What is casino bankroll management?
A bankroll in the world of gambling is simply the amount of money you make available to play during your visit to the online casino. This amount of money varies from person to person, of course. Nevertheless, dealing responsibly with your bankroll is essential in order to visit the casino in a safe and fun way. There are many different factors that influence the amount of money you will win while playing at an online casino, the most important one being luck.
Apart from luck, bankroll management has the most influence on your success at an online casino, and it’s therefore advisable that every player understands this well. Luckily, you don’t have to go through countless sites to understand exactly what bankroll management means, as we’ll explain all the necessary parts you need to know about it on this page.
This information ranges from the basic techniques needed to successfully execute it to the reasons why it will make your online casino experience more successful. Many people who have heard of bankroll management most likely haven’t studied it further because it sounds rather boring. However, professional players will tell you that bankroll management is one of the main reasons for their success. So why not spend the few minutes it takes to read this page, and give yourself a much better chance of success when you start gambling online again afterwards?
Why you need to manage your bet and bankroll
Bankroll management is the process by which you always bet only a fixed amount of your total bankroll, ensuring that there is always money left over that you can play with again later on in the day. Imagine applying bankroll management to a 50/50 model, where you have a 50% chance of winning, and a 50% chance of losing.
If you bet your entire bankroll in one go, there is a relatively high chance that you will lose everything. But if, for example, you now bet 5% of your total bankroll at a time, a lost turn is not immediately disastrous. By spreading the risk, you’ll take a large portion of the luck away from gambling, and instead let the probability get into the game.
The advantages of using bankroll management are:
- You can play for longer and with less risk: By making sure that you never spend more than a certain percentage of your total bankroll, you make sure that you always have money left over to compensate for the losses you may incur when you’ve had no winning streak for a while.
- You can make better decisions while playing: By keeping track of how many times you’ve won and lost at any given time of day, game or even mood, you can improve your chances of making the right decision.
- You can plan the future better: If you have a better idea of how much you could potentially win, you can also better assess the bigger picture (whether it’s that you’re going to play at a game with higher stakes or at another casino with different bets).
- Lower bank charges: It is important that you always have money on your bankroll, which results in you having fewer payment transactions because you will deposit money less often.
A few tips for managing your bankroll
You may have read through the above, but it’s of little use if you don’t use it while playing. To help with this, here are a few tips for your bankroll management that should help make it easier for you to apply this strategy successfully:
Losses will always happen
No matter if it’s a professional or regular player, you’ll always have less luck playing rounds at an online casino. It’s very important to know how to deal with these emotions and this will help you continue to enjoy gambling online.
Don’t get too excited if you win
Keeping your emotions under control when you win is also very important. It is understandable that you become enthusiastic and cheerful when you win, but you have to make sure that this does not affect your next bet.
Lots of wins will rarely happen quickly
If you want to gamble successfully, it requires players to build up their bankroll at a constant speed: this means you have to take into account both win and lose rounds.
Furthermore, a casino, and of course in a live casino, also wants to have profits, so building up your bankroll can be a lengthy process. It’s important not to be discouraged by this slow build-up, and you should be prepared for the fact that it will take a long time before you’re going to win a lot of money.
Setting a wager limit in advance
Paying attention to your money should be at the top of your list anyway when you think about bankroll management. If you set a bet limit in advance, make sure that the moment you lose more than you win, you don’t suddenly lose your entire bankroll in, say, one live roulette spin. Professional gamblers usually set such a wager limit at around 10% of their total bankroll. For example, if you deposit $1000 into your account, you set the wager limit to $100. If you win, your bankroll will increase, but if you’re less lucky, you can lose up to €100 of your deposited money and the rest will remain safe.
Keeping track of how many times a day you have won and lost can help you make better decisions. Keeping track of statistics not only gives you insight into how much you can still afford to lose when you have a losing streak, but it also helps you understand things like: do you lose more when you’re tired, and in which games do you win the most money on average?
