Gambling is a form of entertainment that can be easily become a form of addiction that can lead to dire consequences if not handled properly. If you have problems refer to either Gamblers Anonymous or the National Council on Problem Gaming.

My own personal attitude to gambling as a form of entertainment is to instill some discipline into the process. My background which includes stock trading required me to adopt some form of money and risk management system. In this section I have included some basic tips along with links to experts that can help you improve your chances of becoming a winner!

Step 1 - Before you Play - Basic Due Diligence

Do your homework before you gamble, not after. Read the rules, check the terms on bonuses and cashing out, in particular.

a. Learn the rules of the game(s) you plan to play. It is best to learn how to play one game well rather than to try playing all the games poorly.

b. Picking the right casino or sportsbook by doing your research. Evaluate the software, company credibility, terms and conditions, payouts and bonus terms as described in this site. Establish the maximum amount you can afford to lose and deposit less than this in the casino of your choice.

c. Remember that each casino has different bonus cashout policies. Some policies exempt even popular games such as blackjack which makes it impossible for some players to ever cash out.

d. Plan in advance by preparing to play the right games and avoiding making too many "sucker bets". This will result in minimizing the probability of big losses. Choose the game or games you will primarily play and the types of bets you will make in advance will help you prepare and make contingency plans.

A good site for the discussion of probabilities is The Wizard of Odds
 

Set Disciplined Money Management Rules (see below) - Particularly pre-decide the maximum you will lose or "budget" (aka. the worst case scenario) and the average bet size you will make during the session.

Once you are prepared you can begin to play. Remember to play based on adhering to a strict set of preset rules. Most big casino losses are caused by players trying to be too greedy by placing bets out of proportion with their preset budgets.

Step 2 - Administer Basic Money Management Policies

Money management also known as risk management is more important than the game itself. Stock fund managers undergo extensive education in mathematics and probability analysis before trading stocks. Unfortunately most gamblers do not which often leads to their downfall.

a. Set a Session Budget - Decide on the amount you can afford to lose based on a dollar volume or a time limit. Conservative budgets are better particularly if it is your first time on a particular casino. Some players even set an amount they will quit at if they win.
 

b. Set a Pre-Session Bet Range - The range of bets is the minimum and maximum bet you will make. If your bank gets larger as you win, you may want to readjust this periodically. As a general rule the maximum bet is 5% of what you start with.
 

c. Adjust Bet Size Accordingly - Most pros will increase the bet size according to some pre-establish rules that they have made. The key is to stick to these rules and instill enough discipline so you do not deviate from these rules.

For example, after I have done my initial (step 1) due diligence, I will then set a session budget. If it is my first time playing a casino I often start with a $100 deposit (including bonus and initial cash portion).

In this case my pre-session bet range will range from $1 to $5 (5% of $100). I start out with $1 bets and vary the bets from $1 to $5.

To illustrate, in the case of blackjack, I would increase my bet by $1 (eg. from $1 to $2) if I win a majority of 5 dealt hands. In my mind I mentally keep track of the game in sections of 5 dealt hands. If I lose the majority of bets in any session, I would decrease the bet by $1 and if I win I would increase the bet by $1.

In my mind I would keep track of the dollar amounts where I would change the bet range when required. For example if I have increased my bank from $100 to $200 I would increase the bet range from $2 to $10 ( in multiples of $2).

I would then set an exit to the game if my bankrolled has doubled (eg. from $100 to $200) or if a certain time has elapsed. After all this is entertainment.

The above is a simple example of what can be implemented to manage risk. To some this may not sound particularly exciting but believe me the key is to manage risk. There are no shortcuts and surefire money winning systems!

Further money management topics can be found at the resources section at the bottom of this page.

Step 3 - Execute Discipline

The biggest difference between a gambling addict who loses his shirt and a successful recreational gambler who is able to keep his occasional winnings is the ability to execute discipline. A gambler must know when to quit and when to raise his bets. Implementing and adhering to the "setting a stop-loss" concept is critical when knowing when to quit. When I gamble at the casino, whether or not I am winning, I always have a number in my mind which when reached would trigger me to quit and leave the casino. In the case I am winning I would adjust this number upwards so as to ensure that I am able to retain some of my winnings.

What to avoid:

• Don't be afraid to bet. If you are not up to it, don't gamble.
• Don't gamble if you feel tired.
• Don't increase your bets trying to recover losses. This is a surefire way to lose!
• Don't be greedy. Some players double up after every win and end up losing it all in a matter of a few hands.
• Don't gamble more than your set limit.
• When you win a lot, don't think it's easy. After all how do you think these casinos make money?
• Don't bet more than you can afford especially on a new game or a game that you don't know all the rules of.
• Don't lose your winnings - set a "stop loss". If you win set an amount that you will quit under any circumstances if it drops below that amount. Adjust this number constantly if you are winning.

Top Related Resources

• Internet Gaming Commission - The House Advantage : Describes the statistical advantage the house has over the player
• The Wizard of Odds - Detailed game probabilities conducted by a university professor.