First-time gamblers may not have the understanding and experience of budgeting to confidently handle and manage their bankroll. However, with this guide, we will provide financial tips, money management tricks, and more to turn even the freshest player into a confident and fiscally-responsible gambler.
Across the US gaming is regulated by individual states which determine what age players have to be to participate in certain games. Some states allow wagering as young as 18, 19, or as old as 21. In some cases, teens younger than eighteen can participate in limited forms of gaming, usually charitable with various rules and restrictions.
Some teenagers receive their funds from their parents as part of an allowance, a part-time or full-time job, monetary gifts from family, or other sources. While most young adults spend their weekly income on clothes, food, tech, games, music, movies, and fun events based on a teen and spending study done in 2017 a well-prepared gambler must allocate a budget to gamble with, which cannot overlap with any funds used for fixed expenses.
Arrange A Budget
It is important to understand your spending habits as these are hard to break so track your expenses over the course of a few weeks or months to gain a better idea of your in-flow and outflow of cash.
- Get Your Fixed Expenses Organized – To begin building a budget to gamble with you first need to calculate all of your expenses you cannot avoid such as yearly taxes if you work, a cell phone bill if you pay for your own plan, car insurance if you pay for your own, credit card if you have one, and gas money to drive your car. The money to pay for the items applicable above should be put the side and not touched thus reducing this amount from your available gaming bankroll.
- Gambling Shouldn’t Take Money from Other Fun Things You Like to Do – You should never put all of your available funds outside of fixed expenses into your bankroll. You should allocate available money to things you like, that aren’t necessary but optional, like savings, entertainment, eating out, shopping, and other things you like to do. Gambling should be something fun which makes it part of your “fun budget” but never dedicate your entire “fun fund” to it – that may be a sign of a problem.
- Plan How Much Money You’re Willing to Gamble With – From your fun budget, allocate an appropriate amount of money you feel comfortable willing to lose. That’s right, lose. After all, gambling is just that – a gamble which means you can either win or lose. If you entertain the mindset that you’ll always win you’re likely to overspend or spend all of your money without realizing it and thus setting yourself up for failure. A gaming bankroll should be considered carefully, like an investment while you hope to walk into a gaming venue and leave with your incoming bankroll and then some you need to be realistic especially if it’s your first-time wagering.
Selecting Your Game
When you’re a first-time gambler it helps to brush up on a game’s rules, playing style, and best methods, as well as, practicing it before gambling real hard-earned money. There are multiple videos available which explain how to play Poker, 21, Card Games, Roulette, Craps, Baccarat, Bingo, Slots, and bet on horses and sports.
A good tip is to pick a game you’re extremely comfortable with and not to hop around to unknown games – it is better to be a specialist rather than a (half) jack of all trades. Another is to look for table games with the lowest rake. Lastly, is to review which games provide eighteen year olds and over with the highest edge which you can find more information about online – playing a game with a high player’s edge can save your bankroll when it runs low.
How To Manage Your Bankroll When Playing
A tip from the experts: Always play within your bankroll. Discipline is the key concept of managing your own bankroll, it is easy to get overwhelmed by sudden wins and losses and impulsively spend more than you intended to on one table, at one machine, or in one night. Discipline is often tested during times of extreme emotional distress which can occur when gambling which is a signal to slow down.
Players with smaller bankrolls may experience significant mood changes during each move or play due to the direct impact on their already small bankroll. 18+ players with large bankrolls may experience less emotional distress and mood swings at first because they feel they have enough in their bankroll to keep them going but this is just a delayed effect as bankrolls can run low quickly.
No matter the size of your bankroll, controlling your emotions is key to prevent overspending and providing a tale to your opponents if you are playing a multi-player game like a table game. Some other players may try to price you out of the table by raising their hand significantly in order to tempt you to spend most of your bankroll or sit out. This situation occurs during games of poker and table games – sometimes it’s better to watch and sit out or walk away entirely rather than be pressured by others.
However, even the most modest bankroll can stretch if managed properly. Some electronic gaming machines like slots are penny slots which allow players to spend a small portion of their bankroll while stretching out their entertainment and dollar, sometimes you can even earn back your money through these machines.
Players that prefer table games or skill-based games can properly manage their bankroll and emotions with experience. With every game played, 18 and over players become more comfortable and surer of themselves, keeping in mind to reduce tales, go slow, not overspend, and know when to walk away.
Make Sure You Leave A Cushion
Never spend your entire budget, it is ideal to always have money left over in your budget to roll over into the next month or allocate it to your savings account. It is also best to leave a cushion for unexpected expenses such as car repairs, speeding tickets, school supplies, textbooks, veterinarian bills, field trips, last-minute vacations, and road trips.
We hope this guide has prepared inexperienced or casual gamblers how to better manage their gambling bankroll but also to learn how to take these tips to assess and develop lifelong money management skills for all stages of life whether for college, moving out, getting married, or buying a new home.