Whether you come out a winner at the end of the day comes down to good management of your online casino bankroll. There are countless players who win big during a gambling session only to lose it all and then some by playing it back.
It is therefore important to learn to manage your bankroll well when playing at online casinos, not only to hold onto the money you win, but also to avoid wasting money that you can’t afford to lose. Here are a few tips on how to do that:
Casino Bankroll Management
Before you even consider playing at an online casino it is very important to evaluate your finances and make a realistic decision on how much you can afford to set aside for entertainment purposes like gambling. You should only access “entertainment funds” once all other expenses have been paid and you should never take a chance and bet money that you need for other things like rent in the hope of winning big. There are definitely no guarantees of winning, even when you do select a skill based game, so rather be safe than sorry.
Never Gamble on Credit
If you find that you don’t have spare cash to gamble with in a particular month, never be tempted to gamble on credit facilities extended by your bank, not only can things get out of control quickly, but interest charged on borrowed money ensures that it’s definitely not going to pay you in the long run. Rather forego gambling until you have money again.
Budget According to the number of Gaming Sessions
Once you know how much money you have available to gamble with, divide it up according to the number of sessions you’d like to enjoy that month, this will give you a daily limit which you should stick to. Never be tempted to blow all of your cash at once, this not only means that the rest of the month could be filled with boredom but could also mean that you are tempted to spend money that you don’t have or money that is designated to other expenses instead.
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Set Aside a Portion of Your Winnings
While most players are tempted to play back winnings in an attempt to hit a larger jackpot, it is always advisable to set aside a portion of your winnings to ensure that you come out with a profit. Always aim to set aside at least 50% of your wins if you do want to continue playing, as this will mean that you still finish with money in your pocket to buy something you’ve been wanting for a long time or to finance further gambling sessions in future.
Remember that playing online does make money seem more “virtual” than real and one can easily fall into the trap of just playing all your winnings back, so ensure that you exercise self-control at all times. If you find it exceedingly difficult to not touch all of the money in your player account, rather cashout a portion so that you can see it in your bank account, this will make it feel more real.
If you find that you are having an unlucky day or are on what seems to be a losing streak, do not increase your wagers in an attempt to break it or recoup your losses, this is throwing good money after bad and is never a good idea. Either play the minimum bet, or if you don’t like to do that, call it a day and keep your money to enjoy another time. Remind yourself that casinos are in business for a reason and you don’t want to be funding them unnecessarily.
Be mindful of the House Edge
Different casino games carry different house advantages, so unless you have unlimited cash flow, be mindful of the house edge on the various games and only select those with a low house edge like Video poker.
Take Advantage of Bonus Offers
A great way to extend your casino game play is to take advantage of online casino bonus offers and promotions as these can often give you extended game play. Just always read the terms and conditions before accepting to ensure that you agree with them.
All in all, the most important thing when managing your bankroll is to avoid temptation as far as possible and to practice self-control should it arise. While it is easier said than done, it will go a long way in ensuring that you enjoy your online casino experience every time you play.