Playing in a casino has become very common nowadays. Some people play for the money while some play because they are addicted to the games. But ultimately they do win money and that is when it starts to become a bit confusing. However this article will tell you how to manage your bankroll in a casino. The basic calculation process of maintaining your bankroll is called Kelly Criterion. This is a mathematical formula that helps in calculating bankroll of a casino. It is not at all difficult to understand the formula if you understand the basic concept. Take for example you have $100 and a person is telling you to place a bet on flipping of the fair coin. Now you have the chance to wager the amount and accordingly your opponent will place the bet. The trick is when you win. You will not only win the amount that you and your opponent have placed on the bet but also some extra amount. This is calculated on the basis of how much you would have lost had you not won the bet. This is also applicable when you lose a bet. So the chance of losing an extra sum of money when you lose is also there. That is why calculating bankrolls in casinos are so tricky and many people do not get the concept of how much they are winning and how much they are losing.
The best guide to manage your bankroll in a casino is if you apply the following formula:
Here, ‘f’ determines the position of current bankroll to wager
‘b’ stands for the odds that you receive on the wager
‘p’ stands for the probable chances of winning
And ‘q’ stands for the probable chances of losing
The formula changes if you do not increase your wager. This will also help you if you lose since you will not be losing that extra money that you had increased as the wager. If you win in this case then you will only win your money and also the same amount of money which your opponent has placed. So the calculation becomes a lot easier.