If there is one piece of advice that we’d share with online gamblers is that you’d better have a money management system in place for a number of reasons. You would want to stretch out your gaming sessions whilst at the same time, making sure you don’t go broke.
Because there is a high element of risk when it comes to the money part, money management takes shape in various ways at a casino.
Learn how to best put your bankroll to use whilst still having fun.
Have a Bankroll
If you are not familiar with the terms, having a bankroll can safeguard your interests and gives you an element of control. A bankroll is a pool of money set aside specifically for gambling. It is completely separate from your house bills etc.
It comes with many benefits. First, it would help you track your money, but it also provides you with valuable guidelines on how much you should bet on one play. Many would recommend placing bets between 2% and 5% of your bankroll.
If you have a small bankroll, it would be silly to place bigger bets as it would cut your gambling session short. You can, of course, adjust as you deem fit.
Let’s imagine you have a bankroll of AU$500 and you are opting for 2% that means you are placing an AU$10 bet each time. These small amounts can help you achieve wins but can also keep you in the game when you start losing.
Pick the right games
Gamblers are well-aware of the phenomenon of the house edge. The house edge is a percentage of how much the casino expects to make from the player in the long run. It always catches up with the player.
That being said, there are games that can lower the house edge slightly. Games like blackjack don’t require complicated strategies, but knowing it can help you achieve more wins.
You can also take advantage of numerous blackjack bonuses so you can start with a fatter bankroll. We love these real money sites, especially if you are looking to get a head start.
It is very easy to lose control, especially when you are playing. Whether it’s the excitement or your surroundings, it is important that you slow down your pace and that you give yourself some time.
If you hit a losing streak, you should slow it down further. It is easy to lose control and go chasing after your losses. Many players tend to throw more money at the problem by making more deposits. It’s a vicious cycle that many regret.
Slowing down won’t have any impact on your bankroll, but it will help you recoup and perhaps apply a better strategy with a clearer mind.
Call it Quits
We all want to win big at the casinos. Once you are on a winning streak, you want to continue playing in the hope of winning more money. It is never a wise idea.
Have win and loss limits in place and once you hit either thresholds, end it there. You can always come back another day.