Everyone in gambling talks about it but it remains an obscure muddled
subject. The topic is further muddled by those who confuse money management with
sure-fire betting systems almost all of which lead to a precarious crossroad
where more and more money is risked in the misguided hope of recovering that
which is already lost.
In the long history of gambling, from the earliest recorded history to the
modern era, there has yet to surface a single betting system that is a proven
winner. Like the medieval quest to turn lead into gold and water to wine, all
attempts have failed. These systems have exotic names like Martingale, Grand
Martingale, Fibonacci, D'Alembert but don't be fooled.
The most logical money management system is simple but effective: bet less
when losing and more when you are winning.
Casinos understand that if you are
losing, the chances increase you might "chase" your losses with even larger bets
to get even. The worst time to start throwing larger bets out is when you are
losing. You are probably not thinking clearly and would do better to change
tables, lower your bet, or stop altogether.
If you find that you are winning
steadily, try betting a little more. Even better advice is to leave when you
have won.
If your initial buy-in was for $100 and you have doubled your money,
you could do a lot worse than leave. You might think you are giving up potential
losses but the odds are with the casino that the longer you stay and play, the
better chance you have of losing it.
In the gambling world, there is nothing
worse than winning some money, then losing it and more.
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