So you are probably wondering why you should bother with a money management
scheme. After all, we have been telling you that there is really nothing
you can do to ensure that you will win every time. The house has the advantage
and betting systems do nothing more than manage the risk we are taking.
Well, here are some things to consider:
- During a session, most people, at some point, will have made
some profit.
- During a session, most people will continue to bet until they
are out of money.
This is what makes casinos so profitable. While the odds give a casino
a 5.26% advantage on American roulette. Human nature gives them a 100%
advantage, simply because people will continue to bet until all their
money is gone.
The saddest bit of human behaviour comes when people are on a winning
streak earning many times their start amount and they don't protect their
earnings. They continue to bet long past their streak trying to reclaim
what they had. The final result being nothing but a story to tell.
One way that gambling is not like investing is that you will not receive
any advice from the casino. Can you imagine the croupier saying, "This
might be a good time for you to cash out." Therefore, it is up to
you to recognize a winning OR losing streak and step away before a disaster.
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