Players experience situations where they’re beating the casino or sports book by a wide margin, only to continue playing and eventually lose everything.
A similar situation involves having a long losing streak where a player is chasing losses and loses everything.
In either case, you can benefit by setting win and loss limits for each session.
A stop-win limit refers to when you quit any gambling session after winning a specific amount of money. A stop-loss limit is when you quit a session after losing a certain amount.
The limits behind this betting strategy can be whatever you like. The main thing to consider here is how much you’re comfortable with losing and what amount you are satisfied with winning.
Set limits based on a percentage of the bankroll. Here are two examples:
- Stop-loss limit = 12% of bankroll
- Stop-win limit = 10% of bankroll
The size of your bankroll and the frequency in which you gamble will play a role in what limits you choose.