, possesses, the other will just try and fail.

So, overall, this is a good money management strategy, and I think I wil try it myself, to see if it works for me or not..

The most important thing is not the spreadsheet. But the psychology when it comes to gambling. Someone may be able to record their deposit activities on a spreadsheet, but that will actually have a negative impact on their psychology and emotions when they see that the amount of their losses is much bigger. Of course it would be good if he is able to control emotions and think properly after seeing his spreadsheet, like reducing the gambling budget or even deciding to stop gambling. However, if he seeing the results in a spreadsheet that are experiencing a bigger loss, and want to catch up on that loss, he should not need to use a spreadsheet, but actually he need to reduce gambling activities and made more restrictions for himself. It would be better if he can took a break from gambling to improve his psychology, mentality, strategy and goals in gambling.

agree that managing bankroll is quite an important thing that gamblers need to do because when they cannot control their bankroll and play as they wish, then it can be predicted that their gambling will not be good for themselves. so a gambler needs to manage their bankroll and be disciplined about it. maybe at first it will be difficult, because they are used to gambling as they please and there is always a desire to gamble more, but if they continue to be trained and disciplined towards this then gamblers can gamble more responsibly and with an allocated bankroll.

Let me get this straight. You never used the money from your profits for gambling? Of course you'll end up losing your initial budget if you only count all the lost bets and cash out any gains.

So i guess you really have a point and definitely need to try that new tactic out. I thought everyone did it. But if i can recommend, still take some of your winnings out and leave fraction of it for more gambling. There's no good reason why we shouldn't enjoy those big wins.

Also you might benefit from tracking your gambling budget, winnings and losses with spreadsheet, so later on you can track where and when you lost your money, or won something. As it sounds like you are losing track of $ usage and end up losing more because of it. Not only budgeting with spreadsheet helps you getting a better grasp on finances, it helps you on taxes etc..

How did it become indiscriminate? Is it because you lack care about your habits? I think it's the person's responsibility to know and have self-control with what you are doing in your life. You need to be aware of what strategy you are trying to do. It's best that you have a strategy for handling how you are going to use it in gambling. The limits you put yourself is the important thing.

I agree with this submission because it helped me control my gambling habit. Taking a break can help us regain that serenity all gamblers need to stay responsible. I think I can relate this saying to gambling that "out of sight is out of mind", when we take a pause, we can easily forget about gambling and then assess whether we are engaging in healthy and responsible gambling practices. In addition, taking a pause can allow individuals to relax, de-stress, and then focus positively on other productive areas of their lives.

As you have noted also which is quite true, debt whether created by gambling or not cannot be solved by gambling. When there is a debt, work to settle the debt and don`t borrow more to settle debt or rely on gambling. We gamble with money so why throw away more money to solve problems? It is not rational.

It is proper for a gambler to always be aware of himself as this will enable him to seek help when necessary, set realistic limits, and manage their bankroll effectively and so, avoid debt.

You have to set a budget destined to gambling. This budget must represent a portion of your total income which won't prejudice your finances, and won't involve money to be used to pay daily expenses such as food and bills. Once you have defined the budget, you can spend the whole sum of money with gambling, that it won't have further negative consequences for you. So it's up to you to decide how you want to split this budget among different bets.

Some gamblers prefer to place more small bets, while others prefer to place few large bets. I can't say what is better or worse in this case, as it will depend on the personal preferences and strategies of each gambler. My only concern and advice is that you stick to the initial budget, never going beyond your limits. Respect this simple guideline, and you will be fine. However, don't expect to recover your losses on long term. Although you can be lucky to do so, most gamblers don't achieve loss recovery. Therefore, you shouldn't chase losses, because it's a risky deal in gambling universe, which can potentially increase your debt, what is quite the opposite of what you are looking for.

You're doing the right thing, bankroll management is very important there will be times when you are tempted to pour everything because so many unexpected things happen on gambling, the strategy is to moderate your greed and set up a method and do a lot of variation.
I learned a lot about monitoring my bankroll and my method on how I bet, avoiding being too emotional, even if you're gambling for fun it's not good if you're losing your bankroll easily.
It is a sign of being a responsible gambler if you can maintain your bankroll until the next time you can fill it up, bankroll is the measure of how good you are at managing your gambling habit, once you can manage your bankroll and you can log out feeling good then gambling is fun and for entertainment only for you.

In life, it's only a fool that will be doing the same thing over and over again and be expecting different results, why am I saying this? It's very good that you changed your strategy which gives you a different and better result, but don't forget to gamble responsible.
And secondly to you, why would you gambles with all the money you won ? are you trying to give them the money you won back? Because you were luck enough to got a winning, so staking all that you won is really unwise, but it's good thing that you have learned.

That was my first idea when I invested in bitcoin. I wasn't sure if the thing is real and can be a long term investment, so when the first opportunity came by to sell my coins and withdraw initial investment I took it and kept the rest. It made me feel safe because it was no longer possible for me to lose money on this.
I think that your decision to play with profit is good, but keep in mind that you were lucky to have that early win that allowed you to withdraw so this strategy won't work for everybody. Many people start from a loss and the best they can get in their first few bets is even. What can a person that's never in profit do, or a gambler who wins, but manages to get only 10% profit? It's not enough money to treat as a separate bankroll?

I had the same problem before and it all boils down to greed and vision of winning no matter what. In the long run it is not  good thing to have. To change that behavior, I practiced setting a limit with both loss and profit. With loss, I allot a capital for a single day or session under my tolerance perhaps $200 for the whole week. Once it is consumed for only two days, then next week would be my next bet. With profit at least 50% of the capital would make me happy betting for a single week so if I achieve it early, then I'd take a pause. One thing I observed to practice such discipline is that I wasn't looking or tacking my wins and losses which pushes me to just continue playing until I have nothing left with me. Then once I got my salary, I'll do the same thing to recover what I lost on the previous but will end up with bigger loss, then it's a cycle already.

Winning is indeed every gambler's purpose and goal however we shouldn't disregard the reality that luck is not something we have control of. Learn to accept how gambling really works to all of us. There will be time we would be losing and times for harvest. Securing every profit will be a good start. Lastly, keep in mind that winning won't be achieved easily and with consistency.

Sooner or later you will lose a bet in which you used the winnings from a previous bet and you will have to return to the situation where you again have to bet the “original” dollars and risk losing everything. And in some of your attempts you will lose this initial money, which will force you to make a deposit again. From a mathematical point of view, this is inevitable. If you want to extend your betting as long as possible while making minimal deposits, then you should place bets of a certain percentage of the deposit, and recalculate this amount after each bet. This way, your deposit will melt very slowly and you will have time to quench your thirst for gambling.

I think not only you, but most gamblers will definitely experience something like this where when they are in a winning situation they actually put all their money on bets in the next session, of course this confirms that greed is really  related and has a role in someone when they gamble. One of the things that makes them determined to put all the money from their winnings is because they have "hope and belief" in getting a much bigger win, and this makes them subconsciously put aside the possibility of risk which is actually very likely to happen at any time. In the end, most people who apply greed when they are in a  winning situation end up disappointed and regretful because it turns out that something they expected did not happen and this means that all the winnings they have managed to get are lost because of this.

This is why it is always important  to be a responsible gambler, after all we can see many examples of what other people have experienced regarding the problem of greed, there is no other reason and the best thing is that we have to make changes to our gambling approach. one of them is like what you do, namely by only betting the winning amount, meaning you have to first secure your initial capital, and with this, if the result turns out to be a loss then you don't lose your personal money and only lose the money from the winnings, of course this can be a bit of a deterrent.