High Limit Online Gambling and Casino Credit
The terms "Online Casino" and "Credit" together in the same sentence are likely to set alarm bells ringing in the vast majority of people's heads.
This is due to the fact that many people perceive online casinos as too much of a risk and temptation as it is in which to lose large amounts of money which you already have in your bank account, but the thought of actually gambling with borrowed cash which you do not even have and will require paying back is a step too far.
Casino Credit Requires Discipline
There is no doubt that for a large number of people casino credit would be a disaster, and would result in them losing far more than they could afford to. Even when playing for low stakes a person could easily run up a large gambling debt, never mind playing in a high limit online casino where the potential for losses are staggering. For this reason, any casino whether online or land-based, will often only offer credit facilities for trusted VIP gamblers who are usually regulars and have shown documentation such as income statements and proof of identity. Whilst it is bad news for an individual to incur gambling debts which they would struggle to repay, it is also not good business sense for any casino to offer credit to customers who cannot or will not repay it when it becomes due.
For many casino credit will be out of the question even if they wanted it, including at a land-based bricks-and-mortar casino where it will usually be easier to get credit than in an online casino. That said, certain high rollers who regularly play for high limits and consistently prove to the casino that they can afford such large bets will often be provided with a line of credit by that casino. After all, the house edge on many casino games means that more often than not the casino will take in more money than it has to pay out, which means it will do all that it can to encourage its big spenders. In this sense casino credit is similar to department store charge cards which provide credit just for purchases at their store, in that they want their regular spenders to keep on coming back to them rather than going to a rival.
So whilst high limit gamblers will usually find it easier to obtain credit from the casino, any individual regardless of their wealth and financial status should seriously consider whether credit is wise for them and their gambling discipline as the potential for unmanageable losses is huge. Whilst the casino itself should perform due diligence and checks beforehand to ensure that the individual can afford it, the responsibility still lies with the person themselves to ensure that they do not abuse it and wager beyond their means. Casino credit is only suitable for those who can easily afford to repay any gambling debts from their disposable income, which means the credit amount should be small in comparison to their earnings. This will vary tremendously from one individual to another, which again is why the onus should be on the player themselves to only apply for and accept a suitable amount.
Impulsive Nature? Avoid High Limit Casino Credit!
We saw above how obtaining a line of credit in an online casino or any gambling facility was risky and definitely not suitable for a fair proportion of casino goers, whether playing for high stakes or low stakes. However those with an impulsive nature should definitely stay away from any offers for credit when gambling.
The dangers and risks involved should be immediately apparent to anyone. Those of an impulsive nature are likely to be prone to betting more than they originally intended to, often on a whim or a feeling that tonight is their lucky night or that their fortunes are about to change. Sometimes these impulsive characters like to show off, which is fine if they have the financial means to show off to the rest of the players at the blackjack table for example or to try and impress the attractive croupier at the roulette table. However if they do not have the money to support their high limit wagers then their is the serious potential for financial hardship as they run up debts to the casino which they will struggle to repay.
Casino Credit is Not for Everyone
Even those who can afford to gamble for high limits may wish to avoid casino credit if they have an impulsive nature as just because they are rich does not mean that the realisation of losing a large amount of money will not seriously affect their happiness. Above anything else gambling should be enjoyable, and if the prospect of running up a high level of losses is a frightening one which would cause unhappiness, even if the person did have the means to cover the debts, then it should be avoided. Often by far the best money management strategy when playing in any casino is to have a set limit in mind for losses and once it is gone it is time to leave and go and do something else. If you are in a gambling resort such as Las Vegas there will be plenty of other attractions to enjoy besides gambling, whereas if you are playing in an online casino there are likely to be lots of other things which need doing around the house or television programmes to catch up on! So remember, keep it fun by not gambling more than you can afford or feel comfortable about losing.
High Stakes Gambling Perils and Chasing a Dream
There are a number of perils when gambling for high stakes online. Aside from losing a large amount of money in a short period of time, some players can exacerbate and make the situation far worse by throwing good money after bad in that they attempt to recoup their losses by chasing a win. Often they wager higher and higher amounts in the hope that it will result in a big win which will take their bankroll balance back to where it started. In reality this type of undisciplined play is simply a method of losing an increasingly significant amount of money in an even faster timeframe, often resulting in losses which exceed the comfort levels of the individual concerned. In serious cases, players have been known to lose money that was needed for rent or food, and is a sign that a gambling addiction or problem is present or developing.
Even gamblers who are winning are not immune to dangers. They may be doing so well that they begin to feel overconfident in their abilities to beat the casino or believe that luck is definitely on their side tonight and that they should bet even more. This is often coupled with a target in mind such as dreams of buying a boat or winning enough to pay off mortgage debts for example. This chasing of a dream often turns a winning session into one where the player gives all the money won back to the casino in a much shorter amount of time than it took to win it in the first instance. Sometimes winning a large amount and then giving it back feels even worse than simply losing your original bankroll!
The best casino gamblers whether in an online casino or in a land based one are those who are disciplined enough to manage their money and not get swayed or carried away by their emotions. When it comes to playing games such as blackjack or video poker which have an optimum way of playing the hand this is extremely important, and even more so for those playing for high stakes where the amounts of money involved make winning or losing even more significant in terms of the financial impact and consequences that may be felt afterwards.
