While many of the gambling facts you may have picked up in Las Vegas can be useful in online gambling it’s important that you realize there are some critical differences. But with a knowledge of the facts surrounding your chosen game, and armed with some gambling tips from experienced online players, you will find online gambling not only a fascinating and exciting adventure bit also an opportunity to turn your gambling hobby into a profitable venture.
Critical Rules for Every Game
1. Never chase after your losses. Don’t increase your bets because you’re losing and want to get even; only increase your bets as part of a pre-determined strategy.
2. Don’t gamble at any game that you don’t understand. Learn it first.
3. Don’t gamble and drink at the same. It’s hard enough to win at gambling even without dulled senses.
Money Management – General Guidelines
4. You will lose more often than you win and the longer you play the more likely that fact is. And it’s true whether you’re talking about hands of blackjack, rolls of the roulette wheel or throws of the dice.
5. The key to winning is to maximize your wins and to minimize you losses.
6. Learn and memorize the odds at the particular game you have chosen to play as well as the best strategies to use in an effort to maximize your winnings at that particular game.
7. Never gamble with “dear” money; only gamble with “excess” money. In other words, never gamble with money that you will need, or may need, to pay your everyday living expenses.
8. If you’re playing against other players online this is doubly important. The minute you start gambling with “dear” money the other player will sense your heightened stress and play accordingly – often bullying you out of a bet because they know you are more tentative with your “dear” money.
9. Set a stop loss amount and stick to it. Divide your total gambling bankroll into four separate amounts. Divide each of those amounts into four smaller amounts. If you lose one of the smaller amounts, change tables or games or just take a break. If you lose your entire first allotment, stop gambling for the day.
10. Be disciplined and avoid the gambler’s demise of going into your next allotment because you feel like your luck “just has to turn around.”
11. Plan ahead. When you start a gambling session determine the amount that you want to win (be realistic) and when you reach that point put the money away and walk.
12. When you are winning, draw some money occasionally from your gambling bankroll and put it into a “do not touch” bankroll to protect that portion from further risk.
13. No money management system will ever overcome the house advantage over the long term. You will always lose more often than you win. The key is that you must win more big bets and lose more small bets.
Money Management – Positive Progression Systems
14. A Positive Progression System is one in which you increase the amount of your bets when you win and decrease the amounts of your bets when you lose. To use this system properly you must establish a “standard” betting unit.
15. Your “standard” betting unit should be a comfortable percentage of the gambling bankroll that you will be working with for a particular gambling session. For example, if your session’s bankroll is $100, you might make your “standard” betting unit $10.00. This way you would be able to play at least 10 betting events before running out of funds even if you lost all 10 events in a row.
16. These systems allow you to win relatively large amounts during a hot streak while helping to minimize your losses during cold streaks.
17. A common example of this strategy is to add one-half of the amounts you win to your next bet. For example, at blackjack if you win a hand with your “standard” betting unit of $10.