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Top 5 Ways to Manage Your Casino Bankroll

How to manage your casino bankroll

Not all of us are good at math, but that’s a poor excuse when it comes to keeping a handle on our finances. The key to earning and keeping your money is to make it work for you and not the other way around. This particular approach is extremely important when it comes to gambling, as losing sight of your bankroll could be the difference between you leaving a casino jumping for joy or wallowing in absolute despair. If at any point you lose control over how much you spend, casino games stop being fun. This is very frustrating for a responsible adult who should be able to control what he/she spends. If this proves difficult for you, here are a few tips which will help you manage your casino bankroll much more efficiently.

#1 – Set a Budget

 

Before you even think about stepping into a casino, be it online or offline – the very first thing you should do is make sure you have a limit set out for how much you are willing to spend during that session. If you start placing bets which you knowingly can’t afford, it is likely to cause you some kind of financial crisis in the future. It doesn’t matter how skilled you think you are or whether Lady Luck has your back – putting yourself in a worse position before you even started simply isn’t worth it. So, set a budget, and be sure to stick to that amount. If it helps – leave your bank cards at home!

#2 – Keep Tabs

After you’ve set your budget amount, it’s time to start playing! But this is also where people end up spending more than they planned, simply because they failed to keep track of their expenditure. This is so easily done in land-based establishments – particularly after a few drinks! This is why many casinos will advise you to gamble with a clear head, so that 1) you don’t make erratic decisions, and 2) you don’t place stupid bets which you can’t afford. It’s easier to keep track in an online casino because most of the time you can view your transaction records and betting history. Plus, it’s unlikely you’re going to get as smashed at home when the drinks aren’t free.

#3 – Don’t Gamble on Credit

Another essential to keeping your bankroll intact, is making sure that you never, ever place bets using a credit card, or use your personal overdraft. Most banks enforce a fee or add interest when you go over your credit amount, and they can make your life a living nightmare if you don’t pay it back. On top of this, it could have a major implication on your credit score; meaning large investments such as mortgages and insurance policies could prove incredibly difficult to get. Don’t risk your entire future for the sake of winning a few extra bucks – period.

#4 – Consider Your Deposit a Win

This one might sound a bit strange, but if you have had a few successful wins and doubled what you originally invested, sometimes it’s worth withdrawing your deposit; then you are essentially just playing off the house’s money. Not only does this tactic help you stay in control as a gambler, it protects you if you happen to lose it all. Sure, you might be no better off than when you started, but at least you haven’t left with nothing! Or worse… left with minus figures!

#5 – Know When to Call it a Day

Although your budget plays a big part in this point, what this really entails is knowing when to cut your losses and either move on or go home. Many people have fallen into the slot machine illusion, thinking one should be bound to pay out sooner or later. Their confidence and beliefs are normally skewed due to the fact that these machines work with completely random algorithms.

The same goes for strategy-based games. Just because you might be a top dog at poker or placing craps bets, doesn’t necessarily mean you’re guaranteed to win each time. Assess the situation you’re in, and if a slot feels cold; move onto another one. If you’re playing a table game with $5 wagers and your bankroll is starting to deplete; lower your bets. If you’ve spent $500 already and then start tapping into your life savings or kids college fund – just get the hell out.

The Secret Weapon in Online Casinos

We’ve told you how to keep a handle on your budgets, but on a more positive note – there is one very beneficial tool you can use in order to get the most out of your kitty when gambling online: BONUSES. Bonuses are the incentives offered by online gaming operators in order to entice new players, as well as lure existing ones to play other games, and of course – spend more. Some of them, if not most, are subject to certain requirements such as a minimum deposit amount, or can only be redeemed on certain games. However, once you’ve checked your eligibility and the terms of each bonus, it can be fantastic and sure-fire way of boosting your bankroll and increasing your winning potential without spending any of your own money.

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