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A No-Nonsense Guide to Smart Casino Bankroll Management

August 31, 2020 7 0
A No-Nonsense Guide to Smart Casino Bankroll Management

Sure, you might be the master of every casino game and know the perfect winning strategies, but let me tell you this: If you cannot manage your casino bankroll properly, you’ll never be safe. No advanced winning systems or strategy tips can help you if you have zero knowledge in proper casino bankroll management. 

When it comes to casino gambling, the primary objective is to win. However, it is impossible to win without risking your hard-earned cash. Some bankrolls are larger and more easily replaceable than others. If you want to play longer on your bankroll and have a better winning chance, different casino bankroll management strategies can be helpful. 

Tips for Efficient Casino Bankroll Management

Let’s say you enter a casino and immediately wager your whole bankroll on a single game. If your bankroll is separate from the rest of your money, and you have no problem losing it, that’s fine. As far as the odds are concerned, that decision isn’t wrong. Your chances of winning will not go up or down. However, even if you’re the master of casino game strategy, there is a high chance of you losing your bankroll. Here are some things to remember for better casino bankroll management.

Set a Budget 

The golden rule is to set a budget appropriate to your lifestyle and stick with it. Treat casino gambling like other expenses in your life. Financial literacy coaches advise against living beyond your means. Likewise, never gamble with more than you can afford.

You’re going to lose no matter what. Not always, and hopefully not in the long run. Losing streaks are inevitable. They will happen regardless of how skilled a player you are, how exceptional a gambler you are, or how many lucky charms you have. Therefore, you must play with an amount capable of sustaining losing streaks. 

Know Your Bet Range

Newbies without a proper understanding of casino bankroll management usually tend to risk way too much of their whole stake in one game or bet. And before they know it, their entire bankroll is gone. They will find themselves reaching back into the coffers for another deposit.

A smart player knows that the maximum bet must be reflective of their bankroll size. Hence, they do not make wagers that are too big. Ideally, you should never wager more than 1% of your total bankroll in a single game or bet. That way, you are betting enough to make a difference in your total should you win, but not too devastating the other way around. Of course, no one wants to blow their entire stake on just a few bets.

Set Limits 

Another helpful casino bankroll management strategy is to set both loss and win limits. These will protect your bankroll. With a loss limit, you stop playing after you lose a specific amount. You can set it at any amount you’re comfortable with. However, remember to always stick to whatever you decide. Do that at all costs. Otherwise, you may end up chasing your losses, which often merely magnifies them. 

You can put loss limits into place by the playing session, trip, or day. It is pretty similar to breaking your bankroll into segments. While it is not identical to loss limits, sports bettors usually protect their bankroll by wagering only a percentage of their bankroll on a single game. 

Similarly, setting win limits is one of the best ways to manage your bankroll. Many gamblers think this will not help in protecting their bankroll. However, most players lose in the long run. Therefore, the likelihood of you losing increases as you play longer. But with a win limit, you stop playing when you get up a specific amount. That way, you can lock in your profits for the session.

Keep Track of Your Gaming Expenses

Telling yourself, “I don’t need to write that down, I’ll remember it,” is a big lie. Losing track of your gaming expenses can be ridiculously easy. Trying to remember the deposit and withdraw details off the top of your head might look easy. However, such information will, more often than not, jumble and be nearly indistinguishable.

Best believe you always have to keep a log of every deposit and withdrawal to avoid losing control of your spending. You can easily underemphasize your loses if you don’t see the figures in black and white.

Set Time Limits 

Give yourself a time limit so that you pause playing after several hours, regardless if you are winning or losing. That is a good idea if you are playing in an overstimulating physical casino. All of the sounds, lights, and alcohol are there to convince you to play nonstop. Freeing yourself from that atmosphere for a couple of hours in between each game can help clear your mind, resulting in smarter choices.

Play and Drink Slowly

Playing slowly and moderate drinking can also help with smarter casino bankroll management. Apparently, your bankroll will last longer if you take longer to finish a game. Casinos offer all of those free cocktails for a reason. Drinking excessive amounts of alcohol can cloud your judgment. Since your inhibitions drop, you tend to wager larger and faster than usual. Alcohol also makes it difficult to assess your strategy. 

How to Extend Your Casino Bankroll

For sure, you didn’t walk into the casino only to play a single hand. Casinos provide entertainment, and most players want the fun to last. Therefore, wise casino bankroll management is essential. Below are some tips for how to stretch your casino bankroll and get the most out of your visit.

Make Smaller Wagers 

Spending several hours at the casino can be difficult if your bankroll vanishes immediately. One of the most fool-proof ways to make your bankroll last longer is to divide it. Instead of letting it ride on just a single hand, split it according to how many gambling sessions you plan on having. But bear in mind that this strategy is for those who are utterly looking to spend enough amount of time playing.

Set a Stop-Loss Amount

Regardless if you’re the master of your chosen game or you’re just playing something that needs no skill at all, you will go into a slump occasionally. When you set a stop-loss limit, you can ensure you don’t lose more than you can afford financially or emotionally. Again, never ever chase your losses. 

Play the Right Games

Ultimately, opt to play the right games and make the right wagers. While no casino game is wrong, some games come with a relatively higher house edge than others. Casino games with some of the lowest house edges include craps, baccarat, blackjack, and poker. Meanwhile, American roulette, Caribbean stud poker, keno, and slot machines have some of the highest house edges.

Then again, it isn’t as easy as “play this game, not that one.” The way you play your chosen game matters. It is essential to know that every bet has a different house edge. For instance, craps has a low house edge so long as you’re wagering only on the don’t pass line or the odds bet. Generally, higher payout means riskier bet. Of course, there is nothing wrong with taking some risks every now and then. However, they will not make your bankroll last longer.

In Summation

A trip to any casino can be ruined in a snap when you run out of money. Smart casino bankroll management is among the few things you have full control of as a player. If you’re neglecting casino bankroll management best practices, you’re placing yourself at a grave disadvantage. Manage your casino bankroll efficiently by dividing it, setting limits, and utilizing effective strategies. In return, you can spend more fun time playing.

There’s no shortage of ways to minimize your risk of losing a casino game. So next time you head to the casino, try applying these tips, and see the perks of smart casino bankroll management.

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