It is important to always play within your bankroll regardless of the casino games you play. A lack of bankroll management is the number one reason casino players go broke. You may be wondering how you can perform bankroll management in games where the casino is guaranteed to win in the long run. You can’t, be we can show you how to minimise your risk of ruin.
What is a Bankroll?
Your bankroll is the money you have available for betting on whatever game you favour. It is always money you can afford to lose if things go pear-shaped. Always be prepared to lose and learn how to take losses because it will happen often.
Never use any money for any gambling that you need for non-gambling purposes. Sitting down with $200 to play pokies is great, but only if none of this money is earmarked for other items. Subtract any potential outgoings from your gambling funds and you have your bankroll.
What is Bankroll Management
Bankroll management is a term usually used in sports betting and poker circles. It is also applied to any other form of gambling, including online casinos.
Think of your bankroll as your war chest, as your ammunition for taking on those casinos. It is impossible to fight, or play in this case, without any ammunition available. You can’t win any money if you don’t have any money to bet with in the first place.
The principle of bankroll management is simple: how much money you have dictates the size of your bets. Any bet you make can be, but doesn’t have to be, larger the more significant your bankroll is.
For example, you shouldn’t be betting $10 per spin on roulette if you only have $100 available. Ten losing spins in a row completely wipes you out. That may be unlikely, but you are almost guaranteed to bust at some point betting like this.
I personally remember visiting my local casino with a friend who loved to gamble. We both agreed to limit our losses to $200 for the night. I bet conservatively on the roulette wheel, but he stuck $100 on red twice and lost both bets. My friend spent the rest of the night propping up the bar while I enjoyed taking on the casino.
Why Is It Important?
Following a bankroll management strategy is important for a variety of reason. First, it ensures you are only betting with money you can afford to lose. So many Australians are classified as problem gamblers. Problem gambling ruins friendships, relationships, and lives. Almost all problem gamblers bet above their means. Don’t fall into this trap.
It also helps you deal with losing better too. Nobody likes losing, but you’re going to do a lot of it being a gambler. Losing $100 from a $1,000 bankroll is not as bad as losing $50 from a $50 bankroll despite being twice the monetary amount.
Also, being disciplined stops you from making silly bets or following betting systems. The Martingale system is popular with blackjack and roulette players. This involves doubling your bet when you lose before reverting back to your standard bet size when you win. It seems a sure-fire way to book a win, but it is flawed for the reason you see here.
You see players all too often bet $5 a roulette spin but then jam $50 on it being black after a series of reds. Bankroll management prevents you from doing this without the appropriate funds.
A good rule of thumb is to never bet more than 1% of your bankroll at any one time. That’s correct, a mere 1%. This means if you have $500 in your bankroll, limit your bets to $5. Doing this helps keep you in the game longer and increases your chances of winning.