Bankroll Management Basics
The most important skill in gambling: managing your money.
Bankroll management is the single most important skill for any gambler. It's not about winning more— it's about ensuring you can continue playing without risking money you can't afford to lose. Even professional gamblers who have an edge will go broke without proper bankroll management.
What Is a Bankroll?
Your bankroll is the total amount of money you've set aside specifically for gambling. This should be:
- Completely separate from your regular finances
- Money you can afford to lose entirely
- Not needed for bills, rent, food, or emergencies
Warning
The Golden Rules
Rule 1: Never Bet What You Can't Afford to Lose
This is non-negotiable. Your gambling money should be entertainment money— the same budget category as concerts, restaurants, or vacations.
Rule 2: Set a Session Limit
Before each gambling session, decide:
- How much you're willing to lose (loss limit)
- How much you'll walk away with if you win (win goal)
- How long you'll play (time limit)
Strategy Insight
Rule 3: Use Proper Bet Sizing
Your bet size should be a small percentage of your total bankroll. This protects you from variance (the normal ups and downs of gambling).
With a $1,000 bankroll, your standard bet should be $10-20. This gives you 50-100 bets, enough to ride out bad luck.
Rule 4: Never Chase Losses
When you hit your loss limit, stop. The temptation to "win it back" is the fastest way to disaster. Increasing bets after losses (the Martingale trap) leads to catastrophic losses.
Caution
Bet Sizing by Game Type
Different games require different bet sizing strategies:
Table Games (Blackjack, Baccarat)
1-2% per hand. With lower variance, you can use slightly larger bets.
Slots
0.5-1% per spin. High volatility means you need more spins to even out variance.
Sports Betting
1-3% per wager. Serious bettors often use a flat 1% regardless of confidence level.
Poker
20-30 buy-ins minimum. For a $1/$2 game ($200 max buy-in), you need at least $4,000.
Tracking Your Results
Keep a gambling journal or use a tracking app to record:
- Date and time of each session
- Starting and ending bankroll
- Games played
- Win/loss amount
- Notes on your emotional state
Strategy Insight
When to Walk Away
Stop gambling when:
- You hit your loss limit
- You hit your win goal
- You've been playing for more than 2 hours without a break
- You're feeling frustrated, tired, or emotional
- You're considering betting more than planned to "catch up"
Good to Know
Key Takeaways
- 1Your bankroll is separate money you can afford to lose completely
- 2Set session limits for losses, wins, and time before you start
- 3Bet 1-2% of your bankroll per wager to survive variance
- 4Never chase losses—when you hit your limit, stop
- 5Track your results to identify patterns and improve decisions