When you play online slots or other casino games, there’s absolutely nothing wrong with coming in with a set amount you can easily lose and playing until that’s spent. Some players prefer to make playing their favorite games more of a long-term hobby, though.
For those players, especially those who are just embarking on gambling in such ways, there are many questions. Those often include how do I start a gambling bankroll and what is a good gambling budget.
Many of the answers to those questions depend on your situation. At the same time, there are some universal best practices that BetMGM can help you utilize.
How to Set a Responsible Gambling Budget for Casino Play
The easiest answer to the question of how do I manage my casino bankroll is to set limits and stick to them. This not only applies to the overall amount of money in your bankroll but how much you bet on each play and how long you will play for.
One of those hard-and-fast rules for gaming is that you only play with an amount of money that you can easily afford to lose. If you’re gambling with money that you need to meet obligations or that you should be investing, that’s a warning sign that you are at risk for harm from irresponsible gambling.
Once you’ve identified an amount that you can safely play with, then it’s just a matter of identifying how much risk you are comfortable with and which games you want to play. There are some popular strategies for ensuring you stick to your plan.
Understanding the $20 Method: A Low-Risk Casino Strategy
Many players hear about one of the most popular blackjack bankroll management strategies and ask, what is the $20 method at the casino? The method works as well in other games besides blackjack and you can apply it even if your budget is greater than $20.
To follow this method, you need to first select a game. Then, you need to establish either a time or win limit or both.
Then, you start with a budget of $20 for the game you choose. You can adjust how much of that $20 you bet on each play, but your session on that game ends when you either expend all of that $20 or hit the pre-determined time/win limit.
If your overall budget allows, you can then move to a different game and repeat the process if you like. This strategy is popular with players who want to try their luck on different games.
Even if your overall budget is just $20, though, this plan allows you to stick to your budget while also enjoying some gameplay. Responsible online gambling is the most important aspect of playing.
How to Recover After a Big Loss at the Casino
Most of the games that you’ll play at a casino are those of pure chance, and even those where there is an element of skill are still mostly dependent on luck for you to win. Even with the best plan, you may have a run of bad luck.
This is why it’s so important to only gamble with amounts that you can lose without any adverse effects on your personal finances. That way, even if chance doesn’t favor your plays, you can walk away stress-free.
Gambling losses are not total losses this way, because you still got some entertainment value out of the money you spent. Additionally, in terms of federal taxes in the United States, you can deduct gambling losses from your personal income tax liability under the right circumstances.
If you choose to do so, though, it’s important to observe how to prove gambling losses in case the Internal Revenue Service questions your deductions. This involves keeping detailed records of your play and not trying to deduct more than you won in a tax year.
Ideally, though, you can limit your losses with some clever strategies. These can help you sustain your gambling for longer periods.
Top Strategies for Managing Your Bankroll at BetMGM Casino
The best slot bankroll management plans can be described as trying to maximize your wins and manage your losses. The hope is that at worst, you will break even and be able to play again when you next have the time to do so.
Within your budget, it’s wise to allow for a mix of risk levels in your wagers. That way, you give yourself a chance at bigger wins that will build your bankroll while also controlling your vulnerability with a greater balance of safer bets.
Safer bets do not guarantee wins, though. There’s a lot to be said for quitting while you’re ahead, so if you get lucky, you might want to just end your session right then and use those winnings as your bankroll for your next session.
If luck runs against you, there’s also no shame in cutting your losses and saving what’s left of your bankroll for another day. You might also consider switching to a game with more favorable odds or placing less risky bets to try to build your bankroll back up.
BetMGM welcomes players to register and manage their bankrolls for the long haul. No matter the size of your budget or how much time you have to play, BetMGM wants you to have a good time for a long time.
