Tips for blackjack money management
In every game played for money it is important to deal with your funds sensibly. It is just as true for blackjack, especially as the game of blackjack is characterized by sometimes dramatic fluctuations of winning and losing during a single game session. These fluctuations should by no means discourage the players, because skill and correct basic blackjack strategy and efficient blackjack money management may put the player on a lucky streak.
Basic tips for blackjack money management
It is necessary to set the bankroll before you start playing. Your "bankroll" actually is the amount of money you can afford to bet in the game process. It may be also seen as the sum of money you can afford to lose in the game, both financially and emotionally. The bankroll set for the game should not be exceeded.
Here are the main tips for blackjack money management:
- First of all, always play with sums of money you can possibly afford to lose. It is good to set a certain limit for probable losses and never exceed it.
- Don't play your whole bankroll in a single game round. It is better to divide your total bankroll into equal amounts of money and set them aside for each game session.
- To define the size of your bankroll, most blackjack guides recommend multiplying your original bet by 40. For example, if your initial bet size is $2, your possible bankroll may be $80 for the game.
- It is better to leave the table when you get ahead while hitting a winning streak. It is possible that you stay too long and turn your good luck into bad luck. You should also quit when you strike a bad patch and exceed your bankroll.
- Always make use of your advantage over the dealer. In fact, the players in the game of blackjack are able to make all sorts of decisions to play their hands, while the dealer is forced to stick to the rules for blackjack at a given casino, like standing on "Soft 17" and hitting on "stiff hands". Keep to your basic strategy and make well-considered decisions, and you will be likely to win.
To manage the players' funds during the game of blackjack, special blackjack money management systems were developed. These systems help to define the optimal size of the player's bankroll that won't go broke. The most popular legitimate systems of blackjack money management are Kelly Criterion and Maximum Boldness strategy.
According to the Kelly Criterion strategy, the optimum bet size that prevents a player from going bankrupt correlates to the player's advantage over the casino. For instance, if the player's estimated advantage makes 0.5% and the size of bankroll is $1000, the optimum initial bet size makes 0.5% multiplied by $1000, which is $5.
Maximum Boldness system
Maximum Boldness blackjack money management system is based on the assumption that the player is more likely to end up a winner the longer he or she stays in a game having an advantage. When the player with an advantage over the casino decides to bet the whole sum of the bankroll, the odds to lose it are greater than if the player divides the bankroll into minor bets. For example, if your losing chances make 49% and the amount of your bankroll is $1000, if you bet the entire bankroll your chances of losing it are exactly 49%. With two equal bets of $500, the chances to lose them are now 24.5% for each bet, and it is about 5.8% for each bet of $250.
The player's luck may come and go, but skill in blackjack is crucial. When you use a perfect basic strategy, especially combined with correct blackjack counting systems and sensible blackjack money management, you are very likely to end up a winner.