How to Be a Successful Gambler

Refining Your Play Style

Narrow down your specialty. Rather than dividing your attention between poker, craps, roulette, football, and horse racing, pick one or two outlets and devote yourself to learning everything you can about them. If you’re stretched too thin, it will be harder to give each game the attention it deserves. There are hundreds of different games and sports to bet on, each with its own unique set of rules.

Devise a logical system. Once you’ve decided on your forté, you can begin figuring out what you need to do in order to win consistently. Your personal system might involve strategies like betting low, only taking certain odds, or quitting after a predetermined number of wins. For the most part, this will be a matter of understanding the odds and taking them into account when making a wager. Games like blackjack and roulette, for instance, are all about making predictions based on probability. Games like poker, on the other hand, allow players to use deception and cunning to gain the advantage.

Keep a record of your wins and losses. For every bet you place or hand you play, write down the outcome. This will allow you to track your progress over time and determine what’s working and what isn’t. Eventually, you’ll pick up on trends that can serve as valuable clues for how to polish your game. Make your entries detailed—include the game, date, odds, and stakes, along with your thoughts on how the game went and what you could do differently next time. A meticulous gambling journal can also double as a ledger and help you calculate your winnings.

Play as much as possible to improve your skills. Practice your game of choice by setting up mock runs. Try to predict the outcome of a race or sporting event without putting any actual money on it, or sit in on a few low-stakes hands of cards with friends. Taking the monetary aspect out of the equation will allow you to gain valuable experience in a risk-free environment. Online games can be a good way to stay sharp when you're unable to make it to the casino. Just make sure there's not a real buy-in required to play. For a more realistic simulation, try betting with hypothetical money. That way, you can keep score to see how much you would have won or loss in a real game.

Money Management Tips

Start with a sizable bankroll. Before you buy your way into a game, you should have enough money to play without second guessing every move you make. When your funds are small, every loss will hurt, and you’ll begin to make decisions out of fear. Having a bit of a cushion will allow you to keep your mind on the game and not on your shrinking stack of chips. For the sake of your wallet, it’s a good idea to keep your bankroll small until you’ve built up enough experience to have a shot at higher stakes games. In you’re a talented enough player, you may be able to find someone else to finance you in exchange for a portion of your winnings.

Establish a win goal. Come up with a definite, realistic amount that you hope to win. Define your win goal in clear terms. Tell yourself, “My objective is to win at least $500 in five hands,” or “I want to end the day up $1,200.” When you reach your target, walk away. By playing it safe and building your winnings patiently, you’ll be able to maintain control over the game. Don’t get greedy. A session should only last until you’ve reached either your win goal or lost your maximum bet. Keep in mind that the probability of losing goes up the longer you play.

Set a loss limit. A firm loss limit will prevent you from betting more than you can afford. Your loss limit is the amount of money you can safely afford to lose on a particular day, hand, or table. Once you’ve lost this amount, the game is over—no exceptions. Name a loss limit somewhere between 1-5% of your total bankroll. This will give you plenty of opportunities to win in small increments and avenge your losses without putting yourself in unnecessary danger. As long as you stick to your loss limit, you’ll never have to worry about going broke.

Open a separate account exclusively for gambling. The ability to control, preserve, and build the money you start out with is essential for finding success as a gambler. With a dedicated account, you'll be able to play without worrying about dipping into your savings. This will allow you to keep your gambling pursuits and your everyday life separate. Rather than being tempted by the possibility of a big payout, focus on minimizing your losses. The money will then come naturally as you continue to win. Never take money out of your personal account to finance your gambling stakes.

Draw up a gambling budget. Set aside a specific amount each month the way you would for your rent, groceries and other expenses. Start with a conservative figure until you become confident in your ability to win consistently, at which point you can begin adding to it by a little each go-around. Remember, responsibilities come first. Put your winnings toward bills and other necessities, or spend them on a night out on the town.

Winning Habits

Stay focused. If you want to win, you have to keep your wits about you. While you’re playing, imagine that nothing else in the world exists. Stressing out about work or going over your plans for the weekend could end up costing you. Eliminate as many outside distractions as possible. Silence your cell phone, and try to tune out the commotion going on around you. Take breaks frequently. This will give you a chance to clear your head so you can come back strong.

Quit while you’re ahead. Any gambler worth their salt will tell you that the secret to success is recognizing when it’s time to quit. After winning big two or three times, you can be sure that your fortunes are about to shift. That’s when you should cash in your chips and call it a day. The longer you keep playing, the more the odds begin to favor the house. Resist the temptation to “chase your losses.” Otherwise, you’re only setting yourself up to lose even more.

Be willing to take a risk. While playing it safe is usually the wisest course, sometimes you have to take a leap of faith in order to come out on top. This could mean wagering your entire loss limit on 5/1 odds, or refusing to fold a mediocre hand when the pot has grown to an unprecedented size. If you’ve weighed all the possible outcomes carefully, there’s a good chance that your confidence will be rewarded. The best time to take risks is when you’re down by a little but stand to win a lot. Even when laying it all on the line, your actions should be calculated, not rash. Never rush into a losing situation out of desperation.

Learn to deal with losing. Every gambler dreams of a big payout, but the reality is that losses are inevitable. Sometimes things just won’t go your way. The sooner you can accept that fact, the less it will affect your confidence. The key is to view losses not as setbacks, but as opportunities to learn from your mistakes or start over with more favorable odds.