Gambling can be expensive. But did you know there are ways to keep money in your pocket while gambling? Just follow these 10 tips to prevent big losses.
- Have A Separate Gambling Budget
If you’re trying to stay on track with money, gambling can be a challenge. It’s easy to blow through your savings in just a few rounds, then want to make up for it by betting more.
It’s better to have a separate budget for gambling. Set aside a specific amount, and don’t go beyond your planned budget. You can open an account specifically for your casino visits, or withdraw a certain amount of cash to keep tabs on where you’re at.
Don’t withdraw cash at the casino! These ATMs have the highest fees.
- Fight The Feeling
Winning a round makes you feel energized! Adrenaline and other endorphins can cloud your better judgment and can keep you at the table longer than you should be. Luck can turn around quickly, so it’s always better to stop when you’re ahead.
On the other hand, don’t fall into the trap of believing that you could’ve won more if you raised your bet. At the end of the day, money won is money won, and money lost is money lost.
- Keep Track of Your Expenses
Are you aware of how much you’re spending every day? Keeping track of your expenses is a simple but POWERFUL way to stay within your gambling budget. You can use expense tracker apps, a digital excel sheet, or track it manually through handwritten notes.
Track how much you bet. Review your past bets so you could know where you had most gains and most losses. This way you can see where your profits are from – which machines or games derive the best wins and the greatest losses.
- Only Spend What You Can Afford to Lose
This is one of the best tips you can follow. The more you have at stake, the more likely it is that your losses will exceed your gains. This realisation can help you fight the urge to spend more.
Do not buy into the idea of “Go Big or Go Home”. It is not realistic and would most likely lead to more losses than wins, especially if you spend outside of your gambling budget. You are more likely to win in games with smaller jackpots.
- Apply Time Limits
There’s a reason why there are no clocks in the casino. It creates a perpetual feeling, and it becomes easy to lose track of how long you’ve been betting. It’s a tactic casinos use to keep you playing for as long as possible. Do not fall into this trap. The more time you spend gambling, the greater the opportunity for loss.
Set timers for yourself or always be checking your watch to avoid spending too much time at the tables.
- Limit Your Alcohol Consumption
You already know you’re not making the best calls after drinking. It’s common to get caught up in the feel-good flow of the Las Vegas casinos, but that’s the biggest danger to your wallet. Alcohol inhibits your decision making so it’s harder to be aware of when you need to stop, and you’re more likely to cast risky bets.
Know what your tolerance is and don’t exceed your limits. Having a few drinks is fine, but when you become intoxicated it’s time to stop gambling.
- Don’t Try to Make Up for Big Losses
Perhaps you went a bit far. You bet big, and it didn’t turn out. Now you’re down with little left in your budget. This is the point that many people make some of their biggest mistakes in gambling- they keep betting, trying to make up for their losses.
It can be tempting to keep going thinking that this next one will be a good one and you can get that last bit back by going big. The odds are indeed not in your favour. Keep your bets small, or just stop entirely. No good will come to you if you continue.
- Give Yourself Breathers
With the rushes of winning and disappointment of losing, gambling can be exhausting. Don’t feel pressured to stay at the table for the next round. Disengage and take a break. Giving yourself even a couple of minutes to use the restroom, drink some water, or take a smoke break can clear your head and keep you in the zone.
This tip is especially helpful if you’re on a losing streak. Taking a break to manage your emotions can help you get back on track and make better decisions.
- It’s All Fun and Games- Not a Side Hustle
Keep in mind that you are (likely) on a vacation. Gambling is for entertainment and leisure, and while it’s nice to possibly make some extra cash, you’re not here for your second income. It’s a risk.
You have the potential to make some money, but you really can’t count on it. Don’t go in thinking you’ll be making your next car payment or mortgage payment, go in with no expectation that you’ll win anything at all.
- Keep Track of Your Emotional State
This is by far the most important part of saving yourself money at the casinos. Every tip mentioned above can only be done well if you are in charge of yourself. Willpower, self-discipline, and self-awareness will be essential for you to avoid getting swept away by the whims of Las Vegas.
It’s normal to feel a wide range of emotions when gambling: hope, fear, happiness, anger, shame, anticipation- but unchecked these emotions will lose you money and keep you from making the smart plays.
Controlling and monitoring your mental state and impulses will keep you and your wallet safe in sin city.Gambling in Las Vegas is one of those checks off the bucket list. There is money to be made but we all know the age-old saying “the house always wins.” To keep your finances safe, keep your wits about you, and follow the listed tips above. We wish you the best of times in Vegas!