Experienced gamblers know that money management is vital if you want to enjoy yourself and play for long periods of time. You should manage your money well while playing any casino game, but blackjack money management is very important, often more so than poker and other games.
This is for a few reasons, but mainly because you can’t bluff in blackjack.
It’s purely odd-based, and as you probably know by now, the house always has the edge. That means that technically, over time, you can’t win. Of course that’s all in theory and based on millions of bets, but still, without blackjack money management, you can easily lose lots of money, especially since blackjack is such an enjoyable, fast-paced game.
Set up a plan
Your blackjack money management strategy should depend on your risk tolerance.
If you’re not much of a gambler, you should set a specific number or percentage of your bankroll that you should stop at if reached. For instance, if you don’t like risking much money, then set a $100 loss limit.
If you end up being down by $100 or more at any time, STOP. So many people have lost thousands of dollars by believing that that next bet will be the winner.
However messed up it might be, it always seems that you can never win when you actually need to. This is why setting a loss limit is very important to a good blackjack money management strategy.
Set up your objectives
The first thing you should do before you even enter a casino (online or off) is decide how much money you want to gamble with.
This is known as your bankroll. Gambling is NEVER an investment, so any money you use to gamble should be extra pocket money, and not anything that you need to pay bills. The second thing you need to think about is when to quit when you’re on a winning streak.
People often win 5+ rounds in a row, and get overly excited then lose all they won, or even more. Don’t let this happen. If you’re on a winning streak and you lose once, you don’t necessarily need to stop immediately.
However, know when to stop. If you lose 2 or 3 times in a row, that’s a good sign that your luck is turning and you should stop, or at least lower your bets.
And, however hard this might seem, it’s always a good idea to lower the amount you bet each time you bet when you’re on a winning streak. For instance if you win a $50 bet, then bet 40 next time, 35 next, then 30, etc. That way, if you do lose, you won’t negate everything you just won.
The most important part of blackjack money management, or any gambling money management system for that matter, is to know your limit.
I know it’s easy to get caught up in the moment and bet more than you mean to, but remember, gambling is intended to be entertainment, not an investment or a way to make money. Treat it as such, and don’t lose your rent money just because you’re caught up in the moment.