Most people have a general idea of what a bankroll is, but for a post like this, we need to get a lot more specific.
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Your bankroll is the amount of money you’ve set aside to gamble with.
You might have specific bankrolls for various games based on various goals. If you play games where you’re satisfied with a negative expectation, the size of your bankroll compared to the averagesize of your bets is what determines how long you’re able to play a specific game.
If you’re a professional gambler, though, you’re probably more interested in avoiding going broke in the short run. Gambling is based on random chance, and even if you have a long-term advantage,you can still go broke in the short run because of variance.
Here’s a simple example of how that might work.
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Simply put, Joint Bank is exactly what it sounds like: two or more card counters sharing their bankrolls, and the point is that they have the chance to bet X times more (X being the amount of players involved) because the risk of losing everything would be smaller with a joint blackjack bankroll. If your bankroll is $5000 (200 units) then your risk of ruin is approximately 15.9%. If your bankroll is $7500 (300 units) then your risk of ruin is approximately 6.3%. It is critical to understand bankroll requirements when playing blackjack so that you understand the risk of losing your entire bankroll and you can size your bankroll appropriately. If my bankroll dips below $2,000, I will start betting $10-$50, but go back to betting $25-$125 if my bankroll increases back above $2,000. If my bankroll dips below $1,000 I will start betting $5-$25 until it increases back up over $1,000.
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Suppose you’re playing a simple gambling game with a buddy where you have a 52% probability of winning, and she has a 48% probability of winning. She’s willing to bet you straight-up, too — ifyou win, you get $100 from her, and if she wins, she gets $100 from you.
Blackjack Bankroll Risk Of Ruin 2
Suppose you only have a bankroll for this game of $100.
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Can you see how you’d have a good probability of going broke even though you have a distinct mathematical edge?
People lose bets all the time where they have a 52% probability of winning. They even lose several of these bets in a row sometimes.
In the long run, your results should resemble the mathematical, theoretical prediction, but in the short term, anything can happen. Slot machine chris lynch chapter summaries 5.
The goal of having a large bankroll relative to your bet size is to avoid going broke while you’re waiting for your long-term edge to kick in.
But that only applies to gamblers who have an edge.
If you’re playing a negative expectation game, you’ll eventually lose all your money. The trick is getting the most entertainment for your money while you’re doing so.
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