Ray “The Razor” Monohan – Last Updated on January 7, 2023 8:25 am
Tips For Betting Online
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Learning the correct playing strategies is only half the battle. You are doomed to lose if you are not prepared with a sound money management plan. The following guidelines will maximize your profits and minimize your chances of going broke.
Online Gambling Money Management (Tips)
1. Tip #1 for money management online is don’t start online gambling with scared money. Set a maximum amount that you can afford to lose and if you lose that amount, quit playing.
2. Tip #2 for money management online is never increase the bet size on consecutive losses when online betting. On consecutive wins, increase your bets in a manner that suits your style of play. We would recommend a simple 50% progression or a 1, 2, 3, 5 progression. For a 50% progression, after you win a bet, make your next bet the same plus 50% more.
The progression would look like this for a $5 bet: $5, $8, $12, $18, $27, $40, $60, etc. You keep increasing your bet until you lose, then you start again at $5. For the 1,2, 3, 5 win progression, you increase your bet from 1 unit to 3 then to a maximum of 5 units following consecutive wins. For example, the progression for a $5 basic bet is $5, $10, $15, $25 then back to $5.
Money Management – 5-Unit Bets
After you make the maximum 5-unit bet, win or lose, make your next bet 1 unit. This progression therefore, is more conservative than the 50% progression.
3. Tip #3 for money management online is your playing bankroll for the above win progressions should be 100 units. If your minimum bet is $5, you need a $500 playing bankroll for betting online.
4. Tip #4 for money management online don’t ever quit a session in the middle of a winning streak. If you managed to win 10 units, keep playing with the goal of winning another 10 units. As long as you keep winning, keep setting 10 unit winning goals. However, when the tide turns and you begin to lose, quit the session with your profit. Remember, a small profit is better than no profit!
5. Tip #5 for money management online is do not bring your entire bankroll with you; bring enough for 2 or 3 playing sessions 40 or 60 units). Use 20 units per playing session and quit the session if you lose the 20 units or win 10 units. Hence, a $5 player with a $500 dollar playing bankroll would use $100 per playing session and quit if the $100 was lost or $50 won.
6. Tip #6 for money management online is as your playing bankroll increases and your winning, increase your bet size. Also, decrease the bet size if your playing bankroll decreases. Always make your minimum wager equal to 1/100th of your playing bankroll using the win progression.
Money Management – Mistakes
The biggest mistake you can make when online casino betting is to chase your losses, which means increasing your bets when you are losing hoping your next bet will win it all back. Everyone who is online betting in a casino sooner or later will experience losses and how you handle yourself in this situation will determine in the long run whether or not you will be a winner.
If you’ve lost one or two of your playing session bankrolls, the best you can do is limit your losses in online betting. The casino will always be there for your next visit and if you follow the proper playing strategies you will soon be back on the road to winning. These are the best tips for money management.