Almost all gamblers know or can quickly figure out how to start playing online casino games for real money. For some, a trickier question is when to finish your playing session.
There are many considerations in that answer but a primary among those is your budget for gaming. Many gamblers will refer to this amount of money as their bankroll.
How much that is and how much of it you’ll spend on each game and wager is an individual matter. At the same time, some bankroll management tips can help you make decisions regarding your budget.
The Importance of Setting a Gambling Budget
Responsible gambling is an obvious consideration in setting a budget for your gambling, but establishing a bankroll isn’t just about avoiding problem gambling. A gambling budget also helps you enjoy your play.
If you’re concerned about how much you’re spending because you have no plan, you can’t relax and focus on the game. Not only does that take away from your ability to have fun in the moment but it also distracts you from the game.
More important than anything else, as mentioned earlier, is limiting your exposure to potential harm from gambling. Even if you don’t struggle with disordered gaming, an ounce of prevention is worth a pound of cure when it comes to gambling addictions.
Playing in a disciplined manner with pre-set limits helps you form healthy habits in gambling. That, in turn, keeps you from developing an unhealthy relationship with gaming and sets you up to keep a proper perspective on the games.
Understanding House Edge and RTP
With every game you play at a casino or on an online casino app, there’s a cost of admission. Think of it like the ticket you buy to see a concert or film.
In gambling, this ticket takes the form of the house’s interest in the game you are playing. Even in games like poker where the house isn’t your opponent, the casino is still invested in your game because it’s carrying the expense of facilitating the game.
For other games where you play against the casino, you need to know about the house edge and understand how RTP affects your casino game wins because these factors help you decide which games are the best use of your budget. In both cases, these factors represent the amount of money the casino keeps out of all the money wagered on the game.
Licensed and regulated casinos are very transparent about these amounts and it can change from one game to the next. The smaller the house edge or RTP is, the more money a game pays out.
At the same time, it’s still true that nothing ventured, nothing gained. If you want to hit it big, you have to take an appropriate risk on bets or games with higher house edges or RTPs.
But many players who take such risks end up failing to defy the odds. A solid plan not only accounts for this possibility but includes action steps for this situation.
How to Recover After a Big Loss at the Casino
Some of the best bankroll management tips include how to respond when you take a big risk and it doesn’t pan out. Ideally, you’ll have budgeted for such a risk, understanding that your chance of losing your bet was high, and losing the money you wagered won’t be a problem.
Regardless of how detailed your plan was, the absolute worst thing you can do in this instance is chase your loss with another risky bet to try to win back the money you just lost. If you’re considering doing so, the best course of action is to take a break from gambling until you’re in a better emotional and mental state.
Even with solid plans, you can hit a run of bad luck. Games at casinos are games of chance with random outcomes that you can’t control or predict. Accounting for that unpredictability with your bankroll is the best way to prepare for it.
10 Tips To Help Your Casino Bankroll Go Further
When you’re formulating your bankroll management strategy, some tried and true guidelines can help you achieve success. These principles apply regardless of the size of your bankroll, what games you plan to play, and how you intend to bet.
1. Create A Gambling Budget And Stick To It
When people ask, “How do I start a gambling bankroll,” the primary consideration for responsible gambling and betting should always be an overall spending limit. This is the amount of money that when you reach it, your playing session is over no matter how you fared.
This amount of money should also be an amount that you can easily afford to lose completely. Additionally, you should never gamble with money you borrowed, required for something else, or got through selling your possessions.
These are classic signs of disordered gambling. Once you’ve established your total budget, the next thing you should think about is what game or games you would like to play.
2. Choose Casino Games That Suit Your Budget and Skill Level
After you’ve established your bankroll spending limit, the next question is often, “How do I manage my casino bankroll.” That task begins with choosing games that you’re familiar with and are a good fit for your budget.
Many games are adaptable to budgets of most sizes. For example, BetMGM’s best penny slots are ideal for players with smaller budgets who nonetheless want to enjoy many spins.
Online slots are also ideal for new players because they’re some of the easiest games to play. You simply set your wager amount and click or tap spin and see what the result of your bet was.
If you’re new to a game, you might want to keep your wagers conservative until you gain more experience. Once you’re knowledgeable about the betting options, the odds, the payouts, and the rules, you can take greater risks within your bankroll limits.