High Stakes Gambling for the Rich
Playing casino games online for high stakes is obviously not suitable for everybody. Losing a lot of money that you cannot really afford to lose, i.e. next month's rent or food shopping money is a sure-fire way to run into serious problems. Above all gambling should be a fun, recreational activity which does not negatively impact upon your life so much if you lose that it causes hardship or unhappiness. For more information about gambling responsibly at High Stakes Casino.co.uk please click here.
High Stakes Gambling - What It Is and What are the Advantages?
But what is high stakes gambling? Most people will assume it involves large wagers, which is often true, but high stakes is actually a relative notion, as one monetary figure will be a staggering amount for some people, whereas for others they may be so rich and have so much money that to lose this amount would not be very significant at all for them in the grand scheme of things.
One of the major advantages of playing in a high stakes online casino is that table limits can go up to large amounts, but also start low, often for just a pound in many of the games. Not only does this allow players to practice before betting larger amounts but it also gives players a wide choice regarding how much they wager on each spin of the roulette wheel or each hand of blackjack for example. In this way, everybody can play for an amount which is high stakes for them without being too much in that it would cause financial difficulties for them were they to lose that particular hand/turn.
As always, players need to stay sensible when gambling online and never wager more than they can afford to lose. High stakes casino play should involve amounts which are significant to the player in terms of their wealth and how much money they have, but not so much that if they were to lose would cause anything other than mild disappointment for a short period!
Why Chasing Losses in a High Limit Online Casino is So Destructive
Virtually every player who has ever gambled in an online casino or indeed any establishment where gambling takes place will have been guilty at some time or another of chasing their losses. Losing is an inevitable and unavoidable part of gambling; whilst in some sessions you will come out ahead, in others you will unfortunately lose money. Smart players or professional gamblers will understand this rather than try to convince themselves that they are so skilled at roulette that they will win every session they play. They know that they will have good days and bad days, and the achievement of long term financial success where they take more money from the casino than the casino takes from them depends upon being disciplined to accept that sometimes luck is not on your side.
Many Gamblers Lose Overall Due to Chasing Losses
The vast majority of gamblers will not be so disciplined, and will often succumb to chasing losses and attempting to win back the money which they have lost in that particular day, evening or gambling session. This is often the case for those who have already been ahead in early play, but have then lost those winnings and have given them back to the casino. Whilst this is particularly destructive for any gambler's financial health, it can be especially devastating for those playing in a high limit online casino where the amounts of money involved are much higher. Although losing any amount of money can make a person unhappy, the significant amounts being wagered in a high stakes game of roulette for example can mean a person very quickly loses so much that they will face financial difficulties such as losing their home or getting into debt.
Of course, high stakes and high limits are relative to each and every individual. Whilst $10,000 for instance may be an eye-watering amount of money for a person to lose in a casino and can end up with them becoming bankrupt or losing their possessions, for others it can simply be a modest amount which causes them no great upset aside from mild irritation. This is why every player who gambles in a high stakes casino needs to understand their own personal tolerances for betting limits and potential gambling losses, particularly when playing in an internet casino where the use of digital figures rather than actual physical chips which you hold can take away a large sense of just how much money is being gambled away and lost to the casino.
Why High Limit Online Casino Players Need To Manage Their Money
Money management is vitally important for any gambler, but is especially the case for those players who are playing in an online casino for high limits. The large stakes involved mean that a failure to keep a close eye upon your bankroll can result in you losing an extremely significant amount of money in a very short period of time, which can result in financial problems.
Above all else gambling should be an enjoyable recreational activity, not a means to make money or chase dreams. Whilst some professional gamblers may view it as a way to make money, for the vast majority if a person's thinking has reached this stage then they have a problem in the form of a gambling addiction.
Gamblers of Both High or Low Stakes Need the Same Approach
A high limit gambler should actually employ the same strategies that a player playing for low stakes should utilise. These include:
Determining daily limits
The constant availability of internet gambling - i.e. twenty four hours a day, seven days a week - means that it is all too easy for a person to rack up large losses in a short space of time. It is therefore essential that strict limits are involved regarding how much money is lost in a single day. Not only will this avoid losing a large amount quickly, but it also means you should have funds available to come back the next day to enjoy the online casino. Nobody should spend all day sat at their computer screen or mobile device gambling; it is unhealthy for both a person's physical health and that of their finances.
Playing in accordance with other committments
It is no use playing for high stakes and losing a large sum of money if you also have a large bill payment or other monetary committment due shortly. If you need this money, then do not risk it in the online casino, but instead wager a smaller amount or even nothing at all right now. When you have a period which has fewer committments you can then play for higher amounts if you so wish, whilst still keeping some money in the bank for unforseen circumstances of course.
Adjusting bet sizes to the bankroll
Used in conjuction with the above, once you have determined your bankroll (the money you will be playing with in this particular gambling session), you should then adjust your bet size accordingly. This means that whilst you may play for $200 a hand in high stakes online blackjack normally, if you have a smaller bankroll this time due to other committments it would probably be wiser to play for $100 dollars a hand or even $50 in order to avoid burning through your bankroll too soon and thus spending less time playing the game than you would like.
Effective money management for high limit casino players requires a fair amount of self-discipline and common sense, but sticking to certain rules and conditions such as those outlined above will go a long way into keeping high stakes gambling an enjoyable pastime rather than a road to ruin.