Should You Place Win-Loss Limits on Gambling?

Setting win and loss limits is a wise move that a gambler can do to avoid falling into debt and financial problems. Without these limitations, a gambler can quickly consume his entire bankroll and that's where the fun ends.

Many articles have been written on the subject of money management and win-loss limits. These articles advise you to stop playing and betting once you have reached a certain amount of winnings or if you have lost a percentage of your bankroll. Though these limitations are difficult to enforce yourself, especially if you are on a winning roll, they make good sense in most situations.

Without win-loss limits, a gambler will quickly find himself in dire financial straits. Imagine going broke on the first day of a Las Vegas vacation and spending the rest of your vacation aimlessly wandering around the Strip. So unless you want to have fun and enjoy your gambling vacation, you should wisely manage your bankroll.

However, just because some guy tells you to set win-loss limits don't mean that you have to do it each and every time you gamble. There are several situations where win-loss limits are not necessary.

Win-loss limits are usually meant for the heavy gamblers who visit the casinos almost every day. Setting limits would make sense since a lot of money is involved. However, for the occasional gambler who goes to the casinos once in a blue moon, win-loss limits are unnecessary.

If you're the typical occasional gambler who travels to Las Vegas once or twice a year, placing limits on your gambling would take the fun out of your vacation. You come to Las Vegas not mainly to win lots of money but to have the time of your life, although winning would be a tempting proposition. But it makes no sense to scrimp on money at the roulette and blackjack tables when you're spending a much bigger amount on plane tickets, accommodations, meals, shows and other incidental expenses.

For example, you go to the roulette wheels and you plan to quit once you've won $200 or lose $100. After a while, you are pleasantly surprised to know that you have made a profit of $500. Now, you're thinking about quitting and going home.

If your main motivation is to win and earn money, then it's perfectly alright to quit playing before you lose all your winnings on the next rounds. But if you're gambling to have fun and enjoy, then by all means continue playing. In this case, it's better to lose all your money and have a heck of a good time than to win loads of cash and have no fun at all!

As a gambler, your goal is to earn a profit and have fun at the same time. It's up to you to decide if setting win-loss limits is right for you. Just make sure that you don't become a victim of financial problems because of your gambling activities.