Some players are still unsure of how much to risk and how not to lose control, and if you feel like you fall into this category player-type, then you need to learn bankroll management.
Luckily, poker players have a good grasp of these concepts, but if you decided to play casino games, make sure to follow the tips outlined in this article. It will help keep you in the game for longer and can minimize losses should your next online casino session go off the wall.
What is bankroll management?
By following the tips laid out in this article, you will learn how to effectively manage your bankroll and set yourself aside from the degenerate and impulsive gamblers.
Have a budget and stick to it
If gambling were a college course, the first thing your professor would tell you is:
Never EVER gamble with more money than you can’t afford to lose.
It’s the first rule you will learn, and it will be the most important one too. Not every session will be a winning one. That is a stone-cold fact, so do not wager money that cannot be lost.
This is why it is important to have a budget and stick to it. No matter how long your largest baccarat winning session is or how many blackjack books you have read, downswings happen, and if you do not have a bankroll that cannot handle these downswings, then quite simply, you will end up losing the money.
Keeping track of results
It is so easy to get caught up in gambling that you don’t even recognize how much money you have effectively burned.
Whether you are old fashioned and use pen and paper or making notes on an app to track your wins and losses when playing online casino games, it will make it easier for you to recognize when you are on a downswing.
Don’t wager more on single bets than you need to
You see it in live settings and on online casinos all the time, players that do not grasp the true meaning of bankroll management risk more than they need to in a single wager, regularly.
And what happens then? They’ve busted their bankroll and have to start from scratch again, risking their own money unnecessarily.
I have made this mistake before, so this is why I am telling you not to make the same mistake.
This way, you will not lose control by making to big of a wager.
As a poker player, I approach this with the rule of thumb that most smart poker players do, never wager more than 1% of your bankroll on any single bet or game. For example, you are starting with an initial deposit of $500, and you should never be betting more than $5. It really is that simple.
This way, if you’re up on your session, you will make enough to see the difference in your bankroll. If you’re on a downswing, then this selection of bet sizing will not see your bankroll take heavy punishment.
Pace yourself. It is a marathon, not a sprint, and remember that gambling is just one long large session over your lifetime, so you need to put yourself in a position where you set yourself up for more wins over time.
Learn to detach from emotions
If you hit your stop loss for a session, simply take a break and put the phone or tablet down. Take a deep breath and get some fresh air.
For that reason, having a stop-loss limit in the first place is very beneficial. If you happen to lose at the start of the session and reach your designated amount, just call it a day. This way, you will protect yourself and your money at the same time.
It is useful to be clever and do some rationale-based thinking and not give in to impulse as at the end of the day, you will still have funds in your bankroll to try again next time.
Remember to withdraw your winnings
A big takeaway you should get from reading these tips is to remember to withdraw your winnings.
What I mean by this is that when you build your bankroll to double your initial investment, for example, is too withdraw your initial deposit amount.
See what I mean now, the money you’re left playing is pure profit and from the house. This means there’s no risk to your own funds now.
Keep doing this every time you double your initial stake, and once you have doubled your initial investment again off the house’s money, then you get to say you are a winning gambler (that’s if previous losses do not heavily outweigh these small wins).
Also, keeping your bankroll at the amount you initially invested means you are on the tracker to smarter and more controlled gambling.
I have made a mistake before going on a hot streak and have given in to temptation by increasing my betting stakes, don’t be like me. Watch out for these red flags and remember what you have learned today, you will no doubt be better off in the long run.
All the above is a clever way to make sure you do not get lost in a gambling meltdown.
You can tell the difference between a smart gambler and an impulsive gambler in an instant. You only have to look around your local land-based casino to see the disparity between the two.
And after reading this article too, you should have the foundation that you can build on.