Faith Mortensen | December 23, 2020 | Updated on: January 29th, 2021
When you first join an online casino, you probably don’t think about bankroll management. While this is perfectly okay, you might need to rethink how you use your money at these websites. If you’re losing a lot and don’t know it, things can go south quickly.
So, consider setting up a bankroll management strategy to get the most out of your gaming session. In this guide, we’ll walk you through setting up a budget, which bonuses to take, and how to get returns on your investments.
Best Casinos for Bankroll Management
Bankroll Management Links
- Best Casinos for Bankroll Management
- Bankroll Management Explained
- Bankroll Management Strategy
- How to Avoid Losing Your Bankroll
Bankroll Management Explained
A bankroll is a budget you’ve set aside expressly for online gambling, which could be in a casino account. Of course, this should be separate from your living expenses and bank account, so you don’t overspend.
When you’re setting up a bankroll, set aside a realistic amount of money to get started, then divide it between the cash games you want to play. At all times, consider how much you want to risk losing, be it $10 or $1000.
A common mistake most players make is thinking that all of their casino account funds are their bankroll. When budgeting, set a limit for each session (like $50) for each game, and stash the rest. Knowing how much you want to spend is the point of bankroll management, then you can think about growing your bankroll.
Bonuses and Your Bankroll
With your base budget in mind, you can then shop around for promotions to boost your bankroll. Generally, a 100% match is offered, but you need to factor in the wagering requirements and other terms.
After reading through the terms and conditions, you can create an account and deposit either the minimum amount or more. Always ensure that the short-term benefits balance with the long-term costs.
Ideal Starting Bankroll
Most new players want to know what the ideal starting amount should be for proper bankroll management. However, there’s no actual answer to this question because opinions vary. Remember: you will lose money, so you need to keep a level head about the affordability of your gaming.
While you build a bankroll up, you should try to start at $100 for overall gameplay and go from there. You could even choose four games to divide it between and set where you fall.
Bankroll Management Strategy
So, you have a bankroll and a vague idea of what you’re willing to spend on gambling. Now, it’s time to think about your bankroll management strategy.
1. Stakes
Before you start playing, you have to think of the game stakes and how they fit your budget. Generally, stakes are the pot limits built into games that determine the maximum jackpot. Most pro players recommend aiming for low stakes while you’re getting started.
Then, try playing higher stakes games with big bets if you’re comfortable with your win rate. Overall, big bets should be reserved for the bigger prize pools like progressive jackpots. One bankroll requirement is to look up the average buy-in or starting bet for the games.
2. Game Type
When you’ve got a stake in mind, you can think about the game types you want to try. For example, virtual or live table games like blackjack, poker, roulette, baccarat, craps, or sic bo. Then, consider the higher variance of these games and their stakes.
Because lower variance games will require less of your bankroll than the fast-paced, high variance live games, another factor is tournaments, which up the ante and the risk of losing.
3. Win Rate
For professional players, bankroll management depends on the return on investment (ROI) they can expect. Meanwhile, cash game players have to factor in their win rate across 100 spins or hands.
Most people overestimate the ROI on a small number of games, which can negatively affect bankroll management. So, research carefully and play with that in mind to keep on track.
4. Comfort Level
Last but not least, consider your mental composure and life roll (other available cash away from your bankroll). Mental calm refers to the tendencies you have with your best bankroll management decisions. Some players are more comfortable with a bigger bankroll while others aren’t; knowing your mindest helps.
If a larger bankroll helps you to spend comfortably, then you should consider it. However, if a limited budget keeps you on track, go for that instead or find a middle ground.
How to Avoid Losing Your Bankroll
While we understand that you want to get playing and winning, we have a few more tips for you. These are based on personal experience and professional players’ advice, so we hope they help.
1. Separate your personal and casino finances
First and foremost, always separate your bankroll from your personal funds and treat it like “company funds.” This is one of the most crucial bankroll management techniques you can use.
Many experts warn against depending on your winnings to pay the bills because you are playing games of chance. So, ensure that you’re keeping track of your casino money and staying out of your living expenses.
2. Always play within your means
It’s tempting to make that one life-changing bet and make a ton of money on a single wager. However, it’s not a good idea to blast through your bankroll and hope for a big win.
If you can’t afford the buy-in or maximum stake, walk away and play something else. Play with money you can afford to lose, which means set aside money for your game funds, and keep a level head. Also, never chase losses, especially on an epic losing streak.
3. Avoid desperate moves to “stop” variance
Desperation gets ahold of any player from time to time, which is why you need to be careful. When facing variance (or downswings), don’t let yourself get rattled.
Keep in mind that variance doesn’t think, and losing before won’t mean that you won’t stop. Lady Luck is an indecisive mistress, and you need to keep that in mind while gambling.
4. Move down in stakes when necessary
By staying flexible in your stakes, you can hopefully avoid significant losses while gambling. There’s no shame in lowering your bets to manage your bankroll. So, consider being flexible in your strategy and saving funds for later.
5. Keep track of your sessions
Lastly, keep track of how long you play. Also, keeping records of your wins and losses is an excellent way to manage your budget.
You can also keep track of your skills to highlight where you need to work on your technique. While most people think you only need a strategy to lower the house edge when you play blackjack or similar games, even slot machines have a trick, so it’s good to know what you’re doing.
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