No to Being Broke: 7 Tips to Manage Your Online Casino Bankroll
As a gamer, you might not have realized that casino bankroll management can heavily influence your enjoyment in a gaming hub. Usually, successful betting sessions are chalked up to skill and luck. But no matter how good you are at playing card games—or no matter how lucky you are at slots—you are doomed to go broke if you do not know how to manage your player funds.
While playing, you must not only know the best gaming strategies, but you should also be familiar with managing your bankroll. The most obvious reason for doing so is to avoid wasting money that you cannot afford to lose. In addition, proper management of casino funds lets you play for longer sessions with less risk. This means you will always have money set aside to cover your losses while you wait for a winning streak. Here are a few tips to stretch your bankroll as far as possible:
1 | Determine Your Playing Budget
Before you consider playing in an online casino, evaluate your finances and decide on how much you can afford to set aside for betting sessions. Be realistic: your hard-earned income should not just go to your player funds. It should first go to expenses such as mortgages and bills. After you have reserved money for personal expenses, that is when you determine how much you should spend on casino games.
Moreover, do not use the entire reserved amount to top up your casino account. If you have €500 left after paying your bills and other expenses, set aside €200 so that you have money left over. That way, if you blow off all of that money from playing, at least you have funds to tide you over until the next payday.
2 | Set a Betting Limit
Even after you determined how much you should spend on casino games, it is still important that you do not spend the entire amount right away. Set a limit on how much you should wager per day or per week. So if you topped up your account with €200 good for a month, play only with €50 for a week. If you win, your gaming funds will increase. But if you find yourself in a losing streak, you will lose only €50 of your deposit while the rest remains safe.
If you think you cannot control how often you load your player account, contact the support staff of the casino. Gaming hubs have deposit limits that prevent you from topping up your account with more than the set amount. By activating these caps, you will not be tempted to spend more than you can afford to lose. Even better, if you request to remove the deposit limit, the changes usually take effect after seven days, giving you time to think about whether you made the right decision.
3 | Learn How to Size Your Bets
While maximum bets give you a chance to win big jackpot prizes, they tend to drain your bankroll if you find yourself in a losing streak. However, this does not mean you should wager the smallest amount to manage your bankroll properly. A €0.05 bet on a spin might give you a €0.5 win, but that will not make your betting sessions enjoyable.
The best way to determine how much you should wager is to bet at most 1/50 of what you have. This means if you have €100 for slot games, wager only €2 on a single spin—no more, no less. That way, you will enjoy the thrills of potentially winning while stretching your player funds.
4 | Separate Your Deposit from Your Winnings
Once you have money in your player account, you might be tempted to place larger, riskier bets. Of course, in the event you lose big, you blow up your bankroll as well. To avoid possibly losing the money in your account, withdraw your deposit once you win the same amount. So if you play with €50 and win another €50, cash out your initial deposit or set it aside. That way, your bankroll will be safe as you play with your winnings. To help you withdraw your deposit amount, use methods that will credit the money to you instantly. These include crypto wallets as well as e-wallets like Neteller and Skrill.
5 | Plan Your Gaming Sessions
Before you play with real money, it is important you get to know what casino games you are playing. If you play a game you do not understand, you are more likely to lose money quickly. The best way to do this is by visiting the rules section. On top of giving you a comprehensive look at how to play a game, it should also contain information such as the house edge and minimum bet amount.
On the other hand, if you want to try a game for the first time, play its demo version first. This will help you get to know the gameplay. In addition, playing for fun will help you prepare for worst-case scenarios and come up with strategies that you can use so that your bankroll will not suffer a huge blow.
6 | Control Your Emotions
It is normal to get into a losing streak while you are playing. In many cases, this may cause you to get agitated or angry. And if you keep on playing, you are likely to make decisions based on your emotions and not your head. By doing so, you stand a chance to lose more. In case you start losing in a game and you feel the agitation coming, take a break and step away from your computer. Return to the game only when you are calmer and in the right frame of mind.
7 | Maximize Your Casino Bonuses
Casino bonuses are the best ways to increase your bankroll quickly. Lucky for you, most gaming hubs offer a variety of rewards such as welcome gifts, free spins, no deposit bonuses, and more. Use these deals to boost your gaming funds by topping up your account with minimal to zero amounts.
But before you claim a bonus, make sure to read its terms and conditions carefully. Look for the wagering requirements that state how many times you have to play through your bonus money and deposit amount. You would not want to redeem a deal then realize you have to clear unreasonable terms to get your winnings. At the same time, check the contribution percentage of casino games so that you know which games you should play so that you could meet the wagering requirements quickly.
While these bankroll management tips will not change your luck or your chances of winning, they ensure that you will play smarter. Plus, you have a guide in making good decisions now that you know how much money you can afford to lose. Just make sure to stick to the plan and be stubborn in seeing it through, no matter how good or bad your luck is.