Wherever you decide to play, and whatever game you choose, applying a consistent money management strategy will make your game-play more effective. Managing your online casino bankroll sensibly will allow you to stretch your online casino bankroll, giving you the opportunity to participate in more games than you would if you were spending mindlessly. Below are some essential components of good money management for you to us to get the most action for your gaming dollars.
Step #1 – Establish an Online Casino Bankroll
Money that has been set aside for gambling purposes is often referred to as a bankroll. When determining how big an online casino bankroll should be, players often base it on how much money they can afford to lose in the event they find themselves on a losing streak. You never want to find yourself in a situation where you’ve overspent and suddenly find yourself unable to meet your financial obligations such as paying your mortgage or your health insurance premiums or even just your grocery bill. For this reason, you can’t look to someone else to decide exactly how much money you can comfortable set aside and your financial situation is unique to you, and you alone.
Step #2 – Set a Session Limit
Risking your entire online casino bankroll when you sit yourself down to play at an online casino is pure madness. A much more sensible strategy is to define a set amount of money for each gambling session. This will ensure that the majority of your bankroll will remain intact in a worst case scenario, like a particularly bad run of luck. A good rule of thumb is to refrain from spending more than 5-10% of your bankroll during any one session. That way, if Lady Luck is not on your side, you’ll still have a reserve of 90-95% of your bankroll left, which you can use when the bad luck has run its course.
Limits for future sessions should then be based on the balance of your online casino bankroll. For example, if you alot 5% of a $500 bankroll for playing, thereby giving you a session limit of 25, and you lose, you would then take another 5% of the $475 remaining balance in your online casino bankroll, giving you $23.75 to play with during your next round of play. By applying percentages to your session limits, any amount of money that you put into play will always remain as an indication of the current size of your total bankroll.
Step #3 – Make a Plan and Stick to it
Keep in mind that just because you are only putting a conservative percentage of your overall bankroll into play, this doesn’t mean that you should spend recklessly. There should always be a betting plan in place so that you can maximize any deposits you make. Read up on the vast number of betting strategy articles available online, including right here on Dr-Casino.com. You can then determine if you want to follow one of these proposed strategies or simply split the money you’ve allotted for a particular session into equal units of ten, twenty, or more. This will allow you to place the same number of bets at the slot machines, blackjack or roulette tables, etc.
Step #4 – Know When to Quit
Winning or losing when playing at an online casino over the long-term can often be determined by whether or not you know when to walk away from the tables. If you find yourself routinely playing until your session limit has been eradicated, then chances are that you will inevitably lose money over a long period of time regardless of how often you win in the short run. But, if you learn to quit as soon as you start to generate a decent amount of profit, you’ll have an opportunity to profit in the long run as well. For instance, you might opt to quit playing should you double your online casino bankroll. Or, you could decide that a 50% profit on top of your session limit is sufficient. Whatever the scenario, determine when you will stop playing in advance and no matter what, keep to it.
No money management strategy on earth can guarantee that you will be successful at an online casino. However, the guiding principles set out above are much more likely to put you on the path to riches than if you were to play without exercising any technique whatsoever. Follow these suggestions for a month or so and you’ll discover what a difference a little money management can make.