Warning! Money management may after all not be the key for you

image of money management

Many players, though I hope these are the newbies and can be forgiven their ignorance, tend not to differentiate between Money Management and Bankroll Management. It is therefore not surprising to hear "sage" advice from them such as, "Money management is the key to those winnings in casino gambling." or "Spend more time on good money management than on a good strategy." I can maybe forgive them if they in fact mean bankroll management and just loosely interchanged the phrases.

However, in the interest of setting the record straight and hopefully providing insights and learning to the open-minded, let me emphasize that these are actually two different things, and must be therefore used properly.

The first phrase refers to an approach which uses staking or betting in the efforts of making money. Advocates of this approach hope to win not by studying patterns or odds or the like but simply by changing the amounts of their bets each time. For example, if they were playing roulette, they may pick a favorite number, say three, and stick to it, changing only the amounts that they may wager, in the hopes of averaging positively in the long run. That, for me, seems to be a sure path to disaster. This is not to say, though, that this approach is not popular as there are in fact quite a number of fans. However, I would not recommend this if my opinion were asked.

What I would recommend, though, is bankroll management. This involves finding a playing strategy that works, and then making use of this to build up your funds or bankroll. Note that this means that you will have to do a fair amount of research and study to find a winning approach to a game. And this logic approach, that turns off most money management disciples, is actually what makes this approach more likely to work. After all, casino games actually offer worse odds for the house, such as the 2.7% roulette advantage, compared to other activities like sports betting, where the advantage of the book may run to 5-10%, so there must be some way to exploit the science.