There are many different things that will affect your online casino winnings, including, of course, luck! In addition to luck, the biggest determinant of success in an online casino is bankroll management, which every player should know. Bankroll management is managing the money that you have dedicated to gambling in a way that you never spend more than you can afford.
If you've heard of bankroll management before, chances are that you'll find it boring. But in fact, professional players will tell you that bankroll management is one of the main reasons for their success.
Why You Should Use Bankroll Management?
Bankroll management is a process where you always risk a certain amount of your overall gambling funds, so you always have some money that you can use to play another day. Imagine you are using a simple 50/50 model where you have a 50% chance of winning and a 50% chance of losing. If you put all your bankroll on the line in one card turn, you could lose it all. However, if you only put 5% of your bankroll in, for example, the loss would not be catastrophic.
The overall benefits of bankroll management include:
Ability to play longer with less risk - By managing your spending to never exceed a certain percentage, you can be sure that you always have money to cover your losses while you wait for a winning streak
The ability to make smarter gambling decisions - By tracking your wins and losses by the time of day, game type, and even your gaming mood, you can improve your chances of making better betting decisions.
Being able to plan your future more easily - having a better idea of what you can potentially earn from gambling will allow you to get a better look at the big picture (whether it's moving to higher stakes or switching to a casino with different offers).
Lower bank fees - You should always have money in your account which means fewer payment transactions as you will be making fewer deposits.
Here are some bankroll management tips that should make implementing this strategy easier for you:
Losing happens - Whether you gamble professionally or occasionally, you will sometimes suffer losses. Knowing how to manage your emotions is key to having fun with online gambling.
Don't get too excited when you win - on the flip side of the first point, while some emotions are understandable when you win, be careful not to get carried away by emotions that might influence your next bet decisions.
Quick profits are rare - effective gambling requires players to build their bankrolls at a constant rate: this means taking into account winnings and losses, and given that casinos are there to make money, the process of building a bankroll can take quite a long time. Don't be put off by the slow pace, be prepared to play long games for big wins.
Set a limit - While careful budgeting should be the main way to manage your bankroll, setting a betting limit will ensure that you don't blow all your deposits away if you start losing more than you win. Professionals usually set a limit of around 10% of your total bankroll.
Keep a record - Keeping track of all your wins and losses daily helps you make smarter decisions. In addition to being able to predict how much you can lose if you lose your streak, keeping records will also help in many other ways, such as seeing if you lose more when you are tired or which games lead to the best returns.
Secure your deposit - One of the most important rules in managing your bankroll is deposit protection. Once you've earned some money, you may be tempted to make bigger, more risky bets. To avoid potentially losing all of your hard-earned profits, withdraw some of your winnings (usually slightly more than your initial deposit). This way you will never lose your gambling money.