Money & Bankroll Management in Casino
The Art of Betting Wisely
Money management while playing casino games is important an important factor when playing at online casinos. The reason being is that online games are usually much faster compared to their land-based cousins. Take online slots machines for example which can make one spin in less than a second.
It is necessary to be disciplined and wager money carefully on the games. There are certain useful strategies you can employ to manage your wins and wagers while playing online casino.
If you feel that you have lost control over your money, I recommend you to check out my article on responsible gambling, where you can self-diagnose whether you might have problems or not.
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Plan Your Budget for Playing
It is best to put aside an amount of money that you can afford to spend on games and it should not be money that you put aside for essential expenses. Wager money that you can spend on leisure activities and if you play smart, you can keep the money and even build a profit from the same.
It is important to know when you should quit so that you know how to manage your bankroll and gambling funds.
Managing Funds for Single Sessions
When it comes to money management while playing casino games, you might want to start with single sessions. You can set a winning goal which can be a certain amount of money you can target to win during a particular playing session.
The amount that you invest for wagering would also determine how much you can expect to win. Ideally, bankroll should be five times higher than what you plan to win. Hence, if you target to win Rs.2000 from a session you would probably have to invest Rs.10,000 initially. Then, you can plan your wagering limits accordingly.
For most people, a winning goal of Rs.20,000 would mean wagering one lakh, which is quite steep if you ask me. Hence, it is best to keep your win goals low so that you can afford to lose what you wager as well. A real money deposit bonus could help you with this, but it’s still a big amount.
The above refers to managing your bankroll for a single playing session.
Bankroll Management Monthly Basis
If you wish to manage your bankroll monthly you need to plan your budget for gambling accordingly. The money you set aside for gambling should be an amount that you can live without.
Once you have budgeted an amount to put aside for the month for gambling activities, you can break it down as per the number of betting sessions you want to wager in.
Often, if you invest the whole amount at the beginning of a month, you would have exhausted it all and have nothing more to play within the forthcoming days or when you are tempted to wager more.
In order to prevent such occurrences, it is best to be disciplined about the amount you wish to wager in each session and stick to it, no matter whether you are winning or losing.
As a rule, you can budget about 2 to 5% of your monthly leisure budget on every wagering session. Stick to the limit and restrain from the desire to chase losses.
Protect Your Profit
This is another aspect to remember. If you have made a big win, split the money into two. Set aside half of that to wager back in the games while the rest should be added to your bankroll. This will ensure that you do not lose all that you win in a day.
Bailout when You Lose
If you are losing on a particular day, stick to being disciplined and wager only what you had decided initially. Stick to the budget and quit even if you are losing.
In certain cases, players are tempted to chase losses and to go beyond their wagering limit. You can also stay safe but not exceeding losses that are 50% of the amount you bet upon the game. Hence, if you joined, for example, a roulette game with Rs.10,000, the maximum loss that you should take is Rs.5,000.
Game Strategies to Know
Here the Martingale approach is popular. It involves doubling wagering amount with a loss so that lost amount can be regained.
With this strategy, it is best to opt for outside bets where payouts are even and safer.
This is another approach whereby it means you can double your bet after every win. This can be applied to small wagers so that, even if there is a loss, you would not lose out much money.
Remember that online casino games are quick games that are based on chance, merely on the spin of a wheel or the flip of a card. If you wish to wager on several sessions, ensure that you wager as per your budget and money management strategy.
Whether you have lost or gained, do not go beyond your daily wagering limit. With discipline and strategy, you can enjoy the playing casino for many years without risking your, or your families, way of living. No, rather you have a good chance of improving it.