Bankroll Management Tips
Who doesn’t dream of winning big when logging on or walking through the doors of a casino? Even though entertainment is also the name of the game, everybody wants to win. The real question is how to increase your odds of winning or at least keep yourself in the game longer. While there’s no shortage of systems and strategies for success, nothing beats solid bankroll management. Learn how a little budgeting can put you ahead of the game.
What Is Bankroll Management?
Bankroll management is fairly simple. Given that you only have so many pounds at your disposal, you need to make them last. The goal isn’t just to whittle your cash away as slowly as possible. Since you obviously aim to grow your bankroll, staying in the game longer will let you ride out losing streaks, and give you more chances to hit those big jackpots. The secret to sound bankroll management is to understand how casino operates and determine the best stakes for your budget.
The Odds Are Stacked Against You
The only sure-fire way to make money at a casino is to operate your own casino. The sad statistical fact is that all casinos have an edge over everyone who walks through the door whether live or digitally. Every game gives the casino a slight edge. Although there is plenty of money changing hands, at the end of the day, month, or year, the casino takes in many more pounds than it pays out.
While these statistical odds aren’t on your side, we’ve all had good nights and bad nights at the casino. If only there were a simple way to cut out the bad nights from the good ones. Some fortunate players do hit those massive jackpots. Wouldn’t it be better if it weren’t at your expense?
When you play European roulette your odds of hitting red are nearly 50%. It’s actually 48.6% given that there’s a green spot on the wheel. Many new players when faced with these percentages assume that if they always bet on red they’ll win nearly five out of ten times. Well imagine if you bet on red ten times and only win twice. While that may seem unfair, these statistical odds only play out over time. Unfortunately variance can mean inconsistencies in the short term. Even long-term results are by no means guaranteed. The trick is to be able to ride out those bad times as effectively as possible. That’s precisely where bankroll management comes in.
Know Your Budget
Good bankroll management begins with knowing how much you can spend, setting a budget, and sticking to it. Imagine that you have £100 to spend playing roulette. It would be great if you could throw it on lucky 21 and win £3500. Unfortunately there’s only a 2.7% chance of that happening. Do you really want the night to end when you don’t win? What about placing that £100 on black to win £200. That’s definitely a better call since your odds are close to 50%, yet wouldn’t you prefer to play for more than a minute?
Deciding How Much To Bet
After you decide what your total budget for each playing session, you’ll want to assess the payout rates. Some games like blackjack and roulette have industry standard rates, while slots vary widely even within the same casino. Decide how much time you hope to spend at the casino. Next plan for a realistic worse case scenario. In the roulette example above, imagine that you only win 20% betting on black. Will you be comfortable making £10 wagers knowing that you may be down to zero after 15 bets including your wins?
A better solution is to wager £2 so that you have a better chance to ride out the losses. There’s no sense putting yourself in a situation where your back is against the wall. Being compulsive will hurt you in the long run and can undermine your fun much sooner than that. Don’t fall into the trap of running to the ATM or clicking that reload button with the belief that you can win your money back.
Lessening Your Losses
One popular bankroll management strategy comes to you courtesy of the world of finance. Luckily you don’t have to be a day trader to understand the concept of stop losses. At the casino stop losses come in two forms. The more extreme version involves setting a budget and making your exit once you lose it all.
A better stop loss strategy is to lower your stakes at a certain point so you can keep playing. Imagine your gambling budget is £200. If you were playing until you reached zero you might place £5 wagers at a roulette table betting on black. That means in the unlikely scenario that you lost every time, you’d still be able to play 40 spins or at least an hour. With a more refined stop loss strategy you could begin placing £5 wagers but switch to £2 wagers when you’re down to £100.
Banking Your Wins
Bankroll management can also help you preserve your wins. Setting targets can help you walk away with winnings intact. That so-called lucky streak will run its course. Will you bank your winnings or let them evaporate? Greed doesn’t have to break the bank and you’ll thank yourself in the morning.
Knowing Your Limits
Since casinos do hold an advantage, it’s important to plan for the worst. That means refusing to gamble money that you can’t afford to lose. Don’t take food off the table or go into debt for the sake of gambling. Casinos can be fun when you play responsibly. That obviously varies based on your individual circumstances, but you’ll want to keep it in mind nonetheless.
Stretching Your Budget
The easiest way to get the most bang for your buck is to take advantage of available deposit bonuses and free spins. Considering that you can win cash without digging further into your wallet, you should aim to maximise these perks whenever possible.