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Money Management in Roulette
Managing your money properly in roulette means betting in a way that maximizes your winnings and minimizes your losses. Good money management is almost as important as good playing strategy for making your time at the roulette table as profitable as possible.
Win Goals and Loss Limits
Though nothing can change the house edge in roulette, if you set concrete win goals and loss limits before you play, you’re more likely to leave the table happy.
- Win goals: A win goal is an amount of winnings with which you’d be happy to leave the table. If you achieve this win goal, quit playing. For a win goal to be effective, resist the greedy (though natural) tendency to try to win even more money.
- Loss limits: Never bring more to the table than you’re willing to lose—the amount you bring to the table should be your loss limit, or, in other words, the maximum amount that you’re willing to lose. For this loss limit to be effective, you have to resist the temptation to go to the ATM to replenish your funds.
Having the discipline to quit, either when you’ve lost your limit or won your goal, is essential to gambling of any kind. It avoids catastrophic losses and gives you a reasonable chance to go home a winner.
The Gambler’s Fallacy
Many gamblers believe that they are “due for a win” after a streak of losses. When such players lose a few bets in a row, they often increase their bet dramatically, expecting a win. This expectation is called the gambler’s fallacy.
Unfortunately, losing a few bets or even many bets in a row does not affect the odds of winning the next bet. So even if you’ve lost a few bets running, you shouldn’t bet more than what you had planned. Chasing your losses with big bets is a sure way to end up in the poor house. You’ll find that once you start winning consistently by using good roulette strategy, deviating from proper money management will be far less tempting.
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