Finance

Personal Finance Tips for Casino Players – How to Effectively Manage Your Bankroll

It’s very important for casino players to constantly manage their finances, in order to avoid losing all their money in one go. The idea is to win consistently as you play your favourite online casino games, but also plan and manage your bankroll in a manner that you stretch it to the maximum extent possible. In this short article, we will acquaint you with some important tips that will effectively help you in this regard.

Furthermore, regardless of whether you’re playing your favourite blackjack variant at www.casino.com/blackjack or are interested in other online casino card games like poker etc., these tips can help you significantly in maintaining a healthy bankroll.

Determine how much money you should play with

Before depositing any money into an online casino, you should determine the maximum amount you can afford to lose, without hurting the other financial aspects of your life. You will need to be completely honest with yourself, because if you aren’t you might end up adversely impacting the other needs of your life, such as school fees, mortgage bills etc. 

For instance, if you are left with $ 500 after taking care of all your affairs, it won’t be wise of you to spend all of it at an online casino. Perhaps, you should set aside $ 100 or maximum $ 200 for such games, ensuring that you always have something left to take care of other things. Here’s the story of a man (at theguardian.com) who managed his bankroll well and beat the bookies at their own game.

Split up your bankroll

Splitting up your bankroll is critical to ensuring that you never blow all of it in one go. For example, if your bankroll is $ 200 for a given month, you should play with no more than $ 50 per week. On the other hand, if you’re a seasoned casino player, you can consider splitting your bankroll into the number of online gambling sessions. What’s important here is that you never go overboard with the amount you had decided to play with on a daily, weekly or session-by-session basis. Please remember, you don’t necessarily need to bet big in order to win big. This UK soldier won a whopping £ 13.2 million with a 25p bet! You can read more about it on bbc.com.

Keep your winnings separate from your deposit

Managing your bankroll is all about common sense. As detailed in this article on our website dailyhawker.com, a super investor always keep a margin of safety to avoid overpaying. Similarly you should always safeguard your winnings by separating them from your initial deposit/bankroll. Your goal should be that if you are playing with $ 100 and win an additional $ 100, you should withdraw the initial deposit, or at least set it aside. Doing so will ensure that you will never go below your initial investment. In the event that you win a sum equal to your initial deposit once again, keep that aside too.

Never chase your losses

There will be times when you will experience losing streaks. When that happens, you must never let that affect your game play. For instance, you should never increase your bet sizes in such situations, trying to recover your losses. If you do so, you might bet higher than you had originally planned to, and end up losing even more. Instead, you should switch to lower stakes during such losing streaks, to limit your losses.

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