Whether you play at an online casino like Planet 7 or in a place like Las Vegas, everyone knows there is an element of risk involved in gambling. While you might consider yourself a master when it comes to casino games, you’re going to encounter far greater risks if you don’t have a proper handle on your bankroll.
Even if you’re playing a game like blackjack and using a proper blackjack strategy, without a firm grip on your spending, any success will be short-lived. After all, the primary goal is to win at casino gambling, and while it is impossible to win anything without risking some of your own hard-earned cash, wise spending can help you play for longer and thus give you a higher chance at winning more frequently.
The best part is that you don’t need any advanced knowledge or skills to manage your bankroll, just a bit of common sense and discipline is more than enough. So, let’s take a look at some effective bankroll management tips that will make you become a better gambler.
Casino Bankroll Management Tips
If you were to enter a casino and place all your money on a single bet, and you have no problem with the idea of losing it then there is essentially no need to manage your bankroll, let alone read this article. But, you can’t deny the fact that the odds are still stacked against you in most cases, and without any flexibility in your budget, you’re not going to have any further opportunities to recoup your losses.
However, if you’re someone who wants to win and you haven’t been managing your bankroll properly up until this point, here are some simple steps you can take to improve your gambling strategy:
Set A Gambling Budget
The number one rule in solid bankroll management is to set yourself a budget, then stick to it. It’s best to treat your gambling budget like any other life expense, meaning you should never spend more than you can realistically afford.
At the end of the day, you’re going to lose to the casino at some point regardless. This doesn’t mean you will lose consistently, or even in the long run, but losses are inevitable no matter how much you have to spend or how exceptionally skilled you are at a certain game. Therefore, it’s strongly advised to only play with betting amounts that can enable you to maintain and recover your bankroll over time.
Choose An Appropriate Betting Range
It’s so common for newcomers to dive into their favorite games and place huge bets without any second thoughts about the outcome. Before you know it, they are back digging through their pockets for loose change or running up a credit card bill when they need to place yet another deposit.
Strategic gamblers realize that the maximum they are willing to spend on a bet must reflect the size of their bankroll, which is why they opt for smaller, more sensible wagers. A good rule of thumb is to never wager more than 1% of your bankroll total on a single wager or game. By doing this, you’re betting enough money to make a profit if you do win, and won’t be hit too hard if you lose.
Set Loss and Win Limits
Aside from setting yourself a budget, it’s also wise to set limits for wins and losses. Tempting as it may be to continue playing when you’re on a winning streak, the fact is you’re still going to lose sooner or later. No amount of confidence or luck is going to change that. So in order to protect yourself and your bankroll, don’t be afraid to call it a day once you’ve reached your limit.
The same applies to losing streaks. This is far more important than setting a winning limit because you can easily end up chasing losses. Once you’ve lost a certain amount in bets or a percentage of your bankroll, stop there and don’t be tempted to top it up again. You’ll thank your future self for it the next day, especially when you wake up knowing there aren’t any new debts looming over your head.
Keep A Record of Your Gambling Expenses
Sure, you might have a great memory, but it’s easy for some things to slip through the net when you’re gambling, especially if bankroll management isn’t common practice for you. By keeping track of your spending, however, you’ll have much better control over your bankroll and won’t feel too deflated if you have to spend a little extra or cut a session short.
Noting your deposit and withdrawal amounts will prevent you from losing track of what’s in your real bank account, and will also help you gauge what you can afford to spare if you want to place bigger wagers or try out different betting options in a casino game.
Set Yourself A Time Limit
It probably sounds like we’re just asking you to put limits on everything, but we can’t emphasize enough why limiting your time spent gambling is incredibly important. Some players end up spending hours in the casino or glued to their computer screen immersed in a game, and for them, it seems like only 10 minutes have gone by.
Ultimately, placing bets on impulse is only ever going to put you in the red over time. And this is so easily done when you’re not keeping a watchful eye on the clock. Of course, in brick and mortar casinos, clocks are purposefully removed from the venue to keep players there for longer but when you’re playing online, it’s much easier to spot the time and call it quits.
Taking a break for just an hour or two is more than enough to leave you feeling fresh, clear-headed, and more focused when you do eventually return for more action.
Play Slowly and Go Easy on the Drink
Gambling at a slow and steady pace can also help you become better at casino bankroll management. Generally speaking, the longer you take to finish a game, the longer your bankroll will last.
If you’re someone who likes to pair a drink with casino gaming, sipping your cocktail in moderation is the best way to keep your senses intact and prevent your judgment from clouding over. Most casinos offer free beverages just so players become more inebriated and forget how much they’re spending ─ don’t fall into this trap!
Place Smaller Wagers
If you want to spend a few hours at the casino or playing online, this isn’t going to be an easy task if you are planning to place big wagers. One of the best ways to maintain your bankroll throughout the evening is to split it.
So rather than betting it all on a single hand, divide it across how many games or hands you want to play in order to make it last. This strategy is ideal for those who want to get the most out of their budget and extend their overall playing time.
Pick and Choose the Right Casino Games
It wouldn’t make sense to blow your budget on a game that you don’t enjoy, so only opt to play the games that you like and make sure you’re placing sensible betting amounts. While there is no right or wrong to choosing casino games, it’s important to understand that some have a significantly higher house edge than other games.
Games like blackjack, craps, and baccarat have low house edges, while American roulette and many versions of poker can have terrible odds for the player. This is why it’s important to check the rules, odds, and payouts when choosing casino games so that you can better assess the risks and whether your bankroll lives up to what you’re trying to achieve.
Start Playing (Responsibly!)
Any hopes of winning money at a casino can quickly diminish if you’re not taking care of your finances. Smart bankroll management doesn’t have to be complicated, and it gives you much more control and confidence as a player.
As soon as you start to neglect these practices, however, the odds are only going to stay in the casino’s favor. By setting budgets, limiting your bets and playing time, and dividing your bankroll across multiple bets, you automatically give yourself a much better chance at seeing returns and staying in the game for longer.
There are plenty of other ways you can minimize risks playing casino games, but managing your bankroll is an integral one. So next time you load up your favorite game or head out to the casino, use bankroll managment tips and see how your luck naturally improves!