Bankroll Management 101: How To Make Your Money Last Longer
One of the most crucial knowledge to have as an online casino player is how to manage your bankroll. Knowing the right approach to bankroll management can be a significant advantage, whether you’re a beginner, casual, or seasoned player. Not only does it help you play longer, but it’ll also minimize the risk.
So, how should you handle your bankroll the right way? Here are all the tips you might want to know: 😉
Creating a Gambling Budget
The most fundamental knowledge for bankroll management is creating a gambling budget. In short, a gambling budget is the amount of money you set aside specifically for gambling. So, you’ll know how much you can afford to lose and ensure you remain responsible when playing.
Once you’ve set a gambling budget, the next thing to do is to stick to it. You should never think you can add more to the budget when it runs out. Creating a gambling budget means you won’t disturb your other funds; the money you gamble will be the money you’re willing to lose.
Dividing Your Bankroll Across Sessions
Once you set a gambling budget, divide it into smaller portions for a single playing session. That way, you won’t blow through your bankroll all at once. It’s up to you how you’ll divide them. Maybe you plan to bet ten times a month, so you divide the total bankroll into ten equal portions.
Not only does this method allow you to keep track of your spending, but you’re also less likely to feel the pressure of winning back your significant losses due to betting a large amount on one playing session. Once you’ve set this limit, remain consistent and commit to stopping once you’ve used your budget per session.
Choosing The Right Game
Some games are designed for high rollers, with a higher minimum bet, which may not be suitable for players aiming to play longer and be mindful of how much they spend. Our casino features games with various bet size ranges, so being more mindful about which game to play won’t limit your options.
Online slots are typically ideal for beginners who want to stay on budget. Not only are they easy to play, but they also come with many variations with diverse bet sizes. If you haven’t played many games, stick with the ones you already know. Once you know more about how each game works, including its rules and betting options, you can be bolder and explore new games.
Understand Volatility and RTP
Each casino game comes with something called volatility and RTP. Games with lower volatility will produce frequent small wins throughout the gameplay. However, they rarely give big wins. This is an excellent type of game for beginners. The small wins you obtain will help you maintain your bankroll for a more extended playing session.
On the contrary, games with higher volatility rarely produce wins. Yet, once you hit a win, they’re often bigger in value. They’re riskier, but high-volatility games may be more attractive for an experienced player with a good budget.
Meanwhile, RTP means Return to Player. It’s a theoretical percentage of money that the game will pay back over a long period of playing to players. For example, if you’re playing a slot with a 95% RTP, the game will give you $95 for every $100 bet you wager over the long term.
Although choosing a game with a higher RTP is always better, that doesn’t mean you can expect to get exactly the amount of RTP stated. The developer obtained the RTP number over thousands, if not millions, of rounds, so they can’t apply to a shorter playing session.
Use Betting Strategies
Many experts have popularized bankroll management strategies that are effective. One of the simplest ones is setting the fixed-unit model betting.
When using the fixed-unit model betting, you set a percentage of your bankroll as the amount of your single wager and stick with it. If you have $1,000 and choose to bet 1% each time, that means $10 per wager.
This strategy ensures you won’t be making emotional decisions regardless of the changes in your bankroll. If you’ve set a consistent amount, you’ll be less likely to chase your losses by switching to larger bets.
The percentage-based betting limit is a slightly more flexible and safer version of this strategy. You’ll also start by setting a percentage of your bankroll as a bet amount. However, you’ll apply the rate according to the changes in your bankroll. So, if your bankroll increases from $1,000 to $1,100, your bet amount will change to $11. This strategy can minimize loss as the bet amount follows your bankroll size.
Manage Your Wins and Losses
Before you play, set a clear goal for winning. When you hit the goal, even before your bankroll runs out, you should still walk away.
This is crucial because if you don’t strictly set when to stop, it’s easy to want to chase an even bigger win after a winning streak. However, gambling is primarily a game of chance. Nothing can give you a clear indication of how far or how close you are to winning next.
Besides a winning goal, a losing limit will also benefit your bankroll management. Similarly to how setting a winning goal is done, setting a losing limit means you’ll walk away regardless of how much you have left when you’ve lost enough. Like chasing a bigger win, feeling like you’ll win next after a losing streak can hurt your bankroll. This can cause you to act on impulse and make poor choices.
Even if you’re an expert player, it’s impossible always to win. Setting a loss limit allows you to manage your expectations, maintain control over your bankroll, and avoid financial setbacks.
