One of the most important skills players have to learn is online casino bankroll management. Understanding how to do this helps you on so many fronts. Your deposits will last longer, and you will have a better handle on how to manage your funds. This leads to longer play-sessions and more opportunities to win big.
This leads to the obvious question: how do I master online casino bankroll management and save some precious dollars? In this article, we will go over the most important things to know when planning your budget.
set your budget
Before you start playing, you need to look at how much you can realistically spend every week or month. Everything else starts from there. It is fine to be on the conservative side with your budget, too. As a general rule of thumb, if you cannot afford to throw that money away, you should not gamble. For our example, we will set our monthly budget to $100.
Once we have our budget, we need to spend time planning on how to spend it. This can be as simple or as complicated as you want it to be. For example, you love table games, but you are also hoping to win a progressive jackpot. You can split your $100 budget accordingly. Set aside $10 to play a few rounds of progressive jackpot slots every day. Then, spend the remaining $90 on the games you love best.
Additionally, you need to consider how often you plan to play. If you can only play on the weekends, you can go a little crazy with your bets. However, if you play every day, you need to split your budget into smaller sums to make it work. Once you set your daily or weekly portion, you have to stick to it. Playing more than you planned can result in extra losses, which throws off your budget further.
With a bit of luck, you will eventually start earning some cash. Rather than immediately withdrawing those funds, consider banking some of them. In an ideal world, you will win enough cash, so you do not have to deposit any cash next time. You might even land a win so big it fills your budget and gives you funds to withdraw.
never chase losses
One of the most important things casino members have to learn is not to chase losses. It never feels good to leave while you are down. However, trying to bet even more money to make up for the losses rarely works out. Do not get us wrong. There is a chance you succeed and get your money back. Unfortunately, there is a much greater chance that you lose even more money than planned.
Chasing losses rarely works out because people panic. Your goal becomes less about having fun and more about getting money back no matter what. Because of that, you might bet more money than your budget allows. You might continue to increase your wager, hoping that a big win will rescue you. Desperation clouds your judgment and creates a recipe for disaster.
If you can see luck is not on your side, we suggest taking a break. You can do this by dropping down to lower variance slots or table games like blackjack and poker. Alternatively, you can stop playing altogether for the day and come back tomorrow with a clear head. How you go about it is up to you, so long as you are sticking to your set budget.
bonuses and games
There is a reason our casino reviews spend so long talking about available promotions. These special offers can sometimes be helpful in building up your budget and boosting your bankroll. For US players, this is primarily done by using deposit match promotions. Odds are, you have seen plenty of ‘deposit $50, get $50 as bonus cash’ bonuses in online casinos. Their widespread popularity exists because they work.
Now, promotions are not guaranteed to work. In recent years, online casinos have made bonus terms much stricter to limit your chances of winning big. However, it is still possible to do so if you get lucky. Even if you are not lucky, you receive a flat sum of bonus cash you can use to fill your budget. These free funds let you bet bigger than you might be able to without the bonus.
Another way to succeed in bankroll management is to pick less volatile games. Obviously, you should play releases you find fun. However, if you want a reliable way to extend your bankroll and maximize your playtime, we suggest playing blackjack. Casino members familiar with blackjack’s basic strategy can lower the house edge to less than one percent. Other casino games we would suggest playing are roulette, baccarat, and low variance slots.
You should also avoid jumping into games without knowing their rules or strategy. Blackjack’s incredible house edge is only possible if you know how to play it. European Roulette has an RTP of 97.3%, but only if you play its three even money bets. If you ever come across a new game, we recommend reading up on it and practicing in demo mode. Once you understand how to play a release, you can maximize your chances of winning.
practice, practice, practice
All these steps to help your online casino bankroll management are only effective if you stick to them. As such, you should do your best to practice these steps with every play session. Stick to your bankroll limits, no matter how tempting it might be to keep playing. Know when to stop playing and step away. If you feel like you are not having fun, it is probably time to take a break.
Do not feel discouraged if you fail to follow these guidelines at some point. It happens to the best of us. Fortunately, online casinos give you tools to limit yourself. For example, you can set yourself a deposit limit in the settings tab. With the limit active, you will never spend more money than you planned for that month. If you have a hard time sticking to your bankroll, it might be a step worth considering.
One thing we did which helped us with bankroll management is keeping a journal. Every day, we wrote down what we played, how much we spent, and how much we won. It does not have to be a physical journal, either. It can be as simple as a spreadsheet on your computer or phone. While not an essential step, we would still suggest trying it for a week or two.
(Photo by Karolina Grabowska from Pexels)