One funny casino quote is that “The game isn’t over until the rent money’s gone” but you would be surprised to learn just how many people don’t find this quote to be even remotely funny. Why? Personal experience. Some people just can’t seem to stop and no matter how high your income is, if you don’t know when to cash out, you’ll have a problem making ends meet by the end of the month.
Just think of your session as the last movie that you saw. Take the same move and end it in one scene – you have a happy end. Then, prolong it by a couple of minutes or ten minutes and end it after the next scene – you have a tragic end. The game will run its course but it’s your choice how it ends. Even a bad ending is not always as bad, the trick lies in knowing when to collect your wins and when to cut your losses.
With all of this in mind and without further ado, here are the top five tips to help you figure out when to cash out at casinos.
1. Set the Betting budget
The simplest thing you can do is set your budget and avoid exceeding it. The biggest problem with this method is that it sounds a bit ominous to some players. After all, the very phrase “exceeding your budget” implies that you’re losing all your designated funds. Entering the game with a set budget, thus, implies that you’re entering with an intent to lose.
You don’t have to look at things this way. First of all, you can look at this as a contingency plan. So, you’re not pessimistic, you’re just being cautious, even cunning about it. Second, it’s a failsafe that you don’t have to use if everything goes your way. Like with insurance – it’s an investment that you hope never to capitalize on.
2. Are You Having Fun?
Gambling is primarily a source of entertainment (not a money-making scheme). This means that if you’re not having fun, you’re not doing it right. Sure, you can’t always hope to win and you can’t just quit before you’ve lost a hand, however, if you feel like you’ve been quite agitated, it might be time for you to quit.
Remember, gambling is not going to pay off your mortgage or make you enough money so that you don’t have to go to work on Monday. It’s there as a pastime and some harmless fun. If things are not this way to you, then you have a wrong mindset walking into a casino (or logging in, if it’s an online casino that’s in question).
3. Know the Cash-Out Methods in Advance
It might come as a surprise but knowing how to deposit and withdraw may help you know when to cash out, as well. Namely, an online casino cash out may offer you numerous methods to choose from and people looking for an excuse (to keep gambling) may decide to “postpone making a decision”. We know, we know, it does sound ridiculous but you would be surprised to learn just how often it happens.
Now, with some of these methods, how you make a withdrawal will determine the fee. In other scenarios, it will be the method and the amount that you’re withdrawing. So, some people use this as an excuse to keep playing until they “have more to withdraw”. This too is just an excuse but you would be surprised at just how convincing these excuses can get.
4. Set Stop Orders
Automating your decision-making by setting a stop order is probably the smartest thing you can do. You enter the game with a budget but limit yourself to losing a certain percentage of your budget for a single bet. You do the same with a win. Remember that, even if you’re feeling incredibly lucky, your luck can turn at any point in time. Therefore, a stop order for a win can also be a great idea.
Now, when comparing this to the world of online trading, you can set your stop loss at 1-2% of your total net loss and your win at 6-7% of your total net gain (compared to your gambling budget). This way, even if you only have 25% of successful bets, you’ll still come out on top. Just keep in mind that a lot of people can’t stay clear-minded.
5. Time-Limit Your Gambling Session
Another amazing thing you can try is to limit your games to a certain time frame. For instance, you can choose to play from 8 pm to 10 pm. This is not only incredibly practical (you can set the alarm to warn you when the time is up) it’s also the most functional from the societal standpoint. There’s seldom any sensible partner in the world who would be against their partner going to a casino if they can limit the amount of time and money that they’ll dedicate to it.
Keep in mind, nonetheless, that you want it to be realistic (the time frame). You can’t make an intention to spend 15 minutes in a casino (and stick to it) anymore than you can spend 20 hours there (and expect it to go well). Also, seeing as how some people, due to their inability to be moderate, develop an addiction to luck-based games, time-limiting your games will make it easier for you to notice that you’re developing a gambling problem early on.
Knowing when to quit is a talent that can get you out of any problem in life. Knowing when to walk out on an abusive partner can prevent a tragedy and save your sanity. Being able to recognize when your boss is taking advantage of you can set you on a better career path months and years in advance. The list of examples goes on and on and cashing out at casinos is not an exception.
To end with yet another quote “Winners quit all the time. They just quit the right stuff at the right time.” These are the words worth your consideration.