When utilizing money management techniques, even though they are mathematically useless from the standpoint of changing the expectation of a given game, they can be useful for keeping track of how much money you are spending on gambling, Blackjack or otherwise. In other words, if you are employing a money management technique, at least that means that you are doing something very important: Paying attention to your money!
When you put that in perspective, you can then ask yourself, do I have enough money that I should be playing online casino games for six hours at that bet amount?
Just because someone is playing a negative expectation game does not mean that the person is gambling irresponsibly. Gambling irresponsibly entails losing money that you cannot afford to lose, and can sometimes include, ‘Giving money back,’ that you have won, but the latter is really a question that the player has to ask himself. The point of the matter is, in order to gamble responsibly, one who plays negative expectation games must realize that the primary purpose of gambling is NOT to win money, but rather to enjoy the games and be entertained.
In other words, even a negative expectation gambler should take a look at his/her monthly budget (or however the person budgets) and only allocate an amount that the person can afford to entertainment in general, and gambling, in particular.
Some negative expectation gamblers do want to go for huge wins despite the fact that they are playing a game at which they are expected to lose, and there is nothing wrong with that. The most extreme possible way (though the most effective, in terms of probability) is to set the win goal and continue to bet everything that you have until you have reached the win goal, only betting less when a lesser amount is required to reach the win goal.
By keeping session logs on all of your gambling activities, you will be able to look back at both your actual and expected losses as well as the amount of time you spent gambling that caused those results to determine whether or not the gambling was, ‘Worth it.’ If a person truly enjoys gambling and can gamble in a responsible way, the answer will usually be, ‘Yes.’ However, it is important to understand the difference between actual and expected results in order to realize that negative expectation gambling does eventually come at a cost, even if it does not end up costing you money in the short-run. In the short-run, a player may even profit at a negative expectation game.
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