It’s always smart to keep one eye on the poker table, and one eye on your bankroll: Money management 101
Whether you’re a sports fan or a poker player, a whiz at the roulette wheel or a superstar on the slots, proper bankroll management is a core skill. To be an effective casino gambler, you need to manage your money carefully. Going over your budget can mean that you end up making decisions based on emotion rather than strategy — and often paying the price. Sensible money management techniques will help you make the most of your resources. Here are some solid money management tips to put you on the road to stability.
Determining your online casino budget
Deciding how much you can afford to set aside for your online casino needs is often a tough process. Taking a long, hard look at your current spending may make you wince a little, especially if you’ve been chasing your losses recently. Be firm with yourself, though — this is the hard part, and it’ll get easier from here.
Look at your household’s incomings and outgoings.Think about the other things you’ll want to do with your diaposable income — going out, entertaining, holidays, treats for the kids. Once you’ve looked at your disposable income and decided how much you want to spend on gaming, you’ll be able to make smarter choices in future.
Staying within your budget
When it comes to money managing casino banks can help. Most online casinos offer a bank that you top up from you credit or debit card or from an online wallet. Limiting the amount you add to the bank is a surefire way to stay on-budget — once it’s gone, you step away from the games until it’s time to top up again. If the temptation proves a bit much, consider only topping up from a pre-paid credit card that you only load with your designated casino budget. This will make it harder to add too much and go overbudget.
Random, progressive and flat betting
There are three general types of betting. Deciding which one will help you manage your money best will depend on your aims.
Random betting may be the most exciting type of betting pattern but it may also be the most costly. In random betting, the amount you put down depends purely on your personal feeling in the moment and varies based on your instincts.
Progressive betting is a little more cautious and cerebral. In progressive betting, you take into consideration the amount you’ve won or lost. When things are going well, you bet more; when you’re losing money, you bet less.
Flat betting is the best option if you’re trying to reduce your spending. In flat betting, the amount of every wager is the same. Long or short odds, winning or losing, you only ever gamble a single flat sum.
How to improve cash flow
If you find yourself running low on funds, you may be tempted to put everything on one last big gamble. This is potentially counterproductive, however. Once your money’s gone, you’ve lost the opportunity to get back in the game. Instead, switch to smaller wagers with better odds. You’ll be able to keep gaming longer as you recycle your winnings back into the pot.
Change your focus
In the long run, you’re unlikely to make your fortune playing casino games. It’s a thrilling, exhilarating way to spend your time, not a financial investment. By focusing on the thrill you get rather than chasing the phantom of that one big win, you’ll get more out of your gaming. When gaming stops being fun and becomes another source of stress, then it’s time to step away from the game. The highs, the lows, the joy when your team romps home or you get that perfect poker hand — these should be what you come back for.