Top 5 ways to manage your online casino bankroll
Most often than not, people who steer away from casinos are those who are afraid of losing a significant amount of money. In the world of casinos, there is a common misconception that one, by default, would eventually lose their money.
However, this is not true. While the activity of gambling is primarily based on luck, it’s also based on someone’s ability to control themselves and their bankroll. They should walk away when it’s time to quit.
Though managing your bankroll can be challenging, it’s worth it when you are able to play regularly and safely on top casino sites like Luckyslots. If you know how to manage your bankroll properly, you will get to have more wins and play longer. A wise casino player does not lose their money all at once within an hour of playing.
To help you manage your bankroll wisely, here are 5 useful ways to do that.
Take advantage of welcome bonuses
Most casino players describe welcome bonuses as free cash. Welcome bonuses or sign-up bonuses are offered by the majority of online casinos. They are for new players that sign-up and are a way of encouraging prospective customers to join the community.
You should look out for welcome bonuses that are extremely generous. Others may not be as much as others, but they’re still free cash after all. You can also find a casino that offers a great welcome bonus without a deposit. Add all these to your bankroll to fund your gaming and make your money grow.
Do not chase losses
The common mistake that both seasoned players and novices commit is chasing their losses. Though it is only natural to want to regain your losses, you might end up losing even more money. You should always know the right time to quit. Here are a few strategies that you can use to bring yourself to cut losses and walk away in the meantime:
Set a time and money limit
Control your bankroll by setting a particular time duration or money limit when playing. For instance, you may have a budget of $500 to play for three hours. You can decide to stop playing when you are down to $250 or when the three hours are up.
One tip is try not to lose more than 50% of the money you use for a particular casino session. Being able to set a time and/or money limit and enforcing it strictly will help you walk away before losing a big amount of money.
Seasoned players usually set a betting limit equal to about 10% of their total bankroll. For instance, if your bank account contains $1000, set your limit to $100 for every casino gaming session. Your bankroll will increase if you win. If not, at least you will only lose $100 of your deposit while your balance remains safe.
Take a break from gambling once in a while and find a hobby. If you’re into online games, you can play other online games that do not involve money. There are numerous emotions involved in gambling, and sometimes losses can discourage you and influence your performance when playing.
If you feel that there is a certain emotional pressure that’s beginning to build up, distract yourself by taking a break and being preoccupied with other activities.
Risk only what you can afford to lose
Always set aside a certain amount of money that you can afford to lose. One strategy you can do is set up a bank account only for gambling. This separates your gambling money from the money you need for necessities.
It is not enjoyable to gamble the money you are scared to lose. Gambling is a form of risk, thus you should only risk what you can afford to lose.
Do not bet too big
The ability to manage your bankroll effectively enables it to last for a long time. The key to having a secure bankroll is making a lot of bets. The more bets you are able to make, the more wins you will get. For instance, if you have a budget of $500 for playing, avoid $100 slots.
Plan ahead by considering the amount of time you are planning to spend on an online casino and figuring out how many bets you can squeeze in. For instance, if you’re planning to play with quarters or dollars in a 3-hour session, every bet you make should be .5% of your bankroll.
To figure out how long your money would last, know how many bets you can make per hour. The following are rough estimates per popular casino game.
- Video poker – 50 bets per hour
- Table poker – 33 bets per hour
- Blackjack and other table games – 18 bets per hour
- Quarter and dollar slots – 67 bets per hour
- Five-dollar slots – 50 bets per hour
Accumulate small wins
Lots of seasoned players will attest that success in gambling comes from small margins. If you bet small and you happen to lose, it would be less disappointing and disheartening than if you had bet big. You will all still have a lot of money set aside to play some more. All it requires is commitment, discipline, and good game strategies.
When you play roulette, you can use strategies like the Double Street Quad Strategy or the Five Quad Strategy. They are designed to let you accumulate small wins.
Remember that fast profits rarely happen. The key to successful gambling is to build your bankroll at a consistent rate. The truth is the process of building your bankroll can take a while. Do not be discouraged by this slow build-up.
Another strategy is to play games with high RTP. Games such as blackjack, craps, and baccarat are games that offer the highest RTP. You can find great titles of these games on top casino sites like Luckyslots.