Top 5 Bankroll Management Tips
Many non-gamblers think that gambling is all about the jackpot games and the odds. They may also fixate on the huge prizes along with the glamour and luxury lifestyle that goes hand in hand with high roller gambling. And though all those things are great for the image of gambling, when it comes down to reality, then things are slightly more mundane. One of the major factors in your success at the casino is simply down to how well you manage your bankroll.
Having a basic understanding of your financial affairs is paramount to being able to control your spending. A great deal of gambling boils down to self-control. Knowing just how much you can spend, being able to stick with it, whether you’re winning or losing, without betting more, is the difference between a good gambler and an addict. Today we’re going to focus on several pointers that might help you control your bankroll as you play and stop you from falling into the many traps that might befall a gambler in the casino.
Set an Affordable Budget
This means nothing more or less than playing within your given budget. When you look upon your gambling funds as money for a hobby or disposable income, where it’s loss will not have any adverse effect on other parts of your life. Though you can no longer use a credit card in the UK for online casinos, we would suggest that you stick with debit cards. These are a great tool for bankroll management as you can only spend what’s on the card. There’s no credit or overdrafts to dip into, meaning there’s the bonus of not having to pay interest for your gambling funds.
All the best online casinos with jackpots now have a bankroll management feature. You set daily or weekly amounts before you start to play. The site will then stop you from making deposits into your account until you change your preferences. Any feature that promotes responsible gambling is certainly worthy of praise in our books.
Bankroll Management: Always Keep Track
When you’re having fun, time flies. Well, it’s the same story with your gambling. You’re having a great time, and it’s easy to get carried away and end up playing with more money than you intended to. These things happen. It’s almost like a circus illusion, in that playing for $5 per day doesn’t seem a lot. But if you lost $5 each day, that would amount to $150 at the end of the month. And that does sound a lot more. Most gamblers will place the same bet at the casino or the sportsbook week after week. Winning will go back into the pot. Thus the bankroll will have its ups and downs.
One of the better jackpot winning tips and tricks is to withdraw profits for another use. Just keep playing with the original bankroll. If you’re playing at an online casino, it’s a good idea to check your betting history every once in a while. This will let you know if your betting is within your predefined limits. Once you get to know your betting history over time, you can make the necessary changes to ensure continued success at the games table. And you’ll certainly find success with Bet365 Casino. They have a huge number of games and welcome bonuses on offer.
Understand your Staking or Wager Range
As a life lesson for slots players, we suggest that you take things slowly. There’s no huge hurry. Many new slots players will be tempted by the huge welcome bonus. They have heard that certain slots payout often and also pays out huge prizes. So why not jump in with both feet and make some big bets. And as suddenly as you started, it’s all over. It doesn’t matter what the buzz is regarding various casino games, all that matters is that you have a firm grip on your bankroll and are not easily persuaded by hear-say and rumours.
Always test a game first. Play a small amount and see how the ratio of spins is to the number of payouts. Only once you feel more confident that you’re not simply throwing good money after bad, then you can up your limits. But again, only slowly. Keep in mind that jackpot slots are games of chance. There’s very little you can do to change the odds in your favour. This knowledge should help you to minimise your risks.
It’s important to understand the game at hand and see how often they are likely to payout. When you do a simple Google search you can find wagering calculators to help you understand the requirements necessary to be able to claim any online casino bonuses. Again, unless you can afford to lose the money. Having a good understanding that online slots are a game of chance, can help minimise your risk. Ensure you know and understand the games you play and how often they are likely to payout.
Bankroll Management: Remain Calm & Collected
It’s perfectly easy to see that gambling is a roller-coaster of emotions. Simply take a stroll around any real bricks-and-mortar casino and you’ll see a whole spectrum of emotions on show. Whether winning or losing, the range of emotions appears to be very similar. But letting your emotions rule your head can be a recipe for disaster. You’d be surprised as to how many players manage to win one or two games and then think they have all the casino games figured out. Nothing could be further from the truth. Unfortunately, the house always wins. That’s why it’s not enough to understand the games themselves, but also the reasoning behind them.
Failing to understand what you’re up against in terms of the odds or probability is to fail to understand the whole point of the casino games in the first place. You should always ask yourself, how is it that casinos are such mega-wealthy businesses? When you understand the answer, you’ll be halfway to recognising how to play casino games in a more profitable manner.
Always Withdraw Your Deposit
This is probably one of the most important bankroll tips ever. If you deposit $10 and receive $50, then please withdraw the initial $10. If it was possible, we would suggest that you withdraw even more. Say, withdraw $20 and then go play with $30. Remember that this is still 3 x your initial wager. Should you happen to lose it all, then at least you will still have something to show at the end of the day. This applies to all online casinos, even companies like Bet365 Casino.
Conclusion: Bankroll Management
Look at gambling as you would look upon your entertainment. It should be no more or less than a hobby. Unless of course, you have serious plans to go professional, but that’s another story. If you find yourself spending more than you want to, or finding it difficult to control your gambling habits, then remember that help is always at hand. Please reach out to organisations like GamStop and Begambleaware. You’ll find a sympathetic ear and practical advice designed to help you find the best path forwards.