When people decide to bet at online casinos, it’s usually for two reasons – to make money and have a good time while doing so. However, we all know that it is not possible to win during every session. Since this is the case, and you are using money you worked hard for, it makes sense to govern your spending and keep the gaming fun.
The key here is risk management, a concept that applies to many aspects of life and not just online gambling. Successful gamblers have a full grasp of money management techniques, keeping them in control of each betting session. Top poker players, for example, are well versed in bankroll management, but these tips apply to any off or online casino game, from table games, live casino, and online slots. Here are several tips you can apply to minimise losses and keep you in the game longer.
Stick to your bankroll
Like the song says, ‘You got to know when to walk away. If you haven’t set a strict budget, how will you know when to do so? The first thing to know about online gambling is never to gamble money you cannot afford to lose. It’s a fact that not every gambling session will be a winning one. It doesn’t matter how much practice someone has done, how many baccarat books they’ve read, or how long they’ve been playing blackjack; sooner or later, downtimes happen. If you’ve budgeted money that you can afford to lose, these situations won’t cause long term effects.
Set a limit on each bet
Card games are a good example here, and a rule of thumb for many is don’t wager more than 1% on each hand. For example, you’re playing blackjack with a $500 bankroll, this means betting $5 max per hand. There are several benefits of doing this. One, it helps keep your emotions under control, not going all in chasing a big loss or a big win. Also, online gambling sessions will potentially last longer, so you get better value for your betting buck. Finally, betting like this makes it easy to keep tabs on how the session is going – up, down, sideways, making it easier to decide to play on or walk away.
Don’t get emotional
If you watch professional poker players, you can see how much control they exhibit over their emotions. Remember, pros are people too; they have feelings like the rest of us. However, they work on regulating them, not betting on impulse, rage betting, or going on tilt. Nothing good comes of losing control long term. Like pro poker players, don’t chase wins, don’t chase losses. If you hit your limit, put the gadget down and walk away. Likewise, if you get a massive win, take a breather before continuing, and stick to your plan.
Don’t forget to withdraw
Following on from the previous point, if you do find yourself up, it can be a great idea to withdraw some of the winnings. For one, this is money safely in the bank. Secondly, let’s say you double your bankroll during a successful session. If you withdraw half (or more) of it, you are essentially playing with the casino’s money. This is online gambling with absolutely zero risk to your original bankroll. Some players who get on a winning streak can be tempted to ante up and see if they can push it, then end up flipping, and hitting big losses. To avoid this, be sure to withdraw when it makes sense to do so.
Record your results
Some say you can tell a winning poker player if they keep records. This shows they are working hard to be successful. If you don’t keep track, how can you tell if you are improving? Of course, many casual gamblers aren’t trying to get better as such; they’re just out to have a good time. However, even these players can benefit by keeping stringent records. Tracking results will show you right away how much money is being spent, if you’re in a downswing, and if you need to take a break.
Casino games of all types can teach us plenty about money management. It starts with choosing the right budget to match your entertainment level and financial position, then moves onto individual betting size. Staying cool and not overspending is another key component, as is keeping records. As you can see, all are sound measures that can transfer to other walks of life and may help separate the successful online gamblers from the not so successful.