Many people believe that being a successful gambler comes down to a superior gambling strategy, or how much luck you have. The fact is that over the long haul, it takes effective money management to put you in a position to be ahead at the end of the year. Regardless of the size of your bankroll, all casino games rely on a house edge for the casino to make money. That means that over time, if you gamble long enough, you can only lose.
What is Bankroll Management?
Online casino bankroll management is the overall term that is used to describe a gambler who looks at his bankroll more like operating capital, as opposed to simply a source of funds. Most of the gamblers who are more adept at it are already good with their finances. But what about the gamblers who aren’t good with money? They may have great instincts and engage in wise gambling, but when it comes to balancing a checkbook, they are terrible. This will typically lead to these gamblers getting overextended and blowing their bankroll in a few wagers.
Since the casino is bound to win if you gamble long enough, it is of vital importance to develop a sound bankroll management system. Slots of Vegas is more than happy to share the following nuggets of wisdom to help you manage your bankroll for a better gambling experience.
Tip #1: Only Gamble with What You Can Afford to Lose
Do not use credit cards to gamble, period. Only set aside an amount of cash you can afford to lose; this becomes your bankroll for the gambling session, whether it is a few hands or a few nights. In the case of prolonged betting, divide your bankroll into sessions. If you can afford to lose $1,000 gambling over 4 days, divide your bankroll into $250 chunks. Only bet $250 per day. If at the end of the day, your session bankroll is higher than $250, roll that over to the next session.
Tip #2: Set Time Limits for Gambling Sessions
Whether you’re gambling for one night only or an entire week, set a reasonable time limit to gamble. Remember: the longer you gamble, the higher the chances you have of losing your bankroll. It’s better to break up your bankroll into timed sessions of a few hours per day. Once you reach your limit, stop. If you’re losing, it won’t be fatal. If you’re ahead, that’s your net profit for the session. Save it for another day.
Tip #3: Play Games with Low House Edges
The house edge is the predetermined percentage on each casino game you play. The lower the percentage, the lower the casino’s house edge, and the greater your chances of walking away a winner. Some games have great odds (lower house edge), while other games have a house edge so bad they appear to be made for suckers. With a good strategy, you can even lower the house edge to favor you. Casino games with a low house edge include:
- Blackjack: from .5% to 1% depending on table rules and your strategy
- Baccarat: 1.06% on the banker bet
- Craps: 1.36% on the don’t pass line, 0% on the odds bet
Casino games with a downright terrible house edge include:
- Keno: 25%
- American Roulette: 5.26%
- Slot Machines: 2% to 20%
Tip #4: Don’t Chase Losses
Chasing losses means throwing good money after bad. Say you’re on a losing streak. That’s bound to happen to everyone at some point in their gambling sessions. The smart gambler knows when to walk away. The foolish gambler continues to ‘let it ride,’ throwing more money at the tables in a desperate bid to make up for their losses.
This tip is easier to follow if you establish session time limits and daily session limits. Otherwise, it’s quite easy to get caught up in the heat of the moment, let your emotions get the better of you, and wind up losing the whole wad.
Tip $5: Don’t Be Emotional
Gambling involves winning and losing. Both cases involve strong emotions, ranging from despair and fear when losing, to outright ecstasy from a big win. It is especially important to temper your emotions and not get carried away. A professional gambler sees the process as a series of investments over time, each a calculated move to slowly lower the house edge and allow the gambler to walk away with money at the end of the day.
You can still have fun gambling; after all, the whole point of playing casino games is the thrill. But if you temper your emotions with a carefully-planned out casino bankroll management strategy, you’ll avoid catastrophic losses, increase your gambling enjoyment, and maybe you’ll even walk away a winner.