Tips on Managing Your Casino Bankroll
When talking about gambling the objective is clear – everyone wants to win. However, if you don’t play your cards right, winning the game might just be out of your reach. Risking your hard-earned money is the baseline of every gambling endeavor because let’s face it – you have to give some to get some. But the key to being successful lies in knowing when to bet and how much to bet, or rather, when to fold.
With that in mind, here are some useful tips that will help you manage your casino bankroll and keep you in the game, because – to be honest – if you don’t know how to use your money the right way, you’ll never be safe.
What is bankroll?
To start off, we should first clarify the terminology. A bankroll in the gambling world denotes the amount of money you are willing to invest in the game. This means that the bankroll you’ve set available to play with is in no sense all the money you have. After clarifying this, let’s explore some of the ways you can successfully manage your bankroll.
Set a clear budget and stick to it no matter what
The importance of this first tip cannot be emphasized enough. Gambling, be it online or offline, should be treated like every other expense. What this means is that you should determine a clear sum of how much you can afford to spend on gambling and never overstep your boundaries.
Gambling with the money you absolutely can’t afford to lose can ultimately have some serious consequences, which is definitely something you wish to avoid at any cost. And please, do respect this rule, especially when you’re on a roll because the tables can turn on you any second.
Keep track of your expenses
Losing track of your gambling expenses is way easier than you may think. It’s quite easy to forget how much and how often you’ve made a deposit, or when the last time you made a withdrawal was.
As with a lot of other things you “don’t need to write down, because you’ll remember it” this one will also slip off your mind in a heartbeat. That’s why it’s of the utmost importance to create a log of your gambling expenses – both when you’re winning and losing – to make sure your resources aren’t being stretched too thin. Also, keep in mind that it’s quite easy to undervalue your loses up until you see them written in black and white.
Know how much you can afford to bet
As Kenny Rogers would say “You’ve got to know when to hold ’em, know when to fold ’em, know when to walk away, and know when to run”. This is especially important to keep in mind if you’re a fresh player because getting carried away and risk your entire stake in a single bet or game.
So, make sure that your maximum wager is never larger than your bankroll. A great tip is to never wager more than 1% of your bankroll on a single game because you never know where it may lead you. This way, you can be sure you’re wagering just enough money to make a difference in your total in case you win the game, but it won’t leave a huge dent in your total in case you lose. Look at it this way – you don’t want to spend your entire stake on just a few games but divide it in smaller bits to make the fun last as long as possible, without putting your financial stability in danger.
Withdraw your deposit
Finally, play it safe and play it smart. As soon as you manage to build up your bankroll, you should withdraw your initial deposit. There are a couple of reasons you should do this.
For starters, if you manage to double your initial investment and withdraw it, you’ll be playing exclusively with pure profit, which is definitely something you should be aiming at. Once you manage to double that sum again, you should again withdraw your initial deposit amount and keep your bankroll same. This way you will be doubling your investment which will automatically put you in the win. Additionally, this game plan will keep you in check, preventing you from going in debt.
So, to wrap up, keep your bankroll management clean at all times to avoid making a costly mistake. We all instinctively perceive ourselves as winners when we enter the gambling realm, but that sadly is not always the case.