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But part of smart money management is to never bet money you can't afford to lose. You want your gambling money to come from an entertainment budget, not from money needed to pay the rent, mortgage, grocery bills or any of the other necessities of life.
That could mean keeping money to play with and money for going out to lunch in separate compartments in your wallet, or it could mean gambling money in your left pocket and other money in your right.
Regardless of how you decide to separate your funds, don't let them mix. You've already set your playing bankroll, and your lunch money is not part of it.
When it's time to go to lunch, you want your lunch money to be there. Most offline casinos have machines where you can use your credit cart to initiate a cash advance.
You then go to the cashier's cage to sign paperwork and collect your money. There is a transaction fee that depends on the amount you want to borrow.
That doesn't include the monthly interest your credit card company charges on cash advances. Those can exceed 20 percent, and can recur month after month unless you pay your bill in full.
Paying the fees and interest, then playing games on which the house has an edge, makes it all too likely that not only will you lose money, but you'll wind up farther behind than you intended when you set your bankroll.
In their strictest form, the limits have you set both a floor and a ceiling. At the same time, you set a win goal. Any time you reach either your win goal or loss limit, you call it a day.
If the bankroll reaches zero, of course, you've hit your loss limit and are done for the day. That's easy enough to do with four of a kind on many cent video poker machines, a big bonus round or a mid-level progressive jackpot on a low-limit video slot or a combination such as three triple bars or three 7s on a three-reel slot.
You're probably not going to want to leave after making one bet. You've logged onto the online casino or walked into an offline casino to have a good time, and you want to make it last.
One way stay in action while still using solid money management is to let the win goals and loss limits float, with adjustments in both your floor and ceiling every time you reach a win goal.
With floating goals and limits, it's best to narrow your win goal to 20 percent of your loss limit instead of putting that 50 percent gain in your sights right away.
By doing that, you assure yourself of walking away with at least part of your budget amount without hindering your flexibility to keep playing.
You do the same thing every time you reach a new win goal. The idea is that any time you have a nice winning streak, you make sure you walk away with a little more of your money and don't give it all back to the casino.
The precise amounts of your starting bankroll and the percentage you set as win goals are up to you. Of course, it all depends on where you choose to play.
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