Managing Your Bankroll When Playing for Real Money

If you’re a gambler, the current technological boom in the iGaming industry is a dream come true in terms of convenience. Where players previously needed to travel to physical casinos, they can now log onto any of the multitudes of online casinos available to try their luck any time, any place.

Photo by Anastasia Nelen on Unsplash

With this, however, come certain risks. With these casinos being so easily accessible 24/7, knowing when to stop playing may be challenging for some. To combat this, all legitimate online casinos offer exclusion programs that allow players to cut themselves off from playing. However, this drastic step should only be taken by those who truly cannot stop themselves from playing.

For more casual online gamblers, there are some common tips and tricks to managing your bankroll that can lead to a more enjoyable gambling experience while ensuring financial safety and stability.

Set a Budget

Setting a budget beforehand is the most effective and easy way to manage your bankroll when playing for real money online. Doing this will give you a precise amount you know you can comfortably spend so that you know when you should stop playing.

Many budgeting experts agree that a person’s entertainment budget should be between 5% and 10% of their wants budget. The budget for wants (as opposed to needs) is ideally meant to be 30% of net income. As a form of entertainment, gambling falls within the entertainment budget category (10% of the 30%) and is, therefore, included in the amount set aside within these parameters.

The percentage of this entertainment budget allocated to gambling can vary depending on the person. It is affected by factors such as whether the player regularly goes out with others or spends money on other forms of entertainment. If they do, the gambling allocation should be less, and vice versa.

The most commonly accepted allocation of an entertainment budget toward gambling is 30%. If a player’s entertainment budget is $1,000 per month and they allocate 30% to gambling, they can spend $300 before stopping.

Set Win Limits

While a gambling budget works well to set loss limits by specifying the total money a player has available to wager with, it doesn’t often consider wins. Should wins occur, it will be up to the player to decide whether to invest them in other areas of their budget (such as savings) or use them to increase their gambling budget.

One way to wisely manage what is done with wins is by establishing a win limit. This comes into play once wins reach or exceed the specified limit, allowing the player to have a cut-off point where they can stop gambling—even if they’re on a roll.

A win limit is important because the analogy that ‘the house always wins’ is entirely accurate. While it is possible to win consecutively while gambling without winning a large jackpot, statistics show that these winnings will almost always be paid back to a casino when chasing more significant wins.

Stopping play after a set win limit is reached ensures these winnings aren’t paid back to the casino, meaning the player can benefit from them rather than lose them again.

Don’t Chase Losses

Working hand in hand with a budget and win limits is one of the most vital tips to follow when gambling online: don’t chase losses. Although casinos will always give the impression that it is possible to recoup the money you’ve lost, these providers operate for profit and aren’t out to give back the money. Gambling is also not an investment and carries the risk of a loss.

Therefore, if a player loses money while playing, writing it off and continuing as usual is best. Trying to make this money back will likely lead to more significant losses, which could lead to an endless cycle of trying to regain funds.

Try Different Ways to Win

Another way to manage money and ensure players get the best entertainment bang for their buck is to vary the games they play. With online casinos often boasting hundreds of games, from live games to slots, players have a wide variety to choose from. Sports betting is also a great alternative to traditional casino games.

Opting to play different games not only exposes players to games they may not ordinarily try but also gives them a greater chance of spreading their money in different areas of possibility. This is especially true when considering the varying odds offered by different games.

Understand the Games

Part of trying different ways to win includes understanding the dynamics of each game. Players can benefit from doing a bit of research on the games they want to play before actually playing them. Doing this ensures that they know how to play and which games have the best odds and highest jackpots and can offer the best returns for the least effort.

Look for Deals

One of the best ways to manage your bankroll while gambling is to search for deals and promotions to make your money go further. Many online casinos offer attractive welcome bonuses and continuous promotions to incentivize players. These can be used to get more than what is deposited and can help extend play.

Finding the best of these is also a simple task. With sites like SlotsOnlineCanada.com actively reviewing casinos and finding the best deals, players can get expert insight into the best casinos, games, and deals.

Take Breaks

Finally, taking a break is an excellent strategy to ensure players don’t blow through their entire gambling budget in a single go. This doesn’t need to be an extended break; it could be for just a few minutes every half hour.

Doing so, however, results in players spending less over a short period of time. It is also a great method for recollecting thoughts if a losing streak has occurred, and it can help players accept the losses without reacting to emotions and making the decision to chase down the losses.

While finding a reputable online casino to use when gambling for real money is essential, correctly protecting one’s finances and managing the bankroll available to play is equally crucial. The tips above can make this more manageable and lead to a better gambling experience overall.

 

 

 

About Joel Levy 2599 Articles
Editor-In-Chief at Toronto Guardian. Photographer and Writer for Toronto Guardian and Joel Levy Photography