Bankroll management - Don't go bust all the time

[Jeremycoin]

Yup, I always use this kind of method. That's why I never lose so much money on gambling, cuz I always stick to the strategy

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[yugo23]

Thanks for this thread.

I don't think it's possible to earn on the long trend in gambling anyway, but it's cool to see an interesting thread in the gambling section.
An interesting and helping post. Better than the usual "how can you win".

[shogdite]

Thanks for this thread.

I don't think it's possible to earn on the long trend in gambling anyway, but it's cool to see an interesting thread in the gambling section.
An interesting and helping post. Better than the usual "how can you win".

Yes it is a nice thought through thread and very welcomed. It certainly is possible to earn long term by gambling but if your playing the casino house you are very unlikely to but this helps minimizing losses for your entertainment. If proper bankroll management is used with sports and poker then with knowledge and skill you can do ok.

[katerniko1]

this is very good stuff you poster here A+ for effort in writting it and explaining people about it!
regards.
-Katerniko1

[The Sceptical Chymist]

Gambling is driven so much by emotion, especially when the gambler has a gambling addiction, or problem gambling, or what have you.  And I think that's a large proportion of gamblers.  It's like telling an alcoholic good ways to cut down on your drinking.  If people realized that even a small house edge makes them losers in the end, always, they wouldn't bet a single satoshi.  There are some really smart people here on bct, so I think their gambling almost has to be emotional.

[badjacks99]

When browsing the threads around here I very often see people losing their entire stash of hard earned bitcoin on bets that were possibly not the best ones to make. In the past I used to play poker, and when studying strategies, the first thing that is basically hammered into you is bankroll management . After a little browsing I figured the same goes for sports betting and probably any type of gambling games.

Bankroll management:

The thing about bankroll manegement is that when you adhere to it, the risk of losing your entire stash becomes very small. It helps you choose the size of your bets and can help to keep your emotions in check on a winning or losing streak. In short, you have a playing strategy.

The first thing you have to do is determine the amount of bitcoin your can afford to lose. Let's say you have 1 bitcoin laying around for gambling. You don't want to lose that bitcoin in one sitting and preferably make some extra bitcoin from it right? So be smart about it!

To prevent you from making emotional bets you determine a strategy and stick to it! For most games it is advisable to never bet more than 1-2% of your bankroll. In this case it means to never bet more than 0.01-0.02 bitcoin on any single bet. After winning or losing 20% of your initial stack (1.2 or 0.8 bitcoin), you readjust the bet size to 1-2% of that value. This way, you are in control of your bankroll without needing to adjust the bet size every game you play.

The second important thing is not to vary your bet size in a single session . This can turn any winning session into a losing one VERY quickly. Imagine you would bet 0.1 bitcoin on the first bet and 0.01 bitcoin on the second and third bet. If you win the second and third on, but lose the first one, you are still behind even though you won more games than you lost. If you had bet the same 0.01 on all three bets, you would have been ahead!

Thirdly, make a plan for withdrawing and depositing into your gambling bankroll . Since the bitcoin on this bankroll are not needed and you can miss it (the principle of a gambling bankroll!), you should never HAVE to withdraw for any expenses. Since you don't want to risk bigger and bigger amounts endlessly if you are on a winning streak, it may be smart to withdraw an amount every once in a while. The amount and when to do this is up to you, but remember, the bigger your bankroll, the bigger your bets can be while keeping a strict strategy. As for deposits, only deposit what you can miss and set a maximum to it! If you are on a sig campaign, you could use your earnings for this. If you have leftover money that you don't have any use for now or in the future, you could use this to fund the bankroll. It is also smart to deposit (as long as you can miss it!) when your bankroll gets too small to make decently sized bets. If you lost 90% of your initial bankroll, your bets will be tiny. You may want to fill up in that case.

I hope some stricter bankroll management can help some of you and prevent you from going bust all the time. In the long run you will enjoy the gambling more as you have more control over what you do.

On a final note, remember to stick to your strategy.

That's awesome that you took the time to get this posted. Believe it or not I see sports bettors all the time have 0 idea what bankroll management is all about, and let their emotions get in the way so much that they blow their entire roll on what is supposed to be a lock. I have been using a similar bank roll strategy since I started sports betting and haven't went bust yet. I think if you use proper bankroll management its hard to actually go bust.

[Mars110]

very interesting, you have a very impressive experience and made me want to follow what you have done for mengamanan my funds in the Bankroll and prevent for the loss of the funds I have + the way you that also for control of emotional we sometimes if lost the gamble will surely do bet all remaining funds .

Always a success for all of us

[babs1975]

very interesting, you have a very impressive experience and made me want to follow what you have done for mengamanan my funds in the Bankroll and prevent for the loss of the funds I have + the way you that also for control of emotional we sometimes if lost the gamble will surely do bet all remaining funds .

Always a success for all of us

I am addicted to gambling and anytime I gamble and lose, I always want to recover what I have lost. By so doing, you end up losing what you have set aside.

[NorrisK]

Thanks for all the nice comments all! Glad you appreciate the effort that went into writing this up.