3. Go the Smaller Jackpot Route
A great way to extend your bankroll’s potential is to try for small profits rather than massive returns on your bets. The simple rule of thumb with gambling is that the greater the potential profit, the more likely it is that you’ll never see it.
Placing riskier bets can deplete your bankroll quickly compared to safer bets. With more player-friendly odds, breaking even, or realizing a small profit, is more likely.
If you do get lucky, you can take some bigger risks with the winnings you’ve made if they cover your costs. It’s vital to be aware of what you’ve spent to ascertain whether you’re in that position.
4. Track Your Spending
BetMGM gives players many tools with which they can be proactive about bankroll management. One of them is the casino deposit limit setting tool.
With this tool, you can limit your deposits to custom amounts for customizable periods. BetMGM also gives players a detailed history of their transactions, making it easy to review your activity for compliance with your budget.
When you keep a close eye on your spending, you know exactly where you stand concerning your budget. It’s a big part of the thoughtfulness that smart gambling requires.
5. Slow Down When Playing Casino Games
One thing novice gamblers discover when they first start playing is that in many games, the action moves along pretty quickly. While that keeps the games exciting, it also demonstrates the importance of playing games that you’re familiar with.
If things are moving too quickly for you to make informed decisions, this is when it’s a good move to end your time with the game and take a break or switch to a different game. Online casino games are great for getting familiar with games because you control the pace.
Slowing down also helps you enjoy each play and learn more about the game you’re playing. You can notice more details and you give yourself the time to make notes of what works best for you.
6. Play at a Low Limit
While it’s true that you can’t win big if you don’t bet big, it’s also true that you can’t lose big if you don’t bet big. A low limit is also key to exploring different games to find what you like best.
A low spending limit helps players approach gambling as a fun diversion. Another way a low limit can help is when you want to place some riskier wagers. With a low limit, losing such bets is usually no big deal. If you get lucky, you can add a good amount of money to your bankroll for your future use.
7. Bank Your Winnings to Avoid Withdrawing Your Deposits
You’ve probably heard the phrase playing with house money. This is what it means to use your winnings from earlier deposits to avoid having to make more casino deposits or withdrawals.
When you get lucky, the temptation is to cash out and enjoy your winnings in other ways. While that’s certainly your prerogative, there’s something to be said for simply letting those winnings rest in your account until you want to play again.
This enables you to take bigger risks than you would with your original bankroll, as you still break even if you lose in this scenario. On the other hand, more good luck can keep you playing with house money for quite some time.
8.Understanding the $20 Method: A Low-Risk Casino Strategy
You might have heard of it before and wonder what the $20 Method at the casino is. As the name suggests, this is a method in which you limit your bet or bets on a game to $20.
If your budget and time allow and you want to play more than one game, you can with this method. However, each play needs to be $20 or less.
What’s of the utmost importance is that you don’t let those $20 wagers add up to amounts that exceed your overall budget. There are more ways to ensure that you stick to your limits.
9. Take Advantage of Online Casino Bonuses and Promotions
You can play with house money by banking your winnings but another way to do so is to utilize the bonuses that online casinos offer to players. A great example of this is the incredible casino welcome bonus that BetMGM offers new players.
To get in on that deal, all you have to do is register for BetMGM and make a qualifying deposit. Doing so will give you access to bonus funds that you can use to play many of the games in BetMGM’s massive collection with diminished risk. Once you have used the welcome bonus, there are ongoing online casino promotions to review.
It’s important to evaluate each offer for its value to you as an individual. If the conditions and terms of a deal are outside your budget, or require you to play games you aren’t comfortable with, that particular promotion might be the best thing for you.
10. Know When To Walk Away
Next to having a great plan for starting your gambling session is observing your limits when playing casino games. There are a few ways to do this.
Many players will set a win limit and end their sessions when they hit that number even if they have bankroll left. Another great strategy is setting a time limit. Loss limits are another useful tool. The best gambling plans incorporate all of these elements to provide fail-safes and checks to ensure you stick to your plan.
There’s a lot to be said for going out on top and keeping your gambling fun. With BetMGM, you’re not only welcome but encouraged to set conservative limits and abide by them.
