When it comes to online gambling, just like all gambling, the number one objective is obviously to win!
But you can’t win without risking your hard-earned money.
So how do you know how much to risk and not lose control?
You need to learn bankroll management.
Here are 5 helpful tips to keep you in the game.
This is the first and most important rule. Online gaming should be treated like every other expense in your life. Just like you should never pay more in rent than you can afford, and you should likewise never gamble with more than you can afford either.
Let’s call that the gambling Golden Rule: never gamble with more money than you can afford to lose. How about I repeat that once more for emphasis.
Never EVER gamble with more money than you can afford to lose. Ever.
You’re probably thinking, “why would I plan as if I was going to lose? I’m definitely going to win!” And that’s an adorable thought, it really is. Unfortunately, it’s also a total lie.
You heard it here first folks: you’re going to lose. Not always, and if you play the right games, hopefully not in the long run. But you have to play with money that can sustain the losing streaks. Because unfortunately, they’re going to happen.
No matter how awesome a gambler you are, how skilled a player you are, or how many lucky charms you have, everyone hits a losing streak on occasion. And you have to have a bankroll that can sustain those losing streaks.
So set a budget that fits with your lifestyle, and stick with it. If you usually have $200 a month left after the essentials, don’t deposit $300 online. Deposit $50 and look for sites that offer lucrative welcome bonuses. Make that $50 worth as much as possible, and stick with your budget no matter what.
It can be ridiculously easy to lose track of gaming expenses. Was that two deposits this month or three? Were there any withdrawals last month? Trying to remember these details off the top of your head might seem easy right away, but these events will very quickly blend together and be indistinguishable.
One of the biggest lies I all tell ourselves is, “I don’t need to write that down, I’ll remember it!”. Newsflash: you won’t remember it.
I always recommend keeping a log of all deposits and withdrawals, so you will never lose control of your spending.
It’s easy to underemphasize your loses unless you’re staring at them in black and white.
I see it happen online all the time. New players that don’t understand bankroll management tend to risk way too much of their entire stake in a single bet or game. And before they know it, they’ve lost their whole bankroll and are reaching back into the coffers for another deposit.
I don’t want to make that mistake. I want to learn how to be a smart player. And a smart player knows that their maximum wager should always be reflective of the size of their bankroll. Therefore, smart players don’t lose control by making bets that are too big.
A great rule of thumb is to look at the total amount in your bankroll and never wager more than 1% on any single bet or game. Yes, that’s right, 1%. So if you just made your first deposit online and you decided to try playing with $100, you should never be making a bet bigger than $1.
This will ensure you are wagering enough to make a difference in your total should you win, but not so big that it will be a devastating hit to your total should you lose. You don’t want to blow your entire stake on just a few bets, only to catch an unlucky streak and go broke.
It’s important to pace yourself and set yourself up for wins over time. And you can’t win if you run out of money!
When you’re winning in a casino, it’s typical to experience a spike in adrenaline. It’s what causes the well-known feeling called “gamblers high” and it is by far one of the most addictive feelings for gamblers.
Many gamblers have been known to chase the “high” and get caught up risking more money than they wanted to. Chasing this feeling often causes rational thought to go right out the window. And with the departure of rational thought, usually the bankroll flies right out the window too.
So, while it’s a great feeling to enjoy the big wins, and I would never tell you not to enjoy them (that’s the best part of gambling!), I just want you to always remember to keep a level head.
Just because you hit lucky once, doesn’t mean you can predict when the next lucky streak will hit. And conversely, you also can’t predict when an unlucky streak is going to hit.
If you play with too much emotion, you’re likely to spend more than you are comfortable with. If you become emotionally invested in getting back that adrenaline spike, you’ll burn through your bankroll in record time.
Don’t let your emotions to control you. It’s important to be smart and play with patience, to maximize our chances of return on our investment.
And most importantly, when it comes to gambling, always listen to the sage advice of Kenny Rogers. Make sure you know when to walk away (and when to run!). Set strict rules for yourself with how much you are willing to risk in a session.
If you lose that amount, take a break and walk away. Don’t try to chase the wins. It’s easy to fall into the trap of “just one more spin” to try and win it all back. But that strategy rarely works out to the player’s advantage.
In fact, it usually ends badly and you’ll probably end up being mad at yourself for going beyond your limit. Instead, be smart and walk away…and then you’ll still have money left to try your luck another day.
As soon as you build up your bankroll to more than double what you initially invested, I recommend withdrawing your initial deposit amount. That way, you’re playing on house money. You can comfortably say that you’re gambling exclusively with profit, and that’s definitely something to brag about.
When you double that initial stake amount again, I recommend withdrawing your initial deposit amount again and keeping your bankroll at the same initial amount.
By doing this second withdrawal, you can say that you have officially doubled your investment and become a winning gambler. This is the most coveted of all titles amongst gamblers. So wear that title loud and proud!
Keeping your bankroll at the amount you initially deposited will also help you be a controlled gambler. When your bankroll gets extra flush, it’s very tempting to start betting more.
And before you know it, all of a sudden you’ve lost more than you were comfortable with. If you take this advice and consistently withdraw your profit, you will keep your bankroll at a level you are comfortable with spending. It’s a smart way to ensure you won’t get lost in the frenzy.
One of the main differences between winners and losers in casinos is the successful practice of bankroll management. And now I have the framework to plant ourselves firmly on the winner’s side of that equation.
With a little bit of patience, a smart bet range, a firm budget and some rational decision-making, bankroll management can be easy. Once you make it part of your online gaming routine, it will become second nature.
Before you know it, you’ll feel more confident in your abilities and it will help you build up that bankroll successfully. So let’s get out there, and build that bankroll!