What is it Casino Bankroll Management?
One of the most important tools when gambling at an online casino is bankroll management. Essentially it is keeping track of how much money you have to gamble and setting rules and guidelines. It is often overlooked when you are right in the middle of the gambling action. Many people can get carried away when they gambling at an online casino, either they don’t know how much money they have lost or won or they are just having too much fun. Having fun is not the problem, but knowing your cash flow is a really important aspect of online casino gambling.
Knowing how much you have to spend
It is important to know how much money you have available to gamble online. One way to measure this is to look at your disposable income. This is calculated by taking your total income and subtracting the taxes. Then of course you have all your expenses including rent, food, utilities just to name a few. After all those expenses, you have your discretionary income which is the money you have left after all those expenses. In that amount, you should have a portion set aside for entertainment purposes. Remember gambling online is a form of entertainment, not everyone likes to see movies or go to fine dining restaurants. So it is ok to set an amount each month towards online gambling.
So now you have set aside a certain amount dedicated to your online casino bankroll. For example purposes, we will use $500 as an amount dedicated to online casino gambling. Of course not every month you will be dishing out $500 if you follow good bankroll management. You hope to grow that amount so that you have enough to last you for x amount of time and hopefully one day you can win that jackpot.
1. Knowing what casino game you are good at
This rule applies the same way as it does with poker. A lot of people are good at No-Limit Texas hold’em, but then go experimenting on games like Omaha Hi/Lo or Seven card Stud. I have heard stories from people I know that told me they won $500 on Texas Hold’em but then lose it a game of H.O.R.S.E. Well, this rule applies to casino games, if you are good at blackjack then stick with your main game. It is ok to have some fun and play some slots but remember to see how much you can afford to play with.
2. Setting your limits and sticking to them:
When you open up the online casino, the first thing you want to do is record the amount you have in your bank. This is a very important amount. You have to set a limit on how much you can afford to lose and also to set an amount of how much to step away once you win a certain amount. For example, let’s say you have $500 in your online casino bank account. You want to set an amount that you are comfortable with, let’s say at +$200. After you hit this amount, you must stick to your plan and finish your session for the time being and book a nice healthy profit. The same goes for losses, once we lose a predetermined amount you want to end your session.
3. Don’t get carried away
I know this can be difficult for some people, but it is important you stick with your limits for wins and losses. Some days don’t go as well as other days, but it is crucial to keep that in mind. If you discipline yourself you will always have a session ahead of you because you will have a better chance to avoid going broke. This will give you a better opportunity to win big at your casino game. Also remember, not every day going to be a lucky day, so if you protect your bankroll, you will have enough for the day when you do get lucky.
If you stick to these general principles you should do perfectly fine. Once in a while, you should cash-out and buy something for yourself. Giving yourself rewards will always help you remember that online casino winnings are not just a virtual dollar amount. Finally, remember to have fun. Online gambling is a form of entertainment just like any activity that is fun. Wish you the best of luck and hope you do take home that big payday.