Knowing how to play casino games is one thing, but understanding how to manage your casino bankroll successfully requires a little more restraint and skills. After all, if you have come to this page, it is because you want to learn how to manage your bankroll successfully.
If you love to win at a online casino, you need to be a smart gambler and even more intelligent about the money you are gambling with. Knowing how to manage your casino finances is critical in achieving success. Today we will discuss how to successfully manage your casino bankroll and any risks you should avoid while gambling online.
What is bankroll management?
A bankroll is a sum of money you have available to play at a casino. This can entail both the money deposited as well as the bonus money you gain from a casino. When it comes to building a bankroll, you need first to decide how much money you are willing to spend on gambling, knowing how to use it smartly and then picking the right casino games to place your bets on. Some players who tend not to have a bankroll management system in place, tend to recommend playing casino games that have the best odds.
This is true, but you still should be able to manage your money. There is no guarantee that playing casino games with the best odds are going to give you win after win.
In short, bankroll management is the number of funds you have available for gambling and which you are willing to risk. It does not pertain to the amount of money you have in general for everyday expenses, but solely for gaming.
Having a bankroll management strategy in place is done, so you don’t risk losing it all in one go. Thus, you would use a portion of your bankroll for one seating, and the rest for other days.
Advantages of a bankroll management strategy
When it comes to playing smart, there are only advantages to this. Knowing how to manage your bankroll efficiently is the key to online gambling success.
The following are only a few of the crucial advantages of bankroll management:
- Extended gameplay: Knowing before gaming how much you are willing to spend without going over, ensures that you have money set aside for other sittings in case you hit a losing streak.
- Smart playing: Keeping the right track of both wins and losses will help boost your mood and therefore, leads to more intelligent decisions.
- Future gambling: Knowing beforehand how much money you have to spend will give you a good plan on how to use your bankroll in the future. Having money set aside will help you, if you want to sign up to a new site or else, playing games with higher stakes.
- Fewer fees: Since you are making one big deposit in one go, you won’t be making deposits regularly, thus removing any excess bank fees.
The basics of bankroll management
Now that you know what bankroll management is, you need to master the basics. When you are sitting down to gamble, you need to take a fraction out of your bankroll. Don’t use up your bankroll in one go.
What we recommend is taking out 10% out of your bankroll for one session. If you have $200 in your bankroll to spend at any casino, you will take out $20 for one session. This is only an example. You can make as big a deposit or as small a deposit as you want.
If you lose the $20 in one go, then call it quits. You can always come back another day. However, don’t succumb to the temptation of making additional deposits. You still have another $180 to spend any other given time.
Another suggestion if you don’t want to follow the above, is to manage your bets a little more efficiently, depending on how much you have won or lost. Let’s draw a picture to explain the process better.
Imagine you are playing Blackjack and have $50 to spend in one session. If you pay $5 a hand, it means you have ten rounds to play. To understand this process better, you need to know when you need to lower the stakes.
If you have lost $50, you can proceed to play at a different live blackjack table with lower stakes. If, on the other hand, you manage to boost your bankroll to $75, you can switch tables to ones that accept higher stakes.
Having a bankroll management strategy also helps you plan for the future, by knowing exactly how much you have won and lost in the fast. Thus, it will help you cut down on your losses, or boost your profits when you are on a winning streak.
Identifying the bet size is vital when it comes to managing your bankroll. It can apply to online slots as well as to games at a live dealer casino.
Volatility is also another essential aspect that has a direct effect on the size of your bets. In low variance games such as Live Blackjack, you can expect to win more regularly, albeit on a smaller scale. On the other hand, games that are considered high variance will provide you with big wins, but not too frequently.
In terms of wins, you need to work with the variance on offer. When it comes to low variance games such as Live Blackjack, you can afford to bet bigger since you are likely to win it all back.
You should still be careful about your bankroll. Don’t put more money than you can afford to on the line and most importantly, remember to have fun. Knowing how to manage your bankroll is a small albeit important step in being successful in online gambling.
However, if you are spending more than you can afford, gambling will soon become a burden. Play games that allow you to have fun, but if you are making more deposits than you should, seek assistance.
Tips & tricks on bankroll management
Budgeting
Probably the most crucial advice we will provide you today. Since gambling online can be rather expensive, you should set some money aside for gaming and see it as an expense. Just as you wouldn’t rent a home that you can’t afford, the same can be applied to online gambling.
Don’t even think about chasing after your losses, considering your next bet will be the winning one. Just call it quits. Keep in mind that the house edge will find one way or another catch up with you.
Even if you think you are a class player at Blackjack, you are still prone to hitting a losing streak every now and again.
Keep a planner
Since gambling can be expensive, keep a note of how much you are spending, both in terms of wins and losses. Don’t make the mistake of trying to remember all of this information off the top of your head.
Put pen to paper so you can have it down in writing. It is effortless then to realise how much money you are spending and winning.
Knowing how much to bet
Many newbies who aren’t quite sure how games are played tend to make the mistake of betting big and blowing their bankroll off in one go. They then keep on depositing deposit in a bid to win back their losses.
Don’t make this mistake. Know how to gamble smartly and place bets that are proportionate to your bankroll. Don’t make bigger bets that you can’t afford.
In general, we tend to recommend that you don’t place a bet that is more significant than 1% of your bankroll.
Stay in charge
If you are winning at your favourite online casino game, you are likely to experience what is known as the ‘gamblers high’. This phenomenon has led to gamblers throwing their wins back into the casino and losing it all.
Because this feeling is so great, you think you can achieve bigger and better wins. Don’t make such a mistake. If you succeed in doubling your deposit money, call it a day.
If, you hit a losing streak, don’t lose your temper. It takes a pinch of patience to win your money back.
Claim back your deposit
Additionally, if you succeed in winning twice as much as you put in, withdraw the amount of money deposited. This way, you are playing for real money for free. You have succeeded in making a high profit.
The key difference between a variety of gamblers, including both winners and losers, is the successful management of your bankroll. If you make smart decisions, manage your bankroll and pick casino games with a variance that suits your lifestyle, you should manage to make a neat profit.