All successful gamblers will tell you that gambling is a risky sport that needs thought and strategy before playing. Being reckless with money is a sure way to lose it. Responsible gambling must be a pre-requisite to loading deposits onto your bankroll.
One of the foremost strategies to master when gambling online, is the art of becoming a master at bankroll management. This art will not only spare you much heartache and frustration but will actually aid you in having fun while you put your cash on the line.
We at CasinoWow hold the interest of all parties in the industry at heart. We want you to support our collection of top casinos, but at the same time, we want you to have a good time while doing it. If you get frustrated, our casino clients lose business; it is therefore in our best interest to ensure that you are equipped to gamble like a master.
This guide aims at teaching you some fundamental principles of good bankroll management. Each of the 10 points made should be laboured over and absorbed into your mind, as your strategies over your playing actions.
The first thing you need to realise when setting your virtual “foot” in an online casino, is that you step in already on the back foot. Be sober of mind, preparing yourself for the loss. Gambling is not a good way to make money, so your only reason for being there should be because of the entertainment value offered.
The thrill of the chase is a real draw-card but keep it light-hearted and fun. Make sure that the chase is a marathon so that you pace yourself. Treating gambling like a sprint race will empty your coffers before you know it.
Take a realistic look at your earnings and establish an amount of money in your budget that you can spend at the casino without dipping into the cash you need to survive. You must be prepared to lose that amount. If you can’t afford to lose it, do not gamble it!
Once you have set yourself a budget, you will need to take a further look at the amount and then portion it up in accordance with your play patterns. If you want to play daily, split the money into smaller sums that can be used on a daily basis. Do not borrow from day two because you lost all of the cash on day one. The end result is hardly ever a favourable one.
Once you have made a decent bit of winnings, bank a decent sum of it, so that you don’t end up putting it all back into the casino (which can very easily happen).
One of the most common strategies is to actually bank your deposit amount once your wins are high enough. You then play these out further, instead of your deposit. This will safeguard your bankroll and keep you even.
If you begin to lose, make sure that it is only your money you are losing and do not lose your head. By this, I mean, do not change your style of play and get into a panic mode. Stepping up your wager to try and make up ground may only see you lose your money faster.
A good practice when on a losing streak, is to stop for a break and then tackle a different game with a much lower house edge and volatility. For instance, if you are playing a high volatility slot game, settle for a lower volatility game that will give you the chance of claiming some smaller wins back.
Our end opinion is to actually abandon the slots altogether if the bankroll is lean, and rather try and build it up again by playing some Blackjack or Poker, where the house odds are much lower.
There is a time that you need to increase your stake, because after all, you may as well enjoy the wins while they are coming. This should be done in two instances:
When you are playing slots with progressive jackpots you will want to win the jackpot while playing the maximum bet to gain the big $$$. We do not advise playing on maximum bet all the time though, so instead, rotate your wager every 50 spins or so to give you a chance of landing the BIG one.
When you are on a winning streak and you have a number of wins behind you, increase your stake gradually, allowing you the chance of landing bigger wins. It's ok to eat into some of your winnings, but if you find yourself getting close to your original bankroll amount, revert to lower wagers.
Using bonuses that an online casino offers is a good way to maximise your playtime online. Often vendors will match bonuses that will give you bonus cash in hand to spend on game wagers, boosting the scope of your bankroll.
While there are some strict “Playthrough and Wagering Requirements”, the free cash comes to you, risk-free.
Free money is a great tool to use to get a feel for different games while you are learning the titles. These bonuses may restrict the scope of your play, but definitely increase your chances of landing wins along the way. Just make sure that you claim bonuses from a reputable casino to avoid the risk of the casino defrauding you.
Although it does not directly influence the way you manage your bankroll, choosing the right casino game could have a big say as to whether you lose it quickly or not. Below are a few tips in ensuring you choose the correct game to suit you.
Make sure that you play a game that you are familiar with. If you are unsure of the gameplay or the rules, it is best you read a guide on the game or play it in “free mode” first to acquaint yourself with it. If you go ahead anyway, you are increasing the “house edge” automatically and setting yourself up for losses.
If you are looking to extend your bankroll responsibly without taking big losses, seek out less volatile games with a lower house edge. Games to consider playing might be: Blackjack - Because it has the lowest house edge of all games at the casino. Roulette - Only when playing outside bets. Choosing “red” or “black” gives you almost a 50% chance of winning. Slots - Slots hold a high house edge, but if you feel you must play these games and you want to keep losses to a minimum, then select games with low variance. Baccarat - Baccarat is a simple game to learn and has a very favourable player edge.
Above all things stay in control of your gameplay. If you feel you are getting frustrated, take a breather, but do not alter your gameplay to match your mood.
Below is a list of tips to keep your bankroll under control:
Do not drink alcohol when gambling. It has a way of numbing your inhibitions. The next thing you know you will be broke.
Stick to the daily bankroll limits that you yourself set.
Make it difficult for yourself to access more funds to top up your bankroll.
Keep a smile on your dial. If you are smiling, you are having fun. If you are not having fun, stop playing.
Limit your betting volatility.
Keep a record of your pattern of play, including what games you played, how much you bet, when you upped your betting etc. This will help you track which games are more successful, and which bets paid off the best for you. This all forms part of the art of bankroll management and responsible gambling.
If you follow the above repertoire it is just the introduction into being able to manage bankroll like a “boss”. The rest of the list can be concluded by you as you gain experience in the online gambling industry. You may find further formulas for success.
We at CasinoWow wish you a prosperous time at one of our favourite casinos. Be sure to use these tips at a reputable casino near you. You can rest assured that any of the casinos promoted by us hold to the strict industry standards of ethics and customer service.
Тo ensure you don’t get caught in a scam or an illegal site take a look at the top-rated online casinos in Canada.
Understand how the casino industry works, how to get started, and the best practices for starting out a top online casino today.