Managing your casino bankroll is very important as you don’t want to lose all your money instantly. Enjoying your online casino experience is key and for this, you need to make the most of your money (referred to as your bankroll).
The objective is to win when you play but you will want to make your bankroll stretch as far as possible. This article provides some useful tips that will help you manage your bankroll better thus giving you a more enjoyable playing experience. Please note that there is no guarantee in anything meaning that you could lose your entire bankroll. The key is to minimize the risk of losing your bankroll by being sensible.
1. How much should I play with?
Playing at online casinos is great but you need to pre-determine what you can afford to spend or gamble on your favourite casino games. First and foremost, you need to realistically look at how much you can afford to spend at online casinos. You have to be completely honest with yourself here because if you lose all that money for example, you don’t want it impacting other aspects of your life such as not being able to pay the mortgage or your bills.
If you have £500 left after paying all your bills, mortgage or rent as well as your living expenses, it wouldn’t be wise to spend £500 on playing. Maybe you should set aside £50 or £100 so you always have money left over for other things in your life. There are more important things to gambling online!
2. Split up your Money
Dividing your bankroll is vital to ensuring you don’t blow all your money at once. For example, if you have £200 to play at online casinos with for a particular month, only play with £50 a week (£50 x 4 weeks = £200). If you go to Las Vegas for example with $500 to gamble with for 5 days, you shouldn’t take the whole $500 with you on your first day. You should split it up according (i.e. $100 a day).
Alternatively, if you are a more experienced casino player, you can split your bankroll by the number of sessions you play. What is it important here is that you stick to your set amount per day, week or session. Spending more than this set amount could result in your losing your way and blowing your entire bankroll very quickly.
3. Separate your Deposit from your Winnings
It isn’t easy to do but you should divide your winnings from your bankroll. You should set a goal – for example, if you play with £100 and win another £100, you should withdraw your initial deposit or set it to one side. This will ensure that you won’t lose what you initially deposited. This will safeguard your bankroll as you will play with your winnings.
If you manage to win your deposit amount again with your winnings, you should withdraw that again. This amount you win could serve to bankroll your next session and stretch your total bankroll even further.
I recommend you use an instant payment (e-wallet) method such as NETeller or PayPal to manage this process better. Using these banking methods, you can withdraw very quickly which will allow you to just play with your winnings.
4. Don’t Chase your Losses
If you are losing your bankroll (which will happen naturally), you should never compromise the way you play. For example, you shouldn’t increase your bet or stake size in order to possibly win more. This way, you could easily play at levels higher than you are used to and lose more as your bet size increases. If you are losing, I recommend you play on lower stakes than you normally play at so you limit your losses. Furthermore, stick to your limit so you are comfortable with what you are losing. Finally, take a break so you can see if your luck changes in your next session.
5. Increase your Stake when Winning
If you are on a winning streak, trying increasing your bet or stake amount. Your winnings could be bigger hence more money for you. Only do this if you are winning though so you don’t risk your initial bankroll. This system is also known as a progressive betting method.
6. Play the right Casino Games
Playing casino games you are familiar with will help your bankroll – if you play a game you don’t understand you are more likely to lose your bankroll quicker.
I highly recommend you visit the Casino Games section which will give you an in-depth look at the particular casino games with various articles ranging from the history of the games to a guide on how to play the games. It also has other information you should look out for or be aware of in order to play the game properly. Each game is reviewed thoroughly and will give you valuable tips so you can make the most of your casino experience.
7. Be Strong Willed
Playing with a set amount is easier said than done. If you are at home and online, access to your debit or credit card is easy. We recommend you have a dedicated e-wallet banking method such as NETeller so you use funds from that account only. Don’t keep your cards within easy reach when you are playing and you shouldn’t have any problems. If you think you may have a gambling problem, read our Do I Have a Gambling Problem? article. You may think you don’t have one but answer the questions honestly to see if you need help.
8. Know When to Stop
Enjoying your casino experience is important. You will only do this when you know when to stop playing. All the tips above are useful but if you cannot stop playing, then you have a gambling problem. Even if you are winning lots, you should take a break as you could easily lose it all back again. Being disciplined is key in all aspects of life, especially when playing at online casinos.
9. Control Your Emotions
Controlling your emotions will help you manage your casino bankroll a lot better. If you are playing online and lose a lot of money, you can get agitated or even angry. If you carry on playing, you are likely to make decisions based on your emotions and therefore not with your head. This means you can compromise your judgement and could lose more. If you feel like this, you should take a break and only return when calm and in the right frame of mind. The casino doesn’t choose whether you win or lose a certain session or hand/spin. It is random so bear than in mind.
10. Choosing the right Casino Bonus
At online casinos, you will be offered various types of bonuses in order to entice you to play. All the bonuses come with terms and conditions such as wagering requirements and restricted games so be sure to look into the bonus in detail.
Whilst an offer to triple or even quadruple your initial deposit may seem appealing, you need to do your research and understand exactly what you will get for your money. I highly recommend you check out the two Casino Bonuses Explained articles which will give you all the details on what to look out for and avoid.
In summary, managing your casino bankroll is key to enjoying your gaming experience. Only play with what you can afford and stick to what games and limits you are comfortable with. You need to do your research on where you are playing too. However, managing your bankroll will not alter your luck or change the chances of winning in your favour – it will ensure you play sensibly therefore giving you a better chance of making good decisions you can live with.