How to Manage Your Bankroll

Manage Your Bankroll

There is more to consider when joining an online casino than slapping a bet down and hoping for a win. Managing your bankroll is one of the most important things that you can ever do. Successfully keeping tabs on your balance will allow you to avoid the perils and pitfalls of problem gambling and ensure that you never run out of cash when betting online. If this sounds like a lot of work, you need not worry. Our rapid guide to managing your casino bankroll is a doddle to understand. Let us begin…

Play at Reputable Casinos

The first step to successfully managing your bankroll is ensuring that you sign up at a trusted and secure casino in the first place. Why does this matter, you ask? Let us tell you. If you choose to sign-up at a trusted and reputable casino, they will likely provide you with an array of tools that stop you from getting in above your head, as well as fair terms and conditions on bonuses. However, sketchy and untrustworthy casinos will make no such assurances. They are only interested in seeing you wager as much as possible. Playing at reputable casinos is the first and most crucial step.

Make a Budget

Once you have found a reputable casino to join, it is time to consider your budget. Your budget can be as large or as small as you like. What matters is not the size, though; it is how the budget is formulated. You should only ever gamble with money that you can truly afford to lose. Set aside a fixed amount for betting for a month (and try to keep it the same from month to month – you can wager less, but not more) and stick to that. If you only bet with money that is not reserved for something else (such as bills or food), then extraordinarily little can go wrong.

Do Not Play with Sizable Winnings – Bank Them

One of the most often repeated mistakes in the online casino world occurs when players do not bank their winnings. Now, if you wager a tenner and win a quid, we are not asking you to bank that. However, if you win a significant sum (in relation to what you have bet), then you should always consider pulling out your winnings. By choosing to gamble with them, there is every chance that you will walk away with nothing. This can make it feel as though you never win and see you plough more money into your account. Do not make that mistake – withdraw your winnings.

Make Use of Responsible Gambling Tools

As touched on earlier, reputable, and trustworthy casinos provide various responsible gambling tools that you can use when betting online. This is important. These responsible gambling tools will help keep casino players on the straight and narrow when betting online. They can include:

  • Limits: You can set your own deposit, wager, and loss limits, so you do not lose more than you can afford and do not re-deposit to chase your losses.
  • Withdrawal Locks: This tool forces you to withdraw your winnings and will not allow you to change your mind.
  • Opt-Outs: These allow you to opt-out of bonuses, so you do not get stuck working off wagering requirements.
  • Reality Checks: These tools send you a reminder when you have been playing for a specified period. This is a handy nudge that might remind you to cash out your winnings.

Play for Free, to Practice Strategies and Betting Systems

There is another way you can better maintain control of your bankroll, which is to use betting systems. However, we would not expect you to place bets using betting systems blindly. Systems such as the Martingale System are rather dangerous if you go on losing streaks. By contrast, systems such as the Reverse Martingale can be rather useful. Of course, you are not going to know how these work off the top of your head.

For this reason, we recommend playing free slots and games at online casinos. These will allow you to wager unrestricted and learn how to use betting systems. Moreover, they will give you an indication of the kinds of losses (or wins) you are looking at without risking your own cash. Only once you are comfortable with a game and how it affects your bankroll should you wager real money on it.

Make Use of Fair Bonuses

Online casinos are laden with bonuses and promotions, which can sometimes help you bolster your balance. However, it is worth pointing out that some of these are not going to help you very much. Some casino bonuses are worth hundreds of euros, potentially. Others are worth small sums. In a perfect world, we would be looking for the offer which dishes out the most cash. However, wagering requirements can put a damper on that.

The bigger the bonus you claim, the more likely you will have to wager that sum many times before you can cash out your winnings. This will result in a reduced bankroll in the long-term and limit when you can cash out. Ideally, you want to claim a casino bonus that has generous sums of cash but still does not ask too much of you in terms of wagering requirements. They do exist if you care to look around. Any big money bonus which has a playthrough rate of 35x or lower can be deemed reasonable.

Choose the Right Sort of Game

The final tip we have for you to help you manage your bankroll is to only bet on the right sort of games. This does not just mean slots that have massive jackpots. It also means games that have the right sort of volatility and house edge. If you play casino games where the house edge is sky-high, you are literally just throwing money away.

Highly volatile games will typically take players on lengthy losing streaks before a massive win is paid out. Low volatile games tend to pay out regularly but deliver small wins. If you have a bankroll that can sustain heavy losses, the former is ideal. If you are operating on a smaller budget, though, low variance games are the way to go, at least until you build up a better bankroll.