How to Effectively Manage Your Online Casino Bankroll
Bankroll Management is a huge factor in all forms of gambling, as without it, it is almost impossible to achieve success. Casino gambling is no different and in some ways, knowing that there is a house edge inherent in the games, bankroll management takes on an extra premium.
In this article I discuss many aspects of bankroll management that you can apply when entering an online casino. I start with a look at how you might actually decide on a bankroll and put it into action. I then talk though some common mistakes that casino users make with their gambling bankroll. I finish by describing one way that your bankroll can receive a welcome boost and talk about ‘taking a shot’.
How Much? Deciding on a Bankroll
Whenever you make a deposit to a casino you might want to do it on a monthly basis, deciding at the start of the month how much you are willing to deposit. The amount that you choose should equate to how much you are willing to lose, although with good bankroll management you should find that it is very unlikely that you will actually lose the full amount. Now take that figure and divide it by the number of sessions you’ll want in the month. You might want to play 15 times in a month, so simply divide the bankroll by 15 and take that into each session.
Casino Session Management
Knowing how much you’ll take into a session is one thing, but managing the session is another. Many casino gamblers will simply take their chosen amount and continue playing until it is all gone, even if they have a particularly good run and are at one point well in profit. This is easily done even by the most experienced gambler, but there is a straightforward to avoid it. Look at how much money you have and then look at the particular casino game you are playing and work out a realistic staking plan.
Say, for example, you have $20 to use at a session of blackjack. You figure that you’ll play 2 hands a minute and want to play for half an hour, making for a total of 60 hands. Knowing the nature of blackjack, where each hand is almost a 50/50 shot, you’re going to win a lot of hands, so a realistic bet for each hand would be something like $1. If you do lose the full $20 in less than 60 hands you’ve been very unlucky and you’ll stop, but the chances are you’ll end up with somewhere between $10 and $30 at the end of the session.
Now, use the same $20 for betting on single numbers at roulette. If you were to bet $1 a go for 60 spins of the wheel, there is a very good chance you’d go broke after just 20 spins. In this example and at many higher variance games, you’ll need to use a smaller starting stake, maybe in the region of 30 cents a spin.
At the end of the session bank the money! If you do this every time, you are giving yourself a good shot of having more money than you started with at the start of the month.
Common Casino Bankroll Mistakes
The most common mistake in gambling is when a player chases their losses. This involves increasing the stake to try and claw back what you lost quickly and invariably leads to larger losses. The plan above has no deviation from the starting stake, so sticking to that will mean that you never chase your losses.
Many people talk about winning systems at a casino and one which I’ve heard repeated over and over as a winning one is the Martingale System. This requires you to double your stake each time you lose in the knowledge that you will win eventually and therefore always end up making a profit. However, a bad losing run can leave you in an incredible hole which you might not be able to claw yourself out of.
You might have noticed that ‘chasing your losses’ and the ‘Martingale staking plan’ are incredibly similar!
Boosting Your Casino Bankroll
Fortunately, winning isn’t the only way you can boost your bankroll. Virtually every online casino has a range of bonuses and offers and these really can make a difference. The biggest and best bonuses usually come when you initially sign up at a site and you should be sure to take full advantage. As an existing member of a site, keep a regular eye on the promotions page, as you’ll find offers such as free spins, loyalty reward points, competitions and leaderboards. Consider, a single free spin at a slot might give your bankroll a massive boost – so ensure you know exactly where this free money is.
Taking a Shot
Every gambler likes to take a shot from time to time, where they will have an oversized gamble, but so far in this article it looks like this is not an option. However, you can actually build ‘taking a shot’ into your bankroll management. Why not do it at the end of every winning month? Why not have a rule that every time you have a winning month that you’ll take a shot with 20% of the profit? This way ‘taking a shot’ won’t involve you risking all or the majority of your bankroll. Obviously, you won’t be doing this after a losing month, but should you really be going for it after a losing month anyway? You could also consider taking a shot with any bonus money that you indeed accrue.
Casino Bankroll Management Overview
Employing some kind of bankroll management in your casino gambling is never a bad thing. It gives you discipline, it ensures that your money will indeed go a lot further and it also gives you a very good chance of actually making some money. Use some common sense in your staking, ensure you divide your bankroll into realistic portions and never chase your losses and your casino experience will be a positive one.
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