Some players don’t often think or give attention too much to their bankroll. They just deposit money into their online casino account and just go with it. Proper bankroll management will enable you to become a smarter gambler that will have better control over your finances.
It does require a high degree of self-control and some planning, but nevertheless, this arduous process will pay off in the long run. A good bankroll management system can be applied both online and offline at land-based casinos.
When you are playing with real money, you also have a degree of responsibility. If you don’t manage it well or pick the wrong games for it, your gambling session will be cut down short.
Keep on reading to learn more about casino bankroll management.
What is a bankroll management system?
If you have ever played at an online casino, you may have practised the fine art of bankroll management without knowing it. Think about it. How many times you have decided to walk away from a session once you have spent all your money or walk away when you have hit a good win?
In essence, bankroll management refers to managing your casino money when it comes to gambling. It also entails some sort of plan to ensure that you don’t overspend, chase after your losses or gamble more than you can afford.
If you are playing at a land-based casino, it is very easy to lose track of time and money. However, if you are playing online, you are far away from any distractions and will be able to manage them properly. Remember, casino games are fun until they stop being so. If it stops being enjoyable, you may be suffering from gambling harm.
Having a basic bankroll management system in place will help prevent this harm and control.
How to manage your casino bankroll
Whenever we refer to the term bankroll, we are referring to the money that is available to gamble with. It can be incredibly easy to keep track of it, but if you are not careful, you can easily get carried away and lose it all in one go.
Here are a few techniques on how to better manage your bankroll:
Set a budget beforehand
This is probably the most important step when it comes to bankroll management. Before you sit down for an online gambling session, decide on the budget and the amount of money you wish to gamble with. Many players often lose sight of these funds, and will continually top up. Knowing beforehand how much you are going to play with will give you better control in general.
Any money you deposit into an online casino account should be considered as money lost. You should never think or consider how to spin these funds into more winnings. You need to be realistic about how gambling works and how the house edge plays a role. You should also take into consideration if you are planning on spreading your bankroll over one session or many sessions.
If you are flying to Las Vegas to gamble, you should be able to split these funds over several days. However, if you are gambling online, you should also consider how much you are willing to part from.
Once you have decided on these key factors, you simply need to stick to the budget. When these funds have all been used up, you need to walk away from the session. If you are going to ignore it, then you have failed at bankroll management.
In theory, this may be a simple procedure. However, it is easy to get forget how you can get caught up in the rush, especially if you have hit a few winning combinations.
Win and loss limits
As you might be aware by now, the house edge plays a big role in generating money for the casino. The casino does not need to do much as all the casino games available come with a house edge, that ensures that every bet placed generates some money for them.
The house edge plays a big role once you have been playing for a long period of time. If you are playing short sessions, you may be lucky and win a few games. If you keep on playing though, you are likely to lose it all.
If you strike it lucky, that is the time to cash out your winnings. Similar to setting a budget before starting a gambling session, it is also important that you have win and loss limits in place. As soon as you hit either of these targets, pull the plug and walk away. Once you are caught in the rush, it is easy to lose track of the time or the purpose of the bankroll management.
As soon as you walk away, you will be happy with the self-control shown.
Don’t chase after your losses
Since gambling is far more complicated and is easy to get hooked up to, there is always room for bad mistakes especially when it comes to your casino bankroll management. Many players think they can chase after their losses by making more deposits. Once they make that deposit, they end up losing that too.
Chasing after your losses is one of the biggest mistakes players make when it comes to bankroll management. You have to keep in mind that not all gambling sessions will be necessarily positive. In anything, they are more likely to be negative, which is why we mentioned earlier that any money you set aside for gambling should be considered as money lost.
By sticking to your budget when it comes to wins and losses, you will be able to ruin the casinos’ plans when it comes to taking as much money as possible from players. They are banking on people making bad decisions and chasing after their losses.
Play smart
The house edge has a big part to play when it comes to generating money for the casino. That does does not mean that there is nothing you can do to lower the house edge. Games such as online slot games are the biggest culprits when it comes to depleting a player’s bankroll.
On the other hand, playing games such as online Blackjack and European Roulette can bring positive results. Any games where you have to make a decision can influence the result and lower the house edge.
At the same time, you should only place bets that are in proportion to your bankroll size. If you have £20 to play with, placing £5 bets would not be smart. It also does not mean that if you have a good strategy in place, you will win the game each time.
Some players get easily bored if the bets are too low since they are unlikely to see any big monetary gains. So in turn they will raise their bets to add to the thrill. Betting higher in proportion to your bankroll will cut your gambling session short and lead to bankroll management problems.
Slow down
One of the biggest pitfalls new online gambling players experience is that they play too fast. Games such as online slot games and RNG table games go fast and allow you to speed up the process. If you love playing card and table games, it may be smarter to head to the live casino section. This way it will slow you down and you will have enough time to make wiser decisions.
Racing through the games will end up hurting your bankroll. The more rounds you play per hours, the less likely you will recoup your money back. Taking breaks is also a wise decision. First off it will give you a break from the gambling session allowing you to get a breather and recoup your thoughts. It also slows down that gambling rush and prevents any potential gambling harm.
Casino bonuses and promotions
Online casino sites are too keen to through casino bonuses and promotions at your direction. If you want a fatter bankroll, taking advantage of a casino bonus will help your bankroll go that extra mile.
We are all for casino bonuses and promotions as long as you are aware of the terms and conditions that come attached to them. Careful attention must be paid to the wagering requirements, maximum betting, game contributions and exemptions as well as payment method exemptions. These terms is what comes between you and cashing out any potential winnings.
Pick a casino bonus with ridiculously high wagering requirements, and you will not be able to convert it into real money, no matter how much you try.
This also applies to casino’s various loyalty schemes. Get familiar with them and see how you can reap the rewards of being a player at your chosen casino. Many loyalty schemes are based on a points system, which rewards you with points each time you place a real money bet. This makes it accessible to everyone.
In conclusion, the number 1 rule is that you should never gamble with any money you cannot afford to lose. As soon as you start gambling, keep your mind sharp and avoid getting carried away by chasing after losses. If you hit a dry losing patch, it would be smart to call it off and switch games.
Taking regular breaks will also stop you from getting too sucked into the game. Losing track of time will also help you lose track of your bankroll. Having win and loss limits in place will help you stay in control of your gambling session.