When it comes to all concepts of gambling, whether that be in a land-based place or the ever-growing in popularity online casinos, the aim for all of us is to win and, of course, have a good time.
But it is well known that you cannot win every session, and when you play, you are risking your own money that you have worked hard for, so you should not take it too far.
Some players are still unsure of how much to risk and how not to lose control, and if you feel like you fall into this category player-type, then you need to learn bankroll management.
Luckily, poker players have a good grasp of these concepts, but if you decided to play casino games, make sure to follow the tips outlined in this article. It will help keep you in the game for longer and can minimize losses should your next online casino session go off the wall.
What is bankroll management?
In simple terms, bankroll management is how you manage your money in your online casino account.
By following the tips laid out in this article, you will learn how to effectively manage your bankroll and set yourself aside from the degenerate and impulsive gamblers.
Have a budget and stick to it
If gambling were a college course, the first thing your professor would tell you is:
Never EVER gamble with more money than you can’t afford to lose.
It’s the first rule you will learn, and it will be the most important one too. Not every session will be a winning one. That is a stone-cold fact, so do not wager money that cannot be lost.
This is why it is important to have a budget and stick to it. No matter how long your largest baccarat winning session is or how many blackjack books you have read, downswings happen, and if you do not have a bankroll that cannot handle these downswings, then quite simply, you will end up losing the money.
Keeping track of results
It is so easy to get caught up in gambling that you don’t even recognize how much money you have effectively burned.
Whether you are old fashioned and use pen and paper or making notes on an app to track your wins and losses when playing online casino games, it will make it easier for you to recognize when you are on a downswing.
In turn, you will be able to see that it is time to take a break and be able to make smarter decisions when playing on online casino games in the future.
It doesn't matter if you are playing casino poker, Lotto Five, slots, or any other games, always track your results to see where you actually stand.
Don’t wager more on single bets than you need to
You see it in live settings and on online casinos all the time, players that do not grasp the true meaning of bankroll management risk more than they need to in a single wager, regularly.
And what happens then? They’ve busted their bankroll and have to start from scratch again, risking their own money unnecessarily.
I have made this mistake before, so this is why I am telling you not to make the same mistake.
You need to learn how to be a smart gambler when playing online casino games, and these smart players know that their biggest bets should mirror the size of their bankroll.
This way, you will not lose control by making to big of a wager.
As a poker player, I approach this with the rule of thumb that most smart poker players do, never wager more than 1% of your bankroll on any single bet or game. For example, you are starting with an initial deposit of $500, and you should never be betting more than $5. It really is that simple.
This way, if you’re up on your session, you will make enough to see the difference in your bankroll. If you’re on a downswing, then this selection of bet sizing will not see your bankroll take heavy punishment.
Pace yourself. It is a marathon, not a sprint, and remember that gambling is just one long large session over your lifetime, so you need to put yourself in a position where you set yourself up for more wins over time.
Learn to detach from emotions
Crucially, when it comes to playing online casino games, take the advice of TLC, and don’t go chasing waterfalls, waterfalls in this instance are losses.
Be strict and harsh on yourself when it comes to online losses and how much you are willing to risk on your next casino session.
If you hit your stop loss for a session, simply take a break and put the phone or tablet down. Take a deep breath and get some fresh air.
It’s very tempting to try and play a few more hands of 3 Card Poker or Ultimate Texas Holdem to claw some dollars back, but you know, and I know that this rarely works.
For that reason, having a stop-loss limit in the first place is very beneficial. If you happen to lose at the start of the session and reach your designated amount, just call it a day. This way, you will protect yourself and your money at the same time.
It is useful to be clever and do some rationale-based thinking and not give in to impulse as at the end of the day, you will still have funds in your bankroll to try again next time.
Remember to withdraw your winnings
A big takeaway you should get from reading these tips is to remember to withdraw your winnings.
What’s better than gambling with your own money? Gambling with the online casino’s money.
What I mean by this is that when you build your bankroll to double your initial investment, for example, is to withdraw your initial deposit amount.
See what I mean now, the money you’re left playing is pure profit and from the house. This means there’s no risk to your own funds now.
Keep doing this every time you double your initial stake, and once you have doubled your initial investment again off the house’s money, then you get to say you are a winning gambler (that’s if previous losses do not heavily outweigh these small wins).
Also, keeping your bankroll at the amount you initially invested means you are on the tracker to smarter and more controlled gambling.
I have made a mistake before going on a hot streak and have given in to temptation by increasing my betting stakes, don’t be like me. Watch out for these red flags and remember what you have learned today, you will no doubt be better off in the long run.
All the above is a clever way to make sure you do not get lost in a gambling meltdown.
You can tell the difference between a smart gambler and an impulsive gambler in an instant. You only have to look around your local land-based casino to see the disparity between the two.
One of the main factors why smart gamblers have more winning sessions, even in online casino games, is largely due to their successful use of bankroll management.
And after reading this article too, you should have the foundation that you can build on.
It will take patience, not giving into impulse with large bets to chase losses, and smart decision-making alongside smart bankroll management for you to become a veteran of online casino games.
And if you want to try poker instead, just check out these poker tips for beginners and you can jump into the games.