The value of managing our bankroll
In online gambling, the identification of a bankroll is just the start. What’s more important is to manage your money while playing your favorite casino games properly. As players, we are prone to make careless decisions, too, based on our mood or the demand of the situations.
For example, a losing streak in a game of online slots often tests our desire to get back and chase our losses. This can lead to frustration, stress, and more money spent. As such, it is always essential to manage one’s bankroll when playing at online casinos.
Let’s define what a bankroll is
So, what exactly is a bankroll, and why it’s important? This refers to the amount of money a player sets as his budget when playing casino games.
The amount depends on the player’s playing style and risk appetite. A bankroll can be worth $30 or $1,000 per day or week, depending on how one expects to play. However, the main principle in setting a bankroll is identifying an amount you can afford to lose.
Taking care of our bankroll = more fun, for longer, and safer!
Bankroll management is essential if one way to play, have fun, and stay safe online. By identifying a bankroll, you set a limit as to how much you can spend.
This protects you from unnecessary spending in an online casino. In bankroll management, you also identify the maximum wager you can play relative to your budget. Some experienced players say that spending 5% of your bankroll as your wagering limit is recommended. With this approach, you can play longer and safer when enjoying your favorite casino games!
The 9 essential tips on how to manage your money in a casino
It’s always a challenge to play responsibly and to spend within limits. However, it’s a requirement if you want to stay safe online. If you’re a beginner or want to enrich your learning, here are a few reminders and tips on how you can effectively manage your money in a casino.
1. Gamble the money you can afford to lose
This is a primary requirement when gambling online. As a player, you should only play with money you can afford to lose. So that when the odds are not in your favor, you’ll not feel bad or depressed.
It’s a timely reminder since some players often use the funds or money intended for other household expenses. This should not be the case when playing at casinos. Only play with your extra cash that’s not intended for your household budget and related costs.
2. Set a Spending Limit
After setting a bankroll, we recommend that you select a spending limit. This refers to the maximum bet to play on each spin or round. Or it can also apply to the total amount you can wager for each session. Some casino players recommend 5% of the bankroll as the maximum bet per spin or round.
3. Use casino bonuses and free spins
For wise and creative players, casino bonuses and free spins are the way to go. Casino bonuses can help you grow your bankroll and ‘stretch’ it for longer playing sessions.
For example, you can play your favorite slots for free with free spins or the deposit bonus. In short, bonuses give you ‘free chances’ to play for real money cash or jackpots without worrying about your bankroll. Read our reviews, we have the most up-to-date offers and bonuses you don’t want to miss out on!
4. Don’t spend everything in one go
It’s never wise to spend all your money in a single spin or round. Remember, each game’s outcome is at random, and the operator will always have the advantage.
If you go all in, there’s a chance that you will lose it all and not enjoy the beauty and thrill of exploring premium casino games. A better casino bankroll management strategy involves betting small amounts first to get a feel of the game.
5. Find the highest-paying games
Another way to protect your bankroll is to find the highest-paying games. For online slots and other table games, look for its Return to Player (RTP) percentage. This refers to the average theoretical return of a game over the long term. This is expressed as a percentage, with returns close to 100% as the best.
6. Bank your profits on the way
Winning at online casino games always offers that unmistakable adrenaline rush. It’s thrilling to see your winning bet come up or make that random yet winning spin. As you watch your winnings grow, the excitement builds up as well. However, this isn’t a complete win on your part.
As you continue to play, you also put yourself at risk of losing what you have won along the way! As part of your online casino bankroll management, we recommend that you bank your profits along the way. Once you reach a certain amount, make a withdrawal, and secure your winnings. Locking in your gains is the wisest way to manage your bankroll.
7. Use e-wallets
It’s best to set up a separate bank account when playing at online casinos. When possible, set up an e-wallet solely for topping up your account or when withdrawing funds. Compared to other banking options, setting up an e-wallet is fast and easy. Funding your e-wallet is instant using a credit and debit card or your bank account.
Also, most casinos process payments instantly with no or minimal fees. However, some casinos don’t award bonuses such as free spins to players who use e-wallets. This should be considered as part of your casino bankroll management.
8. Stay strong and control your emotions
Effective bankroll management requires complete control of one’s emotions. Winning and losing in casino games evoke strong emotions and can lead to irrational decisions.
The key to winning and managing losses is to control your emotion. If you are winning, don’t get too excited and start betting wildly. And if you’re losing and have used up the bankroll, learn to exit the game. Chasing your losses isn’t the best strategy when playing responsibly.
9. Stop at the right moment
Learning how to stop is a particular skill that every player should possess. This means knowing when to stop playing and cash out one’s winnings. So how does one know it’s the right time to stop? Well, different strategies can guide you on how and when to stop.
For example, you can set a target winnings, and once achieved; you can exit the game. Also, you can stop once you hit the jackpot or win a substantial payout. Of course, these strategies should still incorporate one’s set bankroll.
Responsible gambling and effective casino bankroll management also mean getting the help of support groups. Most casinos now integrate a Responsible Gambling page where you can access tools and resources such as the Session and Betting Limits and the Self Exclusion tools. Also, you can contact industry support groups to get help and professional assistance.
Effective casino bankroll management is a requirement if you want to play casino games without guilt. By managing your bankroll, you protect yourself from unnecessary spending online.
Also, it will prevent you from making irrational decisions that may affect you financially and personally in the long run. So, before you play, identify first your bankroll, and set your betting limits.