When was the last time that you went to the grocery store without thinking about what you were going to buy?
The chances are you probably didn’t because you knew if you did, you would throw in a load of items that you don’t need.
The same goes for if you went to Las Vegas. Walking into one of the many casinos without a plan can leave you vulnerable to going home with nothing.
It’s so easy to be sucked in by the free drinks, bright lights and the thrill of the game.
No one goes to Vegas thinking that they will lose, but it happens all the time
Here is how to set an ideal gambling budget in Las Vegas to ensure you get the most out of your time there – without losing it all.
Costs Of Entertainment
First of all, let’s talk about mindset.
It’s easy to spend more than $100 on a meal, tickets to a show, a few drinks and a night out. If this fits into your budget then that’s totally fine – after all, if you have it, why not go all out and have a great time?
Consider all this particular spending as the costs of entertainment. This is money that you don’t expect to still have in your wallet by the end of the night.
Your gambling budget in Las Vegas should be along the same lines. Any money that you bring to Vegas to gamble as the cost of entertainment ie you’ve already spent it.
You should be comfortable setting aside this money specifically as the costs of entertainment and you don’t expect to keep it when you leave the casino.
By doing this, you are never risking your money. Instead, you are spending it as a way to have fun – with a chance to win more like an extra. If you leave with any cash after your night, this is a bonus.
Going to a Las Vegas casino with this mindset means you will leave as a winner every time you leave. You will have been entertained at the same time as having the chance of leaving with more than you came with – even though the drinks are free.
So now that this has been covered, it’s time to start creating the ideal gambling budget in Las Vegas.
Setting An Ideal Gambling Budget
The first thing you need to do is work out how much you are willing to spend on a night out at a Las Vegas casino.
This is important as it must be money that you won’t miss once you’ve spent it.
There is no right budget for this. It’s personal for everyone and will depend on your own situation and circumstance.
This portion of money has a specific term: your bankroll.
It’s important to set your gambling budget before you go to the casino in the first place. This is because the excitement of first getting to the casino – not to mention the free drinks – can be enough to cloud your judgement and make you spend more than you originally wanted.
Here are some tips for setting your gambling budget:
Withdraw Cash And Leave Your Cards At Your Hotel
The ATM fees on the Las Vegas strip are extremely high – you could be charged as much as $10 in some places. If you leave your card at your hotel, you won’t be tempted to spend any more than you’ve budgeted either.
Once it’s gone, it’s gone.
You could also get yourself a separate wallet/purse to only use for gambling. You can store all of your membership cards here and keep track of your bankroll easier.
Everything else is then kept away from the gambling wallet.
Set Daily Limits
If you plan on gambling in Las Vegas for a few days, split your bankroll into daily limits and leave the rest behind. According to Lucian Marinescu at Online Casino Gems, this is a must-follow strategy: “Doing this ensures that if you run bad and lose your daily bankroll earlier than expected, you don’t go broke and spoil the rest of your trip. In other words, this is known as bankroll management.”
If you finish the night with money, you can book it as a win. But remember, this shouldn’t matter as the money you assigned to play with is the cost of entertainment.
Budget For The Rest Of Your Trip
Ensure that you save enough money to spend on the rest of your trip to Las Vegas.
You have to pay for other things while you are away from the tables, such as food at a restaurant, room service or tickets to see one of the many awesome shows on the Strip.
Setting a gambling budget ensures that the money you need to pay for these things does not eat into your bankroll, and vice versa.
Gambling Is Not A Waste Of Money
Finally, setting a gambling budget prepares you for the inevitable.
If you have ever thought of going to Las Vegas, you may have come across people wondering why you gamble and think that you are just wasting your money.
When you set a gambling budget, these people couldn’t be more wrong.
At the end of the day, gambling is a great way to spend your time if you budget for it properly.
Think of it this way…
If you went out to a nightclub and spent a few hundred bucks, you will be left with a bad head and a depleted bank balance.
When you go gambling, there is a chance that you can win this money back AND still have a great time in the process.
The time you spend in a Las Vegas casino is not wasted either. You will meet lots of people with the same interests as you and enjoy an experience unlike anything else on Earth.
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Setting a gambling budget for Las Vegas prevents you from spending your money all at once. Set aside money you can afford to spend, withdraw it before you go out and keep your cards at home. These are the basics but in this scenario, the simplest of things have the biggest impact. Have fun and good luck!