7 Ways To Stop Losing In Gambling
When you are playing online gambling games there is no sure way to win but there are definitely sure shot ways to lose your money. As a responsible gambler, your goal should be to manage your money effectively as it is the first step toward becoming a winner.
When you are gambling with Bitcoins, you should be able to recognize risks that are too big for you to take and it all depends on the amount of money that you have. As you start losing your money, the anxiety will cloud your judgment and reduce your odds of winning.
The following tips will help you manage your time and money better the next time you are playing casino games on litecoin gambling sites online:
1. HAVE A SINGLE BANKROLL
Keeping your bankroll simple is the first step towards responsible gaming. It is far easier to manage fewer bankrolls and, after all, the money that you set aside as your gambling budget comes from the same place. The single, hard limit that you set should not be breached. This balance should be the source of all your table, slots, and card games wagers. This hard limit should be set after deciding on the maximum bankroll that you can afford and this should leave you enough money to pay your bills.
2. AVOID PLAYING GAMBLING GAMES WHERE YOU DON’T HAVE AN EDGE
When you play a game at an online or land-based casino, the house holds a mathematical edge over you. This statistical edge helps keep the casino in business. The house edge is usually expressed as a percentage of each bet that a player is expected to lose on average over time. For instance, in Roulette, the average loss per spin is $5.26 which is 5.26% of each bet, and that is your house edge.
If you want to be good enough at poker to win in the long run, you must be able to win enough to overcome the extra amount. This is because when you are playing poker with other people, you face a mathematical disadvantage as the casino takes 5% of each pot as the rake.
3. CHOOSE THE ONLINE GAMBLING CASINO CAREFULLY
Different casinos may offer different rules for litecoin Gambling games like Blackjack or they may have different numbers of deck of cards. You may be able to win more money in some casinos than others even when you are playing the same games. If an online casino only offers the American Roulette while the other offers the European version, choose the latter because you have a higher chance of winning in the European Roulette as it has only one ‘0’. Visiting trusted reviews sites can also tell a lot about which casinos have better slots.
4. SET STOP LOSS LIMITS FOR YOURSELF
This is commonly used in the stock market and it refers to the practice of selling your position in a stock when the price drops too low, and it helps the investor from incurring big losses on their investments. When you are gambling online, it’s easy to fall for the Gambler’s Fallacy or the Sunk Cost Fallacy. Gambler’s Fallacy makes you believe that you are due for a win in just a little time. The Sunk Cost Fallacy assumes that you need to recover your costs before you pull out of a project and it makes players forget the possibility that they may never win again.
That’s why it’s important to set limits beforehand on the kind of losses you are willing to take. Finding a different game to play might be a good idea to adjust your loss rate.
5. SET WIN LIMITS
Sooner or later, there may come a point when you are gambling in casino gambling games that you will have more money than you put into it. However, if you go with the idea of wagering all that money because you didn’t have that money to begin with, you are more likely to lose it. It is always advisable to pull money out of the game after a big win and continue to play with a modest amount of money. This way, you are less likely to walk away with nothing.
6. PLAY LOW-COST GAMBLING GAMES
Choosing a game with a low house edge is not always enough and if you need to stretch your bankroll, you must start making lower wages. If you can only bet $1 on a game, you can only lose $1 per wager and online slots can be a great way to practice this technique.
7. SPEND MONEY BY TIME, NOT BY GAME
Even if you divide your bankroll into smaller bankrolls for table games, card games and slots, you should divide your overall budget per gaming session. If you are going to have four sessions, your budget for each session should be 1/4th of your hard limit. If you are losing money too quickly, you can drop a session from your schedule, otherwise you will have shorter gambling sessions.
It is always better to look at gambling as a form of entertainment and not as a way of making money. Developing good habits and having the self-discipline to plan ahead and sticking to that plan are hallmarks of responsible gambling.