Ask any experienced gambler what the most pivotal part of online gambling is, and they’ll say that it’s money management. Bankroll management is the process of managing your money effectively, and not throwing it about willy-nilly.
What is Bankroll Management?
A bankroll is the amount of money you have set aside to gamble at online casinos. To do so, you would first have to identify the amount of money you are willing to spend on gambling, how to spend it smartly, and how to pick the right games and bets.
Some players would go as far as to pick the ideal games with the best odds. That being said, if you are unable to manage your money, you are risking throwing it all away.
Advantages of Money Management
There are plenty of benefits when learning how to manage your bankroll correctly:
- Extended Gameplay: Knowing beforehand how much you are willing to spend, ensures that you have covered all the grounds for any potential losses.
- Smarter Planning: Keeping a track record of both your wins and losses improves your mood, and thus you are more likely to make smarter decisions.
- Lower Fees: Since you are going to make a bulk deposit, you won’t have to make regular deposits and therefore saving money on any transaction fees.
Tips and Tricks to Successful Money Management
This is the number one golden rule before sitting down to play with real money. It would help if you saw gambling as an additional expense, and not as a means to make money. Set a budget aside that fits in with your lifestyle.
Don’t gamble any money you can’t afford to lose, such as rent money or money for utility bills.
When you don’t have budget for gambling, it is straightforward to lose control of your gambling expenditure. Keeping track of both deposits and withdrawals should help you have a better idea of how much it costs you.
Don’t just tally this all off in your head. Instead, write it down. Seeing the numbers in front of you should also help you be careful with your money.
When you are first starting out, your gambling habits might be a little erratic. Some players just throw random bet sizes, not understanding the importance of money management fully.
If you are not smart with your money from your start, you risk cutting your gambling session short. Your bet sizes should be proportionate to your bankroll. If you have $10 to play with, your bet sizes should be no more than $0.10.
You can easily lose control either when you are on a losing streak or when you are on a winning streak. Better known as the ‘gamblers’ high’, this is the euphoric feeling that players experience when they are on a winning streak.
It is gratifying to win, but you should make sure to put any winnings aside. Say you have made a deposit of $20 and won $100. At least, put $50 away to cover for the money deposited and winnings.
Don’t Go Chasing
Once you have build up your bankroll and have won more than enough, it’s time to call it quits. The same applies if you hit a losing streak. Once your money is gone, don’t make another deposit.
Having a win and loss limit in place should give you control over your funds. Nothing is quite as satisfying as walking away from a gambling session with your head held high and money in your account.