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Good Money Management is Both Important and Not Exactly Obvious
We at Everygame Casino have long urged our gamers to be vigilant regarding money management. We also have long felt that sound money management is easier to do at a casino online than at a land based casino. Gamers are encouraged to take advantage of the many online casino promotions we offer at Everygame Casino.
In this article, we will expand on the principles of sound money management and why it is easier to control your money better at Everygame Casino than at a land based casino.
Everyone Tries to Practice Sound Money Management
Here we are referring to everyday people in their everyday lives. Average people try to follow the principles of sound money management in everything they buy. For example, we are often told to go to the supermarket with a shopping list and to buy only from that list. This is a perfect example of sound money management.
When you want to eat in a restaurant, buy theater or concert tickets, fly on an airplane, take a cruise, buy a book, buy clothes and hundreds of other activities that require us to spend money, we ask ourselves if we really need the item we want to buy and if we can afford it.
What about the Very Rich?
It is true that the very rich often will spend money that average people wouldn’t spend simply because they have so much money. However, even the very rich sometimes will decide not to spend money they can afford because they don’t need to.
Here are two examples about rich American politicians.
Members of the United States Congress used to be able to park anywhere in their parking lot. Then the budget office decided to charge more for parking close to the Capitol building and to the office buildings. Most members of Congress chose to park further away rather than pay the extra fee for parking close to the buildings. They did so despite the fact that most of them are millionaires and could afford the extra parking fees.
John Kerry was the Secretary of State under President Obama. He married a very wealthy woman. They own a yacht and some years ago they moved the yacht from its mooring in Massachusetts to a mooring in nearby Rhode Island even though the distance they would have to travel was farther and they could have afforded the extra mooring fees being imposed by the state of Massachusetts.
Suffice it to say that sound money management is important in almost every activity and to almost all people, not only in online casino gaming.
Isn’t Sound Money Management Obvious?
The simple answer is “no”! Here are a few reasons why sound money management is not obvious.
Time management is as Important as Money Management
Time management and money management are twins of a sort! The cliché from the business world is “time is money”. In gaming terms, time is also money. When you play casino games at a land based casino, you have very little else to do besides gamble. You can eat, go to a bar or pub, sleep, or watch a very expensive show. Land based casino gamers spend more time on the casino floor than they should if they were basing their time on the floor in terms of sound money management.
In this regard, online gaming makes sound money management a lot easier. You manage your money by the size of your bets and by the amount of time you spend gaming. Since you’re at home, you have many other responsibilities and activities that make demands on your time.
As we said, money management involves the size of your bets. Let’s say that you want to play video poker. if you do your due diligence, you will quickly learn that to be eligible to win the extra payout for a Royal Flush, you have to bet the maximum.
Let’s say that you also want to pay multi-hand video poker. Now you have four choices and decisions to make based on the principle of sound money management.
- You can play multi-hand video poker and bet the maximum on each hand.
- You can play multi-hand video poker but bet less than the maximum.
- You can play single-hand video poker and bet the maximum.
- You can play single-hand video poker and bet less than the maximum.
Since you have already done some due diligence, you also learn that the best strategy in video poker changes is different depending on whether you bet the maximum or something less than the maximum.
In other words, sound money management in video poker—and this principle can be extended to virtually every casino game—depends on how long you want to play for and how much you can afford to bet on every individual hand or spin.
If you decide to budget $50 for ten spins in slots, you can afford to bet $5 per spin. If on the other hand, you want to budget $50 for an hour of gaming you might very well bet the minimum and you might also choose to play slots with relatively few paylines so that you can afford to bet on each payline.
Learning the Rules is a Big Part of Sound Money Management
If you know the rules well, you will likely make better decisions on any given hand or spin than if you don’t take the time to learn the rules. In this category, we can also put learning the best strategy for winning in the game you wish to play.
A good example is avoiding playing with any betting system. These systems don’t work and if you have a short streak of bad luck, you might be compelled to bet a large sum of money in the hope of winning one single dollar!
Promotions
Online casinos such as Everygame Casino Red can run more promotions than a land based casino can. The main reason is that online casinos can offer a contest or promotion to cover a month or longer. Very few gamers at land based casinos stay even one week so you can add week-long promotions to the list of promotions land based casinos cannot offer!
Tournaments
Everygame Casino offers many slots tournaments for gamers who download the casino. Some tournaments last a week or more, once again being out of the reach of land based casinos.
Both promotions and tournaments are excellent ways to manage your gaming money. The most popular promotions often involve bonuses. The more bonus money you can get from the casino to play with, the less you will need to use your own money for gaming! Clearly sound money management involves taking bonuses when you can!
Slots tournaments ate the perfect vehicle for having fun playing slots at very low cost. Many slots tournaments are free roll tournaments which means that it costs nothing to enter. The prize money is very small as well which makes these tournaments perfect for having fun at very little cost!
Even the slots tournaments that do have a buy-in fee cost very little to enter! So, as rule, slots tournaments are a great way to “extend” you gaming bankroll and to turn your extended bankroll into extended gaming time!
Make Sound Money Management a Life-long Habit
There is absolutely nothing wrong with asking if you need something or if you can afford to buy it. Such questions are exactly what good money management is all about. Asking those questions with regard to casino gaming will keep you in total control of your gaming and will ultimately make online gaming at Everygame Casino a magnificently fun activity!
