Proper management of your online casino bankroll is critical because it helps avoid the risk of losing all your funds instantly. While the main reason why you are gambling online is to have fun, this will not happen if you lose all the money instantly.
While the objective of playing online casino games is to have fun and win, you want to ensure your bankroll lasts through the ups and downs of wagering. This post presents some important tips that will help you learn how to properly manage your bankroll.
Proper bankroll management will help make your gambling experience more enjoyable. Keep in mind that there is no guarantee that you will win all the bets, you make. The most important thing is to reduce the risk of losing all your money by being reasonable.
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.
While bankroll management might sound like a boring topic, every successful gambler will attest to the fact that casino money management is the primary reason for their success.
So, read on to learn more about this critical part of online gambling and boost your chances of success.
Why Bankroll Management Is Important?
Wondering what is a bankroll? Bankroll management can be defined as the process through which you only risk a certain percentage of your total gambling funds.
This is a good way to make sure that you always have some funds left in your account. It works as a way of cushioning yourself against unexpected losses.
You can think about it as a 50/50 model where you have a 50% chance of losing or winning. If you choose to place all your money on the bet you can typically lose all the money in a single turn of the card.
However, if for example, you put 10% of your bankroll on the bet, a loss would not be so disastrous. If you spread the risk, you will have more time to play and a better chance of winning.
Top Benefits of Bankroll Management
- Play for longer with minimized risk – by properly managing the percentage of the money you bet, you will have more money left in your account to play with.
- Make informed decisions – by tracking your loses and wins by game type, time of day, or your mood, you can boost your winning odds by making smarter gambling decisions.
- Easy to plan your future – having an idea of the profit you can make via gambling allows you to clearly see the big picture.
In this article, we have explained everything you need to know to properly manage your money when gambling at an online casino and how to make a bankroll.
Choose The Right Games
This is the first thing you must think about when it comes to casino money management. It will help avoid big losses.
In regards to winning more money at an online casino, choosing the best games to play is something that many people seem to be struggling with.
For instance, if you find yourself betting on high-risk games, then you risk losing all your money before you even get a chance to hit the jackpot.
Although there are many viable options available out there, we’ve kept it simple for you. We’ve only recommended two games with the best return to player, lowest house edge and easiest to learn.
Keep in mind that just because you have a 50% chance of winning every time you play, it doesn’t mean that things will always work out this way.
Nevertheless, if you learn when is the right time to increase your bets and when to stop, then you can have a better chance of making a profit.
This doesn’t mean that you should not fear trying out other casino games you are not familiar with. All you have to do is find an online casino that allows you to play the game in the demo mode and perfect your skills before you start playing for real money.
How Much To Play With?
Playing online casino games is fun, but you ought to decide how much you can afford to gamble or spend on your favourite real money games.
First, you ought to really take a closer look at the amount of money you can afford to lose at the online casino. In doing this, you must be honest with yourself.
This is because you don’t want to lose all your money, including money that was meant for other things such as rent, electricity bills, or school fees. You should only spend money that won’t impact your normal life!
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.
For example, if you have $1000 left after clearing all your pending bills, rent or mortgage as well as other living expenses, it would not be the best decision to spend $1000 on gambling.
It would be better if you set aside $100 or $200 so that you will have some money left for other things.
Divide Your Bankroll
Splitting up your money is essential to make sure you don’t lose all your bankroll at once. For instance, if you wish to spend $500 at an online casino for a month, you should only play with only $125 a week.
On the other hand, if you plan a trip to Las Vegas with $1000 to bet with for 4 days, you should not take the entire $1000 with you. You need to split the amount up accordingly.
However, if you are a seasoned casino player, you can divide your bankroll based on the number of sessions. The most important thing here is to ensure you stick to the betting limits you have set either per session, week, or day.
This is because spending more than the set amount might set you up for failure and you could end up losing your entire bankroll.
Separate Your Winnings From Your Deposit
It doesn’t sound easy, but you should actually separate your winnings from the deposit. For example, you should set a goal, if you had deposited $200 and have managed to win $200, then you should cash out the initial deposit.
This will ensure you have something to show for the time you spend at the casino. Essentially, this will keep your bankroll safe because you will only be playing with your winnings.
In case you manage to win the deposit amount again while playing with your winnings; you should cash out that amount again. The amount will serve as your bankroll in the next gaming session. It will also help to further stretch your bankroll.
We strongly recommend that you opt to use instant banking methods like PayPal or Neteller to properly manage this process. The use of these payment methods allows you to quickly withdraw, which only means you will only be playing with your casino winnings.
Control Your Emotions
The ability to control your emotions will greatly help manage your online casino bankroll much better. In case you are playing at an online casino and lose lots of your money, it’s pretty easy to get angry or even agitated. If you continue playing, it is highly likely that your emotions will play a major part in the decisions you will be making.
So, you can easily make the wrong decision. This means your judgment will be compromised and you could end up losing more. As a result, if you start feeling this way, the best thing you can do is take a break and only come back when you are calm and with a clear mind.
The online casino does not choose whether you lose or win a certain spin/hand or session. The outcome of online casino games like roulette and slots is random.
Choose the Right Bonus
Almost every online casino offers its players different types of bonuses and promotions. The online casinos do this to entice players to join and continue playing on their site. Keep in mind that most of these bonuses come with rules like restricted games and wagering requirements. For this reason, you must carefully assess the bonus you want to claim.
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.
Overall, proper management of your casino bankroll is vital to enjoying your gambling experience. As a result, you should only play with the amount of money you can afford to lose.
Nevertheless, managing your bankroll will help make sure you play reasonably, therefore, giving you a chance to make better decisions.
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Ari Waknine was born in Brooklyn, New York and was the founder of iGamble Group, an online gaming critique firm that helps players pick online gambling websites that fit their profile, as well as, helping them to increase their winnings. He is also the founder of NewCasinos.org, and is strictly focusing on this project making stronger and better than ever.