The worst thing you can do when playing online casino games is to go in without a plan. Not a strategy to play the games but a plan to manage your money. Sure, there is an element of chance in casino games, but you do not have to surrender all your money to lady luck. Instead, you can at least be sure that you have some money to play with throughout the month with a solid money management plan.
Here are five fantastic money management rules every casino player should follow;
1. Have a bankroll
A bankroll is a designated amount of money with which you will play. You need to understand that in casinos, you have to play with money you are willing to loose. This means that your gambling money cannot be your rent, or school fees, or any other vital expense in your life. It also cannot be money you borrowed from your friend hoping to make it big in the casino.
Instead, your bankroll can be the money that remains after subtracting all your expenses from your income. Alternatively, it can be a set percentage of your income. Before you head to the casino download page, be sure you know how much you intend to gamble every month and that you stick to it.
2. How do you manage your bankroll?
While having a bankroll is one part of the puzzle, how you manage your money to last a set duration is an entirely different but equally important piece. Imagine someone with $100 as their monthly gambling bankroll but ends up gambling it away in a week or a few days. They would have one of two choices. They could either have to add more money for the rest of the month or stay out until the next month.
Someone who wants to play every day or a specified amount of days/sessions per month would not gamble without a more detailed plan. They can decide how many gambling sessions or days they want for that month then divide the bankroll by the number of sessions. That way, they know they have a little to gamble every time they come to play online.
3. Have a set stake
This is an extra step in managing a bankroll. There are two main types of games in casinos; games of chance and games that need both strategy and chance. Purely chance-based games give players lower odds of winning than games that involve a little strategy. This is because, with strategy-based luck games like poker, your skill can tip the winning odds back in your favor. For example, some blackjack players learn card counting, which they use to win more games. (They may be banned from casinos once they are discovered.)
When you have a set stake, you simply decide how much you can bet on each game you play, whether it is chance-based or chance and strategy-based
4. Have stop limits in place
Stop limits are rules that tell you when to walk away from a game or the casino. You can have win stop limits, time stop limits, and session stop limits.
a. Session stop limit
This is the point where you stop because you have reached the predetermined amount of loss you allowed yourself. Some people decide to walk away from the casino entirely when their bankroll for the day is depleted.
For others, it can mean they have to walk away from certain games whose stop limit they have reached. For example, suppose you have a $10 daily bankroll, and $4 was for games of chance and $6 for strategy games. If you deplete your $4 on slots, then you have to stop playing them for that day.
b. Stop win limit
This is a counterintuitive stop limit for many, but it is just as crucial as the session’s top limit. Some people, after experiencing a lucky streak, become increasingly bolder and start making riskier bets. That is why it is not uncommon to hear of people who made lots of money and lost it all in one day.
When you set a win stop limit, you decide beforehand that after a certain number of wins or a particular amount of profits, you will cash out and go home. This will allow you to lock in your winnings, and you can use them to increase your bankroll for the next sessions.
c. Time stop limits
Unless you want to become a professional gambler, it is in your best interest to limit how much time you spend gambling. By willingly walking away after your time limit is up, you will become less stressed about gambling, prevent emotional gambling and stop yourself from developing addictive tendencies.
d. Stick to the plan
Your plan cannot help you unless you stick to it. Sit down and develop a plan on how you intend to spend your money in the casino. After your sessions, evaluate your gambling and ask yourself if you stuck to the plan.
Of the money management rules mentioned in this article, having hard stop limits in place is most important. Unless you take steps to follow these rules consistently, you stand to keep losing more money than you planned every month.