There’s no way to overstate how important proper money management is for gambling, online or otherwise. Good bankroll management at an online casino will ensure you’re getting the most fun without burning through hard-earned cash.
The key to good money management is remembering that the goal is to have fun. That much is enough to never lose more than you can afford to. However, controlling how much you bet is often the only decision you make with most casino games. For instance, you can’t directly affect the outcome of online slots, can you?
To that end, controlling your bankroll while gambling is important in more ways than one. Here are some simple tricks to keep your casino budget on point.
1. Set a Gambling Budget
The number one piece of advice for any prospecting gambler is to budget properly. It’s a simple enough idea – just set an amount and stick to it. In practice, though, sticking to a budget can be easier said than done.
Cino money management is all about willpower. Don’t go chasing losses, and don’t fall into the “just one more round” spiral.
A simple approach to proper budgeting is to consider the amount “lost” before you ever wager it. Just think of it as entertainment expenditure. If you lose – oh well, you counted on it. Winning is just a bonus.
“Never gamble more than you’re willing to lose” is an old punters’ adage, and it still rings true.
2. Split Your Budget into Units
Keeping track of your spending while you play is obviously important. However, once the rounds, spins, and deals go rolling, this can be a bit difficult. Especially if you find yourself in a winning or losing streak.
One helpful casino money management tip is to split your total budget into smaller “units.” Essentially, you want to bet the same amount every time you put some money up.
There are several benefits to this approach. First of all, you’ll always be aware of how much you’ve spent so far. Just keep count of the number of bets you’ve made, and multiply it by the unit size.
Moreover, repeatedly making bets with the same stake is a typical part of many online casino strategies. That’s one of the reasons proper casino bankroll management will not only protect you from losses – it can help you win, too.
3. Know When to Cash Out
Streaks can go both ways, and you’ll eventually find yourself winning. While it takes no small amount of restraint to tap out when you’re losing, knowing how to win is equally important. Casino money management goes both ways, so to speak.
Let’s explain. A typical gambler experiences their sessions in chunks. Whether true or not, these are often described as winning and losing streaks. The bad habit with losing streaks is the tendency to chase losses. The equally bad habit with winning streaks is the tendency to become overconfident and burn through everything you just won.
Just like you need to set an amount you’re willing to lose, you need to have a goal in terms of earnings.
A typical example of this technique is to cash out winnings whenever you double your initial funds. Once you have double the money you started with, cash out your initial stake and use the rest to keep playing. After that, the same rules as ever apply. By the end, you’ll essentially have a guaranteed profit, even if you go on to lose every penny of this second bankroll.
It takes a lot of willpower to stop when you’re losing. It takes even more to stop when you’re winning.
4. Make Use of Casino Bonuses
This especially applies to online casinos, but remember that land-based establishments also have their comp points and perks.
This point might seem a bit obvious, but that doesn’t mean it’s not worth mentioning. Besides, there’s a science to knowing how to use casino bonuses. Newbies tend to get pulled in by big promises and numbers, only to see their online casino bonus melt away. Used correctly, though, a casino bonus can pay dividends with some proper casino money management.
There are two terms you need to familiarise yourself with: wagering requirements and wagering contribution. A wagering requirement is essentially the number of times your bonus funds need to be used as a stake before you can withdraw them. No casino is just going to give money away, after all. Bonus funds exist to be used specifically at the casino. So, for example, a 10x wagering requirement you’ll need to bet the money 10 times before you can withdraw it as cold, hard cash.
The issue with that is that the more you bet, the more the house edge starts compounding. Given enough time and betting, you’re quite likely to end up losing the whole bonus amount – and then some.
However, if you keep track of your spending and are aware of how much of the bonus budget is “shaved off” with every bet through, you can truly use the bonus to your advantage. That means that keeping tabs on things can almost double your funds! All thanks to paying attention and casino bankroll management.
5. Think Long Term
One reason why you’re meticulously keeping track of winnings and losses is insight into long-term profits (or losses.) Think of it this way – just because you had the session of your life doesn’t mean you beat the casino. If, however, you manage to win more than you lose in a month? Now you’re getting somewhere.
This is the essential “hook” of gambling. The house edge and RTP rates rely on statistical probability and the rule of averages. You win some, you lose some, but in the long run you’re losing more than you’re winning.
Money management at a casino revolves around being aware of this hook. Don’t get overconfident just because you managed to win a few hands or rounds.
6. Risk of Ruin
Before we wrap up, we have one more concept worth mentioning. Remember that online casinos don’t exist in a vacuum. Your money has value everywhere.
We’ll explain through an example. Say you have a bet that doubles your money and has a 90% chance of winning. By all principles of betting value, you’d be an idiot not to take it, right? Right. Except if the stake is your house. Then you’d be an idiot to take it.
Our example is a bit extreme, but the gist is not to put all your eggs in one basket. Blowing through 90% of your bankroll on one bet is never a good idea, no matter how great the bet is.