Managing Your Online Casino Bankroll
Every player dreams of winning big when logging on or walking through the doors of a casino. The real issues at play, then, are how to increase yours odds and keep yourself in the game as long as possible. This is where solid bankroll management comes in. It might not sound sexy, knowing your budget and limits is absolutely vital to your success at any casino.
What Is Bankroll Management?
Bankroll management simply means a well-informed player making their funds last to stay in the game. Of course, no player’s goal to simply whittle their cash away as slowly as possible. Since the overall aim is to growing one’s bankroll, staying in the game longer allows players to ride out losing streaks and get more chances at the big jackpots. The secret to sound money management is to understand how a casino operates and determine the best stakes and limits for your individual budget.
Variance is a key concept in budgeting for a strategic gambling approach. Here, we’ll use an example to illustrate how variance works, and how it can be leveraged for the bettor’s success in money management.
When you play European roulette, your odds of hitting red are nearly 50%. Many new players assume this means they’ll win five out of ten times by betting on red. But of course, this isn’t the case, and gambling wouldn’t be much fun at all if we always knew what was coming. It’s perfectly reasonable to expect that you bet on red ten times and only win twice (20%) while playing roulette. According to variance, the given statistical odds (in this case, 50%) only play out over a significant time.
Variance means inconsistencies in the short-term, but even long-term results are by no means guaranteed. Experienced bettors know the trick to leveraging variance is riding out the bad times effectively by betting with slightly lower stakes. This way, you stay in the game long enough to see the tides turn.
Put simply, good bankroll management begins with knowing how much you can spend, setting a budget, and sticking to it. If you aim too high too fast, your night could end when you blow your entire budget in just a few minutes on a game, or you risk dipping into your savings and playing irresponsibly. Don’t exceed your limits.
How Much Should I Bet?
Deciding how much cash to put at stake in poker or casino games is a highly individual matter, but there are a few steps that every player should follow for sound money management. Having specific staking methods is a wise play in online gambling.
- First, decide on a limit for a reasonable amount of money to play on each poker session or casino game. Whether it’s £50 or £500, any money you bet should be an amount you’re comfortable losing.
- 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.
- Next, think about how much time you hope to spend at the casino. Whether an hour or a full day, this will dramatically affect how much you can bet per game. Remember, variance plays out more evenly the longer you play.
- Finally, plan for a realistic worst case scenario. Consider the following roulette example: if you only win 20% betting on black, would you be comfortable making £10 wagers knowing that you may be down to zero after just a few bets? A better solution is to wager £2 so that you have a better chance to ride out the losses. Stick to your limits.
Remember, playing compulsively 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 the reload button thinking you can win your money back in the next game.
A Smart Player’s Winning Strategies
Bankroll management is all about playing smart and knowing your limits. Here, our reviewers have compiled their top tips for effective budgeting, whether you’re playing poker or another casino game. Players, take note:
- Know Your Limits
Since the casino will always take in more money than it hands out, it’s vital to plan for the worst. Put simply, a player shouldn’t gamble money they can’t afford to lose or ever risk going into debt over a round of poker. Casino games are only entertaining when enjoyed responsibly.
- Lessen Your Losses
Stop losses is one of the most popular bankroll management strategies and comes straight from the world of finance. At the casino, stop losses can mean two things. In the more high stakes version, players set a budget and make their exit from the game once they lose it all. The second and more responsible version means a player incrementally lowering their stakes to keep playing the game. If the player has a total gambling budget of £200, this might mean beginning to play with £5 wagers but switching to £2 wagers when they’re down to £100.
- Bank Your Wins
Aggressive bankroll management can also help players preserve wins. Setting specific targets and limits for each game allows a player to walk away with winnings intact, because unfortunately, every so-called lucky streak will eventually run its course. Will you bank your winnings or let them evaporate? Set appropriate limits, quit while you’re ahead, and you’ll thank yourself the next day.
Start Budgeting Today
As you can see, aggressive bankroll management is one of the most important strategies for a lucrative and fun gambling experience. Taking advantage of available deposit bonuses and free spins at online casinos is a sure-fire way to stretch your budget for games like roulette and poker, considering that you can win cash without digging into your wallet. However you manage your budget, playing with effective staking methods lets you play longer. Every successful player knows their limits, so play smart!
If you or someone you know is affected by problematic gambling, there are many organisations that can help. GambleAware and GamCare both offer advice on finding support.
If you would like to learn more about online casino resources, tips and more, be sure to check our casino guides here.