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4 ideal tips for managing your money in Vegas

5th November 2018 Print

What goes on in Vegas, stays in Vegas. Sadly, more often than not, that includes leaving behind a large chunk of your bank balance. Not many of us have hit the City of Sin for a long, crazy weekend and emerged with either our dignity or financial security in tact.

The importance of learning how to manage your money in such situations then, should not be underestimated. Gambling responsibly, it seems, is far more than a government catchphrase tacked onto the end of betting adverts. With this approach in mind, here are 4 IDEAL tips for managing your money in Vegas.

Manage Your Excitement

Many gamblers have good intentions of managing their budget, with strict limits pledged to fearful partners, and the best will in the world to adhere to them present when you step off the plane. But any gambler – casual or committed – will know that when the bright lights are twinkling, music blaring and the iconic sound of coins is crashing, it’s pretty difficult not to get carried away. A little mindfulness in this situation is key; remember that this sensory overload is specifically designed to evoke a feeling of being out of control and promote bigger spending. So be bigger too, and resist.

Accept That The House Always Wins

Without wishing to get technical, it’s important to grasp the meaning of ‘the house edge’. Sure, you can have wins when you gamble in short bursts, but in general, luck reduces over time and returns to the average house edge the more you gamble. This basically means that, in the long run, you will lose more than what you will have won. As the old saying goes; ‘the house always wins’. Remember then, that a trip to Vegas is certainly not an exercise in making money; that’s what boring ol’ work is for. Instead, treat the gambling as fun and spectacle, and don’t chase a win that will, unfortunately, never come.

Set Betting Limits

It may seem obvious, but setting limits is a precautionary measure so often overlooked. Afraid of putting a downer on the vibe before it’s even begun? Think your willpower negates the need for it? Whatever your reason for not setting betting limits, it’s time to bench them in favour of common sense. Be it Vegas, London, Monte Carlo, Macau or Singapore, games at the casino might be exciting, but they should be treated responsibly and with an acknowledgement of the risk involved.

Stop Chasing Your Losses

Any professional or skillful gambler will tell you; knowing when to quit is the key component in making any money on the tables. And just because you’re only here for fun doesn’t mean you shouldn’t adopt a similar approach. Betting more to make up previous losses incurred will only result in further disappointment. End of.