Gamblers take risks. It’s part of the game. However, there is a fine line between living on the edge and jumping off it. You still need to keep your head on your shoulders, and yourself out of bankruptcy.How do you do this? Make smart bets. Enter each game with a money management plan, which will maximize your chance of making a hefty profit, while minimizing any risks of leaving completely broke.
The simplest rule is that you should determine how much you can afford to lose, and then quit playing when you reach it. Don’t “play scared”, that desperate spiral of trying to win some money back because you’ve somehow found yourself gambling away your rent money or even the title of your house.
Increase your bet size only if you have consecutive wins, and increase it well within the maximum of 50%. Let’s say you bet $10, and won. The next bet should be $7, and the next after $10. Don’t be a fool and bet everything because “Lady Luck” is on your side. After a winning streak, leave the table after your first loss. Resist the compulsion to gamble once again “to get back on track”; take it as a sign that you’ve had enough for the day.
Also look at your total bankroll, and place the starting bet at about 1% of that. A $10 bet needs a $1000 bankroll. Plus, only play about 20% of your bankroll at any given game: about $100 worth for the example we just used.