You've undoubtedly previously heard that setting a budget for your game session is a good idea. Bankroll management takes things a step further by ensuring that your money travels as far as possible and that you get to enjoy more than a few irritating spins or rounds when playing casino games.
Bankroll management is the practice of just risking a set percentage of your entire gambling funds, guaranteeing that you always have enough money to play with on another day. To read more in-depth about what a bankroll is, read our convenient Casino Bankroll guide.
In this article, we’ll be taking a closer look at the best tips and tricks to manage your casino bankroll successfully and ensure you not only get the most bang for your buck but also gamble in a safe and responsible way.
Set a Budget
If you've been largely lax about your numbers up to this point, or if you're just getting started in the gambling world, now is the time to make a budget. The amount you decide on should always be regarded as a cap, not a recommendation.
Any of the other countless online games should be managed in the same manner you would any other expense in your life. You would lose your home in the long run if you committed to a mortgage payment that you couldn't afford. It's no different whether you're playing online — never risk money you can't afford to lose.
Establish a budget that corresponds to your lifestyle and never go over it. If you want to play online casino games in a way that is both enjoyable and sustainable, make sure you can afford to do so. Let's say you have £300 left over each month after paying your needs. Make a £100 deposit online, look for sites that give welcome bonuses, and stick to your budget no matter what.
Choose the Right Game for You
The words "for you" are the most important portion of this phrase. There are no two gamblers alike. What you want out of a session might not be the same as what the person next to you wants out of it. As a result, before you go to a casino or an online gambling site, you should try to answer the following questions:
How much time do you want to spend playing?
What is your expected bankroll, and do you wish to play for large stakes?
Do you want to play a game where you can play for a long period with a tiny bankroll or do you want to play hard and fast?
Are you seeking for a game to play on a regular basis that will provide you with the best chance of winning in the long run?
Once you've answered these questions, you'll be able to start honing in on the casino games you should play. A little bit of research can tell you all about the volatility levels and payback percentages of all the top casino games. For example, blackjack is a low-volatility game and has a high payback percentage (if you play with expert strategy). Slots, on the other hand, generally have low payback percentages and higher volatility.
As a result, a jackpot-seeker might want to stick with slots. But those wanting to keep their bankroll afloat longer should choose blackjack. Once you identify what kind of gambler you are, your choices will become clear, and your bankroll management will become easier to handle.
To quickly improve your bankroll, try to take advantage of the best incentives available. However, bear in mind that bonuses are meant to help you build your bankroll, not to grant you permission to play higher bets. Bonuses, you see, are subject to a number of terms and conditions, which means they cannot be revoked unless the criteria are met. Separating your bonus money from your own finances and playing with the extra money first is the greatest approach to use bonuses to manage your bankroll. You'll be able to monitor how well your account balance is doing once you've met the rollover terms or spent the bonus money.
Set Aside your Winnings
If you bet often enough, you'll get familiar with the term "house edge." Based on the odds of the games you're playing, the house advantage is the amount you may statistically expect to lose to the casino.
However, in a short period of time, if luck is on your side, it can definitely help you win. And if you keep playing with money you've won, your luck will almost certainly turn against you. You'll also have to return all of your earnings. However, if you bank your profits at the appropriate time, you can halt this process.
One approach to do this is to put your profits in a bank once you've reached a specific amount. Let's imagine you have a $100 budget and you tell yourself ahead of time that if you get $50 ahead, you'll bank it. That means you can continue to play with the $100 you started with. However, if you lose it, you'll still have the $50 you put aside as a backup. By doing so, you'll be removing some of the house's edge.
Never Chase Losses
When it comes to casino bankroll management, chasing losses is the most common mistake. You must be able to take your lumps from time to time and understand that not every gambling session will be profitable. In fact, statistically speaking, they are more likely to be negative.
You're essentially undermining the casino's best-laid intentions by avoiding this mistake and adhering to your budget while banking gains. They're banking on people making poor choices when they're in a hurry. If you can be reasonable and accept the bad with the good, you'll be far closer to break-even than those who persistently seek losses.
Keep A Record of Wins and Losses
Have you ever heard how specialists advise those who are trying to stick to a diet to write down everything they eat? Keeping track of victories and losses works on the same principle. Knowing where you stand in terms of your financial situation can prevent you from going too far.
It can be tough to keep track of the exact amount throughout a gambling session. However, if you do a little math and keep track of your wins and losses, you'll never go over your budget without realising it.
Play Smart and Safe at Spin Genie
At Spin Genie we don’t just want you to play smart, but safely too and bankroll management is one of the key parts of responsible gambling. Remember when setting your budget to never spend more than you can afford, and of course, have lots of fun! Sign up and play today.