Do note that I have written this from experience in poker, not from a gambling standpoint. For sports betting it will work for sure, but for gambling as some have said, in the long run you will always lose. By incorporating a system like this in your gambling, you are going to be less likely to go bust on bad judgement calls and if you happen to catch an upswing, you may acutally cash out instead of going for the jackpot again.

Gambling is driven so much by emotion, especially when the gambler has a gambling addiction, or problem gambling, or what have you.  And I think that's a large proportion of gamblers.  It's like telling an alcoholic good ways to cut down on your drinking.  If people realized that even a small house edge makes them losers in the end, always, they wouldn't bet a single satoshi.  There are some really smart people here on bct, so I think their gambling almost has to be emotional.

True. However, when I first started playing poker, emotions were also all over the place. A bad beat can get you trippin and lose another stack or 2 because you want to win it back. Once I started reading up and using proper strategy and bankroll management I went from losing money to break even and eventually winning winning. When you see the success with the strategies, it is easier to stick to as well.

[ralle14]

Very nice post this is also what ive been doing when im betting on sports by not going all in but by betting little amount of my bankroll.

[Kepler510]

Very nice post and very interesting. You do have a very mature thinking to do something. seen from you give an advice in order for me and they are not forced to put all BTC in bankroll, because that could make me and they lose all BTC in a very short time. I will follow your advice

[panjul07]

Gambling is driven so much by emotion, especially when the gambler has a gambling addiction, or problem gambling, or what have you. 

Agreed, although we have set our goals before start gambling we will eventually forget it on the process. Self control is the main part of bankroll management imo.

[bearex]

If you gamble you are greedy, so just fck the strategies. Take what you can lose, make a single bet. If you are really lucky you will win, otherwise you will lose and then go home.

[Kepler510]

If you gamble you are greedy, so just fck the strategies. Take what you can lose, make a single bet. If you are really lucky you will win, otherwise you will lose and then go home.

You're absolutely right, but if we can't bankroll management, we might lose the BTC stored in bankroll, because sometimes if we lose the game we certainly want to play again and another until we lose or lose all of the funds is in bankroll. He made this thread intends to help those of us who have these properties, so we can better control our emotions when anger or control the gluttony

[stiffbud]

The only thing I do with my bankroll to avoid loses is everytime I have already double it, I will withdraw my initial bankroll an just continue to play with the profit I already got and then when once agai it got doubled, I will withdraw half o it. This is by far the bet thing I ever do. I have panic betting issue so I always try to withdraw atleast half o every bankroll to atleast get something from the time I gave in gambling.

[Tschai]

I like to suggest JetWin as a Bitcoin casino/sportbook:

You can set max weekly spending/loosing limits: so your bank management is fully automated!

[SyGambler]

Bankroll management is the most important thing in gambling , even if the person is so good he will not succeed without managing his roll
even in normal life there is a bankroll management and without it we will see people keep borrowing money from each others
for me I play 9max STTs , and I don't play games if I don't have 100 BIs at least     

[twister]

This is incredibly important, and I keep trying to get better at this everyday.
My main problems are not the stake value. I use 1-5% and I'm ok with that, the problem are the exit point, either when you are winning or losing.
That's the hard part of the strategy I think. Knowing when to withdraw, and knowing when to stop or deposit again.

You could put a "stop limit" of let's say -25%/+50% or something. Also, when you feel emotions start to play a role in your decisions, stop instantly, also if you are generally not feeling well during the playing.

Very good points listed in the OP, Bankroll management is the key to gamble rightly but it is easier said then done and takes a lot of control. I find that I am able to control myself much more whilst sports gambling as compared playing dice and/or other casino games.

I guess that is due to the speed factor. In sports betting you have to wait for the result which may take hours or even days. There is less adrenaline rushing through you after you make the bet. In games like dice or casino games, you get an instant rush after betting with either a win or a lose.

Try to practice sticking to a strategy and it will get easier over time. I don't expect it to be easy for anyone, but it would be a shame if you wasted days or weeks of strict bankroll management with 1 bad bet in a weak moment.

Yeah, with dice you win/lose a lot in a matter of seconds and this is why it is somewhat hard to control, and I have learned to control myself to some extent, but every now and then after big rows of red, I sometime make this, what I call "fuck you dice!" bet and then its over, I have so far won like 2 times out of 20 of those bets.

[BTCevo]

very interesting, you have a very impressive experience and made me want to follow what you have done for mengamanan my funds in the Bankroll and prevent for the loss of the funds I have + the way you that also for control of emotional we sometimes if lost the gamble will surely do bet all remaining funds .

Always a success for all of us

I am addicted to gambling and anytime I gamble and lose, I always want to recover what I have lost. By so doing, you end up losing what you have set aside.

Everyone sure addicted to gambling because of its easy money but you have to control yourself and fully addicted because that will not have a good thing on you. You need to set some limit too on how much you will lose and win per day. This will help you maintain your balance and minimizing your loss too

[edmundduke]

Every "smart" gambler should know the basics of bankroll management unless they really dont care if they win or loose. I have spent a lot of time on gambling sites and it seems that most players have no idea what it means or dont have the patience and discipline to follow the simple steps. The points you mentioned are all valid and its the only "safe" way to play. Still sometimes the "Yolo" approach is better, just let it ride and see where it takes you, all about how one likes to play.