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I get asked a lot about Money Management in gambling. It is not a topic I address often, because money management is just mathematical voodoo. What you can expect to lose gambling is the product of the total amount you bet and the house edge. It does not make any difference how you break up your total amount bet. Given the same game, the expected loss is the same making a million bets of $1 and one bet of $1,000,000.

While money management does not change expected loss, given the same game and total amount bet, it can affect variance. Here are some money management strategies, according to what your goal is.

Player 1 plays for the social aspect of gambling, not so much to win. He prefers to bet conservatively, minimizing his risk of losing, while at the expense of likely not winning either. This player should flat bet. In other words, his wagers should be the same every bet, or close to it.

Player 2 is a risk seeker who wishes to either win a lot or lose a little. Of course, with a high winning marker, and low losing marker, it is more likely to achieve the losing one. The appropriate strategy for player 2 is to press his luck after wins, letting them ride. Most of the time the player will hit a loss before reaching his winning goal, but sometimes hit a good run and parlay his wins to whatever makes him happy.

Player 3 is a small win seeker, at the expense of the chance of a large loss. There are many betting systems that cater to this goal, but they all press bets after losing, until there is a win. Often this player will leave the casino happy for reaching his modest winning goal, but the occasional large losses will take back all the small wins, and more.

Judging by the ratio of expected loss to total amount bet, all betting strategies and money management systems are equally worthless. How much you bet and why should depend on the reason you are playing in the first place. Whatever form of money management you choose, once a bet is made you should always follow the best mathematical play. Finally, never pay for a betting strategy. As mentioned, they are all equally worthless, so you may as well use one of the free ones easily found on the Internet.

Written by: Michael Shackleford

Thousands of Americans gamble online. But is online gambling legal? We break it down to show you what you can do, what you can't do, and what's still up in the air.

Gambling Websites Free Money Instantly

by Katherine Butler
updated September 03, 2020 · 2min read

The legality of online gambling is ever-changing. But one thing is constant: it makes a lot of money. Online gambling industry makes an estimated $1 billion dollars annually. This is a huge business, and a lot of people have cashed in on it. But it has led to some ambiguous legal issues, as the legality of online gambling is constantly being challenged.

There are differences in the legality of making bets, taking bets, facilitating payments to casinos, and advertising on websites. And there are constantly new legal challenges. So here is a breakdown of the law on online gambling.

Legal Forms of Gambling

There is no federal law against placing a wager online. So, you can legally place a bet online. However, a wager must not be placed on a site located in the United States. There is a small chance players might run afoul of state law, but there is little chance of prosecution. The only case cited where a person got into trouble with a state was in 2003. Jeffrey Trauman of North Dakota paid a $500 fine on over $100,000 of online sports bet winnings.

Sites that are set up outside of the United States are legal. Therefore, gambling on websites located in areas like Australia, the Caribbean, and Latin America is legal. Just be very clear that the site you are playing on is not based on U.S. soil.

Definitely Not Legal Forms of Gambling

It is never legal to gamble on a website based in the United States. Also, if you are planning to operate an online gambling site, stay outside of the United States. You must also deal only with casino and poker wagers (not sports bets) from people in the US. And you cannot take bets over the phone from people in the United States.

Accepting online gambling advertising is also illegal. If you are a small publisher, you are less likely to be prosecuted, but why risk it? As of early 2009, only large and mid-size publishers had faced prosecution. In 2007, the three big search engines (Google, Yahoo, and Microsoft) each paid a fine for accepting online gambling ads, but did not face criminal charges. Other publishers, such as Esquire Magazine, have been warned by the government not to take online gambling advertising.

Facilitating the transfer of funds to online casinos is also a bad idea. As of 2006, it became illegal for American banks to process transactions originating from or directed toward any online gambling operator. Because of this, several sites then refused to take bets from American players. But as the law seems difficult to enforce, it has not turned the tide completely for American players.

Still up in the Air

Sports Betting Sites Free Money

Advertisers who promote sports books in magazines and on billboards may or may not face prosecution. So far, sports books have never been scrutinized for advertising online. And online casinos, poker rooms, and sports books have never been prosecuted for buying ads.

Online casinos and operators still accept American players. And international financial parties have continued to process their transactions. The legality is always changing and there have been attempts to declare online wagering against the law, but for now, U.S. citizens who simply place bets online are in the clear.