Whenever you sit down to gamble online, you should do so with the understanding you have a finite amount of money with which to gamble. You can consider that the line you should never cross. More realistically, you should yourself establish a “bankroll”, which should represent the amount of money you are willing to risk on your gambling activities over a certain period. That might mean a day, month, or even a year.
Once you have established a bankroll, you have effectively created your worst-case scenario as far as losses. For example, you might be playing video poker with nice payouts in Canada online, but you can never lose more than your total bankroll if you are a disciplined gambler. Now, your approach to managing your bankroll is all about managing risk and reward. To that end, here are five tips to help you manage your gambling bankroll better.
1. Understand the Risks You are Undertaking
If you are going online to play online casino games with real cash, here’s to hoping you are doing so with the expectation you are going to lose. Online and brick and mortar casinos exist for one reason, it’s because they are profitable. They are profitable because the odds on every casino game favor the house.
You can win money. However, you have to beat the laws of probability to do so. Every online casino game provides the casino with a built-in statistical advantage. That’s why casinos don’t cheat. They don’t have too. It’s players like you who are taking the risks. If you believe the potential rewards make it worth the risk, so be it. However, the risk is you will lose money over a long period unless lady lunch shines on you.
2. Establish a Reasonable Per Bet Limit
No matter which online casino game you decide to play, your best chance of playing a long time rides on your ability to set certain betting limits and abiding by them. As an example, let’s say you enjoy blackjack. Do you want to risk your bankroll on a single hand? Of course not. If you lose, your bankroll is gone and you got one minute of excitement for all that risk.
As a rule of thumb, you should never invest more than 5% of your entire remaining bankroll on one roll of the dice, one spin of the reel, or one turn of the cards. With this approach, you would most likely be able to endure a streak long enough to maybe turn the tide with continued play.
3. Don’t Get Emotional About Losses
If you understand you are likely going to lose money, it might be easier for you to accept online casino gambling is a form of adult entertainment. It’s a form of entertainment for which you might have to pay just like going to a concert. If you can accept this approach, you should be able to avoid getting emotional about losses. If you get emotional about losses, you might start chasing your money, which might only serve to accelerate the loss of your entire bankroll.
4. Don’t Get Excited About Winning
When you win money, there is a good chance you will experience a rush of adrenaline that creates a sort of euphoria. That euphoria can drive you to do crazy things as a gambler. Crazy things might include increasing your bets in an attempt to grab more winnings.
Here’s a thought. Instead of increasing your bets, why don’t you consider taking winnings off the table and putting them back in your pocket? As a rule of thumb, you should take net winnings off the table once your net winnings hit 50% of your original bankroll. If you do that twice, you will be playing with casino money from that point on.