Protecting your deposited money
One of the most important components that bankroll management helps with is protecting your deposited money. The moment you have won some money, you tend to bet more.
To make sure that you don’t lose all the money you’ve won again, it’s advisable to have part of it paid out (usually a little more than your starting amount). In this way, you won’t lose any more money while gambling and you will only continue to play with the accumulated winnings.
Keep a grip on your bankroll
After you’ve determined a good amount to put on your bankroll, it’s time to actually sit down at the tables; the first step is to determine how much you can realistically bet.
Without going into too much detail, here are several systems that players use to manage their money:
The Martingale system
A popular system that helps players control your bet is the Martingale system and sounds familiar to fans of live blackjack. It’s a system that carries a high risk of losing your money quickly, but it’s also a good option if you want to win.
The system is very simple, if you lose you bet double the previous bet, and you keep doubling your bet until you win.
Once you have won, you start again at the first bet. The logic behind this is that you will always win again in the end.
Stop Loss Method
This method is especially applicable for people who play with cash in a regular casino.
It’s quite simple: Put a maximum amount you’re willing to lose. Once you reach this amount, stop playing.
Same money for winning: Set a certain goal that you want to reach. Have you reached it? Stop playing right away!
The Ferguson Method
The Ferguson method is used by the poker champion Chris Ferguson, so you could say that this strategy is effective. You have to follow the following golden rules for this strategy:
Never play a casino game where the minimum deposit is more than 5% of your entire bankroll.
Never play in a multi-table tournament where the minimum deposit is more than 2% of your current bankroll.
If you win at a casino game and the money on the table is more than 10% of your bankroll, have the money paid out when the blind reaches you.
Casino bonuses and bankroll management
There’s no doubt about the fact that casino bonuses are a great way to quickly increase your bankroll, so it’s definitely advisable to always try to take advantage of the best bonuses available.
In order to find the best bonuses for you, it is best to read reviews of different casinos on this site. Each review will be about a different bonus a casino has to offer.
However, it is important to keep in mind that your bonus should not change the way you manage your bankroll. This is because bonuses always involve conditions that prevent you from cashing out that money before these conditions are met.
Opinions differ about the use of free spins or a no deposit bonus. This is of course because these are ‘free’ obtained bonuses and are therefore handled in a more liberal way.
Thanks to the huge range of games on offer, playing at a casino is always very exciting. No matter if you play at a land based or online casino, every player has the same dream of winning a big jackpot that will completely change your life in the blink of an eye.
Only what is the chance that you’ll manage to do this without clearing your bankroll first?
No matter what your favorite casino game is, there is a golden rule that you must follow to ensure that you never get frustrated or in financial trouble when playing a casino game; only gamble with the money you can afford to lose and never play with money destined for other expenses.
It’s better not to even step into a casino and avoid the temptation to gamble your money – which is a lot easier to do at a land casino than at an online casino.
If you only play online, then you should consider buying a prepaid card with only money to gamble with. You should remember that no one in the world always wins while gambling.
Losing is a huge part of gambling. If a player loses, he may get angry, lose his mind and make less good, irregular bets. This way of betting guided by emotion does more harm than good for your gambling strategy.
Instead, make sure that you never bet your entire bankroll in one betting session, as this will prevent you from coming back the next time and getting lucky.
Furthermore, always keep your money separate – including the money you’ve won – and give your regular bankroll a nice little extra when you’ve won a lot.
And last but not least
The most important thing when it comes to playing online casino games such as slots is its longevity. The ability to keep your money for a long time determines your success. If you gamble all your money too quickly, you won’t get the chance to win that jackpot that will raise your bankroll.
Many online players tend to focus mainly on whether they are currently winning or not, forgetting to look at their bankroll. When your attention is no longer focused on your bankroll, you can quickly see the chance of that big jackpot disappearing. Of course, no one can guarantee that you will win at an online slot machine or gaming table, but good bankroll management will help you to be in the best possible position to make money.