Learn about Responsible Gambling
Gambling is a seductive activity. If you are not careful, it can drive you to ruin. Learn about responsible gambling before it is too late. Read on.
Responsible Gambling - Bankroll Management
Learn first of all, to manage your money. In gambling terms, your gambling budget is your bankroll. Before you do anything else, assess your personal situation honestly. Ask yourself:
- Can I really afford gambling? - Do I have financial responsibilities that would be put at risk by gambling? - How often do I want to go gambling? - How much can I afford to gamble on each visit to the casino? - Would gambling affect my relationships/work/health? - What games do I want to play? How much money is required for it?
Once you are sure you can afford gambling and you have a budget for the games you want to play, start building your bankroll. Set aside a fixed amount of your earnings to gambling each month. That's your monthly contribution to your bankroll. Whenever you win, you add that to your bankroll. Or else you will spend it to buy something nice for your loved ones (it helps them object less-take our word for it). But on NO account use money allotted to other expenses for your gambling!
Responsible Gambling - Know the Odds
You don't have to be a math genius, but every responsible gambler must do some number crunching at the very least. Before you play, study the odds of the game you are interested in. Learn what payback percentage, house edge, expected return and standard deviation mean. This will show you how much money you risk in each game or type of bet.
For example, let's say you want to play craps. What craps bets have the best odds? Pass line, don't pass line and free odds. You should avoid proposition bets and look for free odds multiples of at least 10x the first bet. In craps, you should also look for good shooters and bet on them. This is one example.
Responsible Gambling - Playing the Best Games
Most responsible won't play a lot of keno unless they have a great deal of money. Responsible gambling requires you to play games with a low house edge and which can be won with good strategy. Video poker and blackjack are popular choices. So are baccarat, table poker and craps.
Slots and keno are generally not smart choices. The house edge in these games is very high, meaning a lot of money is lost to them. But they are fine to play if you want the big jackpots and have the money to chase them.
Responsible Gambling - Proper Attitude
Proper attitude entails having the right expectations. A responsible gambler knows that the casinos will win most of the time, if not all the time. He or she expects to lose. When on a roll, the responsible gambler knows it is better to quit while ahead. When on a losing streak, the responsible gambler does not chase losses. When he or she has lost a significant amount of their session bankroll, they will leave the tables and machines, win or lose.
Responsible gambling also means you shouldn't play for comps. Comps should NOT be treated as prizes to be won. Rather, they are consolation prizes for losing the casino. The right way to look at them is as rebates in cash or in kind. The casino is just giving back a little of what you lose to it. Don't chase comps just because you want to feel like a VIP.
