Communicated Content – Managing your bankroll helps every bettor to gamble responsibly. A sound bankroll management prevents you from chasing losses on a losing streak, staking too much on a winning streak, running out of money while withstanding multiple losses, and making irrational betting decisions.
If losing money and profiting are not your concerns, then managing your bankroll isn’t necessarily necessary. However, poor money management will always lead you to unpleasant experiences. That’s why managing your bankroll is very helpful, whether you’re betting as a form of entertainment or aiming to get gains.
Here are some of the ways you can consider.
Divide your Bankroll
Whether you’re going to gamble at a land-based or an online casino, it pays to divide your bankroll. How you divide it depends on your gambling attitude. For example, if you’re an aggressive bettor, you want to make session-specific mini-bankrolls. This way will help you control yourself from betting more during losing streaks.
If you’re a person who usually loses track of time, a day-specific gambling bankroll can prevent you from breaking the bank very soon. For example, if you plan to bet the farm for four days, divide your bankroll into four daily bankrolls. If you’re going to play twice a day, subdivide your bankroll into two session bankrolls for each day.
If you win, you can use your winning to add more funds to your current bankroll or set it aside and add it to your next session bankroll. But the better way is to pocket your winnings and take them home. After all, we’re all but guaranteed to lose at most land-based or online casinos.
If you’ve lost everything in your current bankroll, don’t touch the other ones. It’s time for you to call it a day. Even if you’re carrying additional funds that aren’t supposed to be on your bankroll, keep them in your wallet. You don’t have to bet until you’ve lost it all or even when you’re not having fun anymore.
Learn when to quit while you still have money.
Play Slowly and Take Breaks
Taking your time when playing casino games doesn’t only make the fun last longer. It also helps you in protecting your bankroll. Apart from learning betting strategies to cut the casino’s edge to the bare minimum, the game’s speed is another important variable to pay attention to.
The speed of the game is the number of decisions you make for every hour you play. The thing is, every time you make a wager, your money will be susceptible to the house edge. If you play so fast, the more shots the casinos will have at your bankroll.
Specifically, take your time when playing fast games, such as any online casino games, slot machines, keno, video poker machines, and Pai Gow poker. Casinos like fast games because players tend to make hundreds of bets in an hour, which means more exposure to the house edge. For example, a slot machine player makes 600 bets per hour on average.
That’s why it pays to bet slowly. It doesn’t only reduce your bets every hour, which helps your bankroll last longer. It also helps you to be less exposed to the house edge. As a result, you’ll save more money in the long run.
To slow down a game, take frequent breaks. Each break you take keeps you away from the casino’s house edge and reduces your losses. It also lets you clear your head and reassess your current financial situation. What’s more, if you tend to break your own rules, taking a break will prevent you from making a huge financial mistake you’ll regret.
Establish Limits
Establish a time limit for your playtime. Set the alarm or ask your friend to remind you of it. There’s a reason why casinos don’t have clocks. They want you to lose track of time and play over a longer period. The longer you play, the more bets you’ll make. And, as stated earlier, the more bets you’ll make, the more likely you lose.
Set a loss limit too. When you lose this specific amount, you should quit playing. It doesn’t matter how small or big your loss limit amount is. What matters the most is sticking to it. Having a loss limit is a good strategy to avoid chasing losses.
Lastly, have a win limit as well. Sure, it may sound weird, but it’s actually one of the best effective ways to manage your bankroll. Similar to a loss limit, you have to step back and quit playing as soon as you’ve won your win goal. We do this for the same overstated reason: the longer you play, the more you lose.
Final Thoughts
Casinos are designed in a way where people will not always win. Above all, it’s meant to be a form of entertainment, not a competition to win. In other words, you’re bound to lose in any casino games. Hence, bankroll management doesn’t prevent you from losing money. It only slows down the rate at which you lose, helping you not to lose even more money.
