The guide below is to help you manage your money, effectively and safely whilst betting either online or off as the same rules apply. Good bankroll management can stop your gambling habit from becoming problematic as it ensures that you risk only the money you can afford. With good management of your bankroll, you can withstand even the worst of bad runs and enjoy your winning streaks with even greater satisfaction.
The player who improperly manages their bankroll will find it extraordinarily difficult to move up the stakes, so knowing how to build a bankroll and stick within the limits will go a long way to keeping your time online one that is enjoyable, exciting and full of fun.
Make Yourself a Budget – And Stick to It
Of course, your budget can be as large or as small as you wish, some people can afford to lose more money than others, and that very point is the most important of all. No budget should be made with money in mind that you cannot afford to lose, that would be a crazy idea as straight away if you did lose you would be chasing your losses taking all enjoyment out of your games.
Some people find that setting aside a fixed monthly amount to be able to bet on their favourite games works well, but you must remember that although you can wager less, you must not wager more. Staying to a fixed monthly amount as long as you stick to the same amount each month really can work well – this is a good way of separating your personal money from your gambling bankroll.
If you remember this golden rule of managing your bankroll then even if you happen to stumble upon an event such as a tournament that really appeals to you you will not go over your set amount.
Bankroll Management Win and Loss Set Limits
Once you have decided what you can comfortably afford to lose in any one month then it is time to make sure you are able to manage your bankroll so effectively that you will not run out of funds half way through the month.
There are a few simple rules to take onboard in order to do that with never bet your entire bankroll in a single game, this might sound rather obvious but believe us, making sure you set your loss and also in some cases your win limit is the best move as it will offer you more sessions in the long run.
Knowing when to back out of any game can be a difficult action for some players, if you have set a loss and win limit this makes this process far easier. During sessions that are not going your way the set loss limit will tell you when to quit, but remember, never try to chase your losses even if it is a natural urge for you to try to recover what you have lost, never fall into this trap.
On the other side of the coin, the win limit will help you to contain that surge of excitement that can cloud your judgment and see you betting erratically on your next wager. Excitement is a vital part of gambling but if you have (luckily) reached your win limit then it is time to call it a day and quit in order to avoid the possibility of losing what you have won.
Remember, bank your winnings and then withdraw them.
Effective Bankroll Management – the 5% Rule
Another possible idea that would work for you is the 5% rule in bankroll management.This self-imposed rule asks you not to wager more than 5% of your bankroll in any one game, so say your bankroll for the month was £200, then the highest you could wager in any one game would be £10 which is proven to keep your winnings high, and your losses on the lower side.
Bankroll Management and Responsible Gambling Tools
All the best online casinos that are trustworthy and value their players provide a selection of responsible gambling tools that you are able to use when you are gambling online at that site. These tools will help you keep your bankroll management on the right track and are well worth using.
- For instance, you can set your limits, your own deposit, wager, and loss limits which helps you not go over your bankroll limit and stops your chasing losses.
- Another responsible gambling tool is the option to ‘opt-out’ from any bonuses which means that there is no chance that you will have to work off any wagering requirements.
- The withdrawal lock is a tool that actually forces you to withdraw your winnings and it will also not allow you to change your mind.
- One other useful responsible gambling tool provided by a high-end online casino is the reality check. This tool will send you a reminder when you have been playing for a certain amount of time – a reminder for you to cash out your winnings and stop playing for a while.
Know Which Games is The Right Game For You
Choose games that do not have a rocketing house edge and high volatile games are those that will take you on a long losing streak before paying out those big wins. The low volatile games pay out more regularly but typically the payouts are smaller. Look at your bankroll and play the games that suit your cash amount as there is no point playing on a highly volatile game if you are not going to manage the losses that typically come with those types of games, that is until you have managed to build up your bankroll.
A Note About Using Bonuses
As we mentioned earlier, be aware of any bonuses or promotional offers you opt into as the larger bonuses often have big wagering requirements that need to be played through before you can cash out your winnings.
Saying that, there are fair online casinos which do not attach rocketing wagering requirements to their bonus offers and these are the online casinos that listen to their players and consistently deliver on those wishes.
Pay and Practice for Free
Before you dive straight in and put your bankroll at risk you can alway try many of the games for free. On the free games you can practice your betting strategies, get to know how the game is played and become familiar with the games that suit your own personal style the best.
Free games let you wager as much as you like, offering you an idea of the types of losses and wins you might be involved with without risking any of your own bankroll. Of course you will not be withdrawing any winning during these free games or losing any real money but they are a useful way of getting to know your way about any game before wagering any real money.
A Summary About Effective Bankroll Management
It makes a great deal of sense to make a plan of action if you are risking your own money. Having a workable plan of action when talking about bankroll management is vital as having the self-control to use it effectively.
Having a game plan and sticking to that game plan are two different things, and even though gambling is great fun for millions of people there will always be that small percentage who get caught up in the heat of the game throwing all their good intentions to the side, and this is where problems can arise.
If you consistently apply the bankroll management rules each time you play, you will be guaranteed an online experience that is fun, exciting, and stress-free.