Why is Bankroll Management Important?
The answer to this may be obvious, but it cannot be stressed enough. If you don’t manage your bankroll carefully then you could find yourself running out of funds. This in turn could lead you to be tempted to spend money that you hadn’t budgeted, which is about the worst thing that you can do when gambling.
The golden rule is always never to spend money that you can’t afford to lose. This is closely followed by never chase your losses. However, with careful bankroll management, neither of these need to become an issue.
If you follow our tips carefully, then you will find that you are able to play your favourite games for far longer. This of course means that you will have more opportunities to win. Therefore, not only will bankroll management ensure that gambling remains fun and you stay away from problem gambling, but it will also give you more chances to hit that huge jackpot we all dream of.
Never Gamble with Savings
Gambling should always be about having fun. Whether it is playing slots, at a table game, or even a night at a bingo hall, it should be a fun pastime. However, as money is involved, there is a risk that it will impact your financial health, especially if you are doing it wrong.
When you are gambling online (or on land), you should never be using money that has come from your savings. You should only be gambling when you have money that you can afford to lose.
However, while it may sound obvious, the question of what is affordable is not always simple. Something is not affordable if it is coming from your savings, from the money you need to pay your rent or your mortgage, to pay your food or utility bills and so on. Gambling should be viewed as an inessential hobby.
Therefore, it is a good idea to see if you can put some gambling money aside. That would be the amount that you can afford to lose in a gaming session without it impacting any of the things mentioned above. If you could reasonably live without the money without any negative impacts, then it is likely affordable.
In fact, it is worth thinking about how many times you would like to gamble a month and set aside that money in advance. You then have to implement strict spending limits for each gambling session to ensure that you don’t run out of funds, but if you follow the limits, you can be sure that you will have money to play with next time.
Choose Your Game Wisely
Before sitting down to play any casino game with real money, it is vital that you fully understand the game and how to play it. If you don’t, then you will not know how to bet on it properly. For example, if you are playing slots, then you should understand that it is a game of pure luck and that there is no reason to increase or decrease your bet. On the other hand, if you are playing blackjack, then there are strategies involved that should inform your betting decisions.
People often split casino games into two categories, games of luck and games of skill. However, it is very rare to find casino games that truly involve skill.
A game of luck is one in which there are no decisions you can make that will influence the game and one in which the results of one round will have no bearing on the results of the next. For instance, one spin of the roulette wheel will not influence what happens on the next spin. Similarly, one hand of baccarat will have no impact on the next.
It is important that you understand as it relates to your betting strategy (more on that later).
The only casino games that truly involve any skill are blackjack and poker. If you truly master these games, then you can significantly reduce the house edge. You will also know when it may be advantageous to increase your bet and when it is a good idea to bet a little less. However, you should remember that there will always be an element of luck involved.
Use Your Brain
You should always stay aware of why you are gambling and examine your motivations. If you are using gambling as an escape, then you are starting down a dangerous path. You shouldn’t gamble to cope or when feeling depressed.
Make sure to always engage your brain, ensure that you are fully aware of your actions and avoid making any hasty decisions. Sticking to your budget will require a clear head and while gambling can be hugely exciting, it is important to avoid becoming caught up in the moment and being carried away.
As discussed, set limits for each gaming session and make sure that you stick to them. If you ever feel that you are looking control of how you play, then don’t be ashamed about turning to organisations such as begambleaware.org for help.
Use Betting Strategies
Betting strategies can never guarantee that you will win when gambling, but they can help your bankroll go much further.
There are several betting strategies. Each has its own advantages and disadvantages and not all are suitable for every game. The good things is that most of them are very simple to learn. You will find that it is very easy to start using betting strategies such as the Martingale, Paroli, and Romanosky.
There are two main types of betting strategies, positive progression and negative progression. One calls for you to increase your bet after a win and the other calls for you to increase your bet after a loss. For example, the Martingale systems dictates that players should double their bet after a loss and then return to the original bet size as soon as they win.
On the other hand, no betting system is perfect. For example, with the Martingale system, if you hit a losing streak then you could very quickly find that you are having to bet vast amounts or that you reach the game’s upper betting limit.
Therefore, you may want to consider a flat betting system, i.e. simply betting the same amount with each round. For example, if you know you want to play a slot machine for an hour, then you will probably play something in the region of 120 spins. If your budget is €100, then by betting €0.80 per spin, you can be sure that you won’t run out of money before the hour ends.
Know When to Quit
Knowing when to stop playing is of vital importance. In fact, you should also know when not to start, such as if you are feeling depressed, looking to ignore problems, manage your mood, and so on.
Assuming though that you are having fun, you should still know when you should stop playing. The obvious answer is when your bankroll runs out for the session. However, imagine you hit a winning streak, how do you know when to stop?
A nightmare would be winning a large amount and then losing it all within the same session. At the very least you want to try to put some of the money to the side so that you can gamble with more in your next session. This is why many players will set a win limit. They might say that they will quit if their bankroll increases by at least 50%. For example, if you start with €100 and then find that you have €150 to play with, it might be time to walk away. If you really want to keep playing, then you should at least move that €50 so that it is no longer part of your bankroll for the current session.
If you follow all of these tips, then you should find that your bankroll remains healthy and may even grow, and that gambling remains enjoyable. Have fun!