Before ever creating an online casino account, the first thing you need to be aware of is bankroll management. This is the concept of being able to manage your disposable income in an effective manner; enabling you to get the most out of your available funds while avoiding a negative impact on your life outside of gambling. While it might sound like boring homework or too obvious to even both thinking about, there’s a lot of useful tips and tricks that are easy and can save you in the long run. Knowing and following this guide to bankroll management will allow you to focus on enjoying your favorite games while having your money go further and without having to be concerned for your livelihood.
Know Your Limits
It can be easy to get carried away in the thrill of a game. You might be on a winning streak and want to keep that ball rolling, or you might find yourself chasing losses. In either case, you should know when to stop. If you find this too difficult to do in the heat of the moment, becoming too immersed in the experience, then you would be strongly recommended to consider setting fixed limits on your account. Online casinos provide the option of setting deposit and loss limits on your account, which can generally be set on a daily, weekly, or monthly basis. While deposit limits set a hard cap on how much you can deposit in a given period, loss limits also take your withdrawals into consideration. There are other limits you can put in place, such as wager limits and reality checks, however, the prior two are more intrinsic to your available bankroll.
However, It isn’t just the functionalities offered by the casino you should keep in mind. Before you can start considering what your own personal limits should be, you will first need to be fully aware of your financial situation. This means calculating your ingoings and outgoings over a period of time, typically a monthly basis, to figure out what your disposable income is. This is the money you can set aside for your own preferred activities, which includes gambling. Of course, you will most likely want to spend your disposable income on other things as well, so this is where you need to work out how much of it goes towards playing your favorite games. Whatever you set aside for your online casino play, remember that this is money that you should feel comfortable being able to lose.
Know Your Game
Once you have established how much money you can set aside for wagering, you will need to take into account the games you wish to play it with. Different games call for different strategies, which also includes how to best manage your balance. Having a balance of €100 won’t generally last all that long if you’re playing €10 hands on Blackjack for instance. You will generally want to set a maximum wager amount to a specific percentage of your current balance. For slot games, this could be as low as 1%, while table games could be ramped up to 5%. Adhering to a specific percentage allows you to increase or decrease your bet amounts in accordance with your wins and losses. This will also ensure that you are able to extend the enjoyment you are having, while not ruining the thrill of actually getting a win.
Keeping Track Of Your Bankroll
It is worth knowing about some additional helpful tools, as you begin to play at an online casino over an extended period of time. You can always check your bank statement or player account transaction history to get a breakdown of your activity. The casino’s transaction history is a good way to keep an eye on your deposits and withdrawals, which allows you to have a clear picture of your overall expenditure.
Another possibility would be to have a completely separate e-wallet account, solely for the purpose of your casino bankroll. Skrill and Neteller are popular and widely accepted online casino payment methods, which can be used to make quick and easy transactions. You can top up your e-wallet, using a payment card for example, where you can then transfer funds over to your player account. Possessing such an e-wallet account will let you have a specific account and transaction history dedicated to your play. This means that your casino ingoings and outgoings are clearly separated, which can be especially useful if you like to play on multiple different sites.
E-wallets also have the added benefits of generally avoiding transaction fees. Most online casinos will charge fees for withdrawals that are requested via bank transfers, whereas e-wallets tend to avoid this. Credit cards are also something that is best avoided, as they will have their own transaction fees and added interest that you need to account for.
Paying Attention To Promotions
An online casino that is upfront with its promotions is always one to look out for. Knowing when a promotion is about to land and what you can get out of it can give you a huge boost in making your money go that extra mile. Deposit bonuses are a great way of extending your gameplay without any additional hit to your disposable income. While you may want to deposit today, there could be a great promotion available tomorrow that gives you free spins or a bonus with your deposit. That’s why it may be best to stick with a site that has regular promotions that run like clockwork. It is quite common to find repeating promotions that go live on a specific day or over the weekend, which is good to be aware of. Sometimes you will find banners or a dedicated promotions page informing you of upcoming offers, although sometimes you may just have to play for a while to learn the casino’s promotional rotation.
This also counts for the casino's loyalty programs. Get yourself familiar with it and you can be seeing further rewards, as you continue to play. Some loyalty programs can give you points that you can turn into rewards, while others grant higher bonus amounts. The trick is to find an establishment that provides a comprehensive explanation of their loyalty program so that you can be fully aware of what each of your deposits will eventually be worth in the long run.
Balance And Bet Range
You will often find that your player account has more than one balance. It might be a separate casino or sportsbook balance or it could be split up between cash and bonus funds. This is something that can differ from site to site and might not necessarily be clearly visible. It is however particularly important to be aware of whether you are playing with bonus funds or cash funds whenever placing a bet. This might be easy to track when using a 100% deposit bonus, as the two balances will always be split 50/50. It will be slightly harder to track on a 50% or 75% deposit bonus for instance. If you were to deposit €100 to claim a 50% deposit bonus and play down to a balance of €30, only €10 of that will be consisting of bonus funds. This is where you will then have to decide whether it will be worth continuing on with the bonus or cancel it and cut your losses with €20 cash left over.
This is also something you should keep in mind with regards to your bet range. The minimum to maximum wager you are willing to commit, based on your remaining balance, on a single round will be your bet range. As we mentioned prior, this is generally summed up in a percentage of your current balance. It is good if you can keep in mind how much of that bet range consists of bonus funds and how much is actual cash. Being aware of these relatively simple mathematical operations will allow you to strategize your money and your bets much more effectively.
Casino Bankroll Management Conclusion
Rule number one of playing at any casino is; never wager something that you are not willing to lose. Keeping a rational mind around this subject can be particularly difficult in times of excitement though, which is why it is good to keep more tangible practicalities in mind. Having an uncompromising amount of money set aside will allow you to enter the games lobby relaxed and prepared with the sole focus of having a good time. Doing the extra little tasks of working out your disposable income and how much of that you are willing to use towards your gambling activities enables you to play with peace of mind. It is actually rather empowering knowing that you are prepared and in full control when placing your bets, allowing you to know when to push forward or when to call it quits.
A final piece of advice we have for you is; never be afraid to ask. If you ever feel unsure as to whether you’ve worked out your bankroll correctly, find someone to ask. Maybe you are hesitant about your bet ranges or if you should take a specific offer, it never hurts to ask. This could be a friend, a fellow player or even a customer support agent in some circumstances. Whoever you feel most comfortable with. Getting an outside perspective, even if you don’t agree with the advice, can help you rationalize a specific issue you are having. After all, bankroll management is all about you being informed and prepared.