Because of the nature of any type of gambling, you have to learn to manage your money in a way that works for what you’re trying to achieve. You may have read about famous celebrities who gamble for thousands or even millions of dollars as if the money doesn’t mean anything, but that’s a terrible example to try to emulate. Instead, we’re going to show you a casino bankroll management approach that you can use to build a tailor-made plan for yourself from the ground up that’s customized just for you.
Start With Your Budget in Your Casino Bankroll Management System
The first place you need to start with is your overall budget as a whole in life in general. What you need to do is come up with an amount on a weekly, biweekly or monthly basis that you’re willing to spend as a sort of entertainment expense to add to your casino bankroll. The idea here is to set an exact amount that you will never go over for any reason when it comes to depositing into any type of casino account. Once you have this amount set in stone, violating it will mean that you are admitting that you have an issue with money management in the gambling space.
One option that can help you with this is that many casino sites have settings you can use that will not allow you to deposit more than a set amount each week or month, and that’s something that can be useful for this style of bankroll management.
Figure Your Bet Size Ranges From There
Next, you need to estimate about how much you’re going to be playing. Suppose we’re going to average five hours each week of playing a slot and that we expect to play around 10 pulls on the game a minute, then a bit of simple math on a calculator tells us that we’ll be playing around 3,000 spins per week. If the average house advantage of the game we play is around 4 percent, then we can determine that we’ll lose an average of 4 percent of 3,000 spins worth of bets, which comes down to 120 total wagers, assuming we make the same average bet size on all 3,000 turns.
This is a useful piece of information because it tells us the most that we can lose, on average, based on how much we want to deposit. For example, if we were going to deposit $60 each week in this case, then we would need to make 120 total wagers out of $60, which gives an average bet size of $0.50. We know that we can’t make our average bet size much larger than this, and to be conservative with our bankroll, we can actually go a little smaller.
Putting It All Together
Once you’re at this stage of the process, then you’ll be ready to get started playing. Most online casino guides will give you some basic idea of what money management is like when playing online, but the bottom line is that the plan listed above will take into consideration everything that is unique about your situation and will show you how to tailor things to what you’re looking to spend.
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