While you might dream of having an endless casino bankroll, the reality is that many players, both offline and on online casino games, have a limited monthly income that affects how much money they have to play with at the casino. But wouldn’t it be great if you could make your casino money go a little bit further? It’s possible, and we’re here to tell you how.
The first step is to understand how concepts such as RTP (return to player) and the house edge can be beneficial to your overall casino bankroll. Take a look.
The house edge and its effect
The house edge reveals the percentage that a particular casino game, such as online poker, has over the player. So, when you’re learning how to play poker in a casino, it is important to take into account the house edge. This way, you can calculate the average loss to the original bet, which means you can estimate your expected loss during a single hand or gaming session. Once you know the house edge, you can make a responsible decision about whether it suits your bankroll.
Understanding the RTP
The RTP refers to how much an online casino game will pay out over time. This number is shown as a percentage. The RTP is, in fact, the opposite of the house edge. For example, if you play slots online and the slot game has an RTP of 95%, then the house edge is 5%. This, of course, means that the casino is making a 5% profit on that slot game over time.
Once you have a grasp of the house edge and RTP, you can implement the following bankroll tips. Even celebrities who gamble ought to use these bankroll tips for responsible gambling.
1. Create a budget
The first question you need to ask yourself when setting a budget is: how much can you afford to spend at the casino? When answering, you should consider other aspects of your life, like paying your rent, covering your travel costs or buying groceries and ensure that these wouldn’t be affected by your casino spending.
It’s also important to remember that even the best gamblers lose – and can lose a lot. So you need to be financially prepared to deal with these losses, even if your luck might turn around in the long run.
2. Choose games that suit your budget
If your monthly budget is $500, but you play poker online with a $500 buy-in, it might be time to switch to some new casino games. While it may be exciting to bet everything on a single game, it does mean if you lose, you’re done (at least until your next paycheck comes in.)
On the other hand, it may be better to play games with a lower buy-in or that give you more control over how much you bet, like the best online slots, if you want to make your bankroll go further.
3. Divide your budget according to what you enjoy
If you’re someone who enjoys a variety of games, it’s important to split your budget accordingly. Even if you prefer one or two games over the rest, it’s a great idea to provide a bit of variety in your gameplay. This will help you avoid situations where you might be tempted to step outside the limits of your budget. For example, rather than spending your entire budget on poker, you could set aside some money for a few slot games to allow you to have some extra fun before calling it quits.
4. Track your spending
Are you on a roll or a losing streak? How much money did you deposit this month? Trying to keep track of your spending in your head is difficult. Rather keep track of incoming and outgoing money with pen and paper, a spreadsheet or an app. Tracking your spending is especially important if you want to make the most of the money you’ve put aside for the casino.
5. Slow down when playing games
This mostly applies to players who find themselves on a losing streak and end up tilting. Tilting is a poker term that refers to the frustration or confusion that can occur when a player is doing badly. While you might think this would make you cut your losses and cash out, it can cause some players to hold on – even when their playing is getting worse.
If you’re playing casino games and you find emotions becoming unsettled by a losing streak, you absolutely must slow down or take a break. If you’re susceptible to tilt, set limits on your spending with the casino and avoid drinking alcohol when playing, as this can lower your inhibitions.
6. Set a limit for your daily or weekly spending
Having a total budget is important, but you may also find it necessary to set a daily or weekly limit on your spending. This will not only help you make your money go further, but it can also ensure you avoid tilting. Many online casinos have features that help players manage their spending, so be sure to look at what options are available so you can stretch your bankroll as far as possible.
7. Bank your winnings, or withdraw your deposit
When you win enough to start withdrawing your takings, withdraw either all or some of them from your wallet. This will leave you with the initial deposit you made and help you to avoid spending your winnings.
Once you’ve met the requirements to qualify for a withdrawal of your deposit, it might also be a good idea to take it out of your wallet. You’ll then be playing with your winnings, not the initial money you put down. You can repeat this process with each subsequent deposit to ensure you never go into the red.
8. Take advantage of promotions and bonuses
Most casinos offer new and regular players a variety of rewards for signing up and playing. However, remember that many of these bonuses come with specific terms and conditions. For example, with casino table games, you may only be able to withdraw the money you’ve earned from a deposit bonus after you’ve won a certain amount on a game. Or, you might only be able to withdraw your bonus winnings after a certain amount of time. Always be sure to read the fine print before you spend these bonuses. It’s also a good opportunity to learn why casinos still use chips instead of cash.
Here are some of the bonuses you could take advantage of as a player:
When you make a deposit, the casino will offer a percentage of your deposit in addition to the amount you’ve added to your account. Most casinos offer a 100% deposit bonus, which would double your money.
These are bonuses that casinos may give out from time to time to reward people for playing or to encourage people to play more. It may be a few dollars credit or even the option to try a game for free.
Depending on the casino, you may be able to take advantage of a cashback bonus after a losing streak. Many casino operators understand that losing streaks can be demotivating, so they offer players a percentage of their losses back.
Enjoy a wide range of casino games that suit your wallet at BetMGM
No matter the size of your budget, it’s important to play online casino games that suit your specific interests. BetMGM offers players dozens of fun and exciting games. Whether you enjoy online poker, are interested in playing live dealer casino games at a casino online, or like the thrill of the spins with online slots, you’ll find casino odds that suit your budget and your taste. We also have new casino games so you can enjoy the latest exciting offers. Sign up and gamble responsibly at BetMGM.