When it comes to gambling, one of the most important aspects to understand and be disciplined in, is bankroll management!
Understanding what you can play with, how much you can afford and being able to stick to it, win or lose, is the difference between what makes a successful gambler and a gambling addict.
We’re going to take you through a few important pointers to help you follow and learn about gambling bankroll management. Therefore without rambling on, let’s move on to our bankroll management tips.
#1. Set an Affordable Budget –Bankroll Management Top Tip
Setting an affordable budget means you play within your financial limits. Consider the funds used for gambling as a disposable income, one of which if lost bear no negative impact on you or anyone around you.
Using prepaid cards come in handy for bankroll management as you can only play with what you have and not dip into any overdrafts or other funds that could penalize you with interest.
Each online slots and casino also offer bankroll management. You can set amounts as daily, weekly, or monthly. When you hit your set bankroll, you can no longer make an additional deposit unless you change your preferences.
#2. Always Keep Track
Where does the time go when you’re having so much fun?
Same applies to gambling and keeping track of your budget. For instance, playing £5 a day is affordable to some, as it does not seem a lot of money, however losing £5 a day becomes £150 a month and that to some people is a lot of money.
Most gambling enthusiasts will place a bet or play their favourite casino or online slots game religiously every so often.
Any winnings made are thrown back into the bankroll, staking increased and eventually lost.
Remember to withdraw your profits and continue to play with only what you originally started with.
You can also track all your activity within the cashier history tab.
#3. Understand your Staking or Wager Range
So, you’ve seen a brilliant Welcome Offer; it has a game you have heard about that pays out frequently or big! You are either new or a seasonal slots player and jumping in head first by placing a big deposit and lose it all!
Bankroll Management Tip: Regardless of what you’ve heard about how good a slot game is, it is always important to test the game. Start by staking lower amounts and figure out the ratio of spins to payout, before increasing gradually.
Again, unless you can afford to lose the money. Having a good understanding that online slots are a game of chance, can help minimize your risk. Ensure you know and understand the games you play and how often they are likely to payout.
Feel free to use our wagering calculator to understand the requirements should you choose to claim an online casino bonus.
#4. Remain Calm & Collective
Gambling and winning more than you had hoped for can bring out only one type of emotion, ‘happiness’. However, not knowing when to leave with your profits, can result in a downhill spiral which sees you lose it all and more.
Most new online casino and slots players like to believe a win or two or three on games, has them believe they have figured out a winning strategy. This could not be further from the truth!
The saying ‘the house always wins’, is there for a reason. Understanding why online casinos and slots, are big profitable business, will have you making better and more calculated decisions.
Remember, any profit is more money than you had, when you started!
#5. Always Withdraw Your Deposit
Online Slots Guide Top Tip: Simply put, you deposit £10 and win £50. Withdraw your initial £10 investment at least. The more strategic and better gamblers would withdraw £20 and continue playing with a new bankroll of £30. It is still 3x more than your original £10 deposit, and should you lose it all, you can still be happy to have your deposit as well as an extra £10 profit in your back pocket.
Closing Thoughts on Bankroll Management
Gambling is a form of entertainment and one that should remain as such. Always remember should you find it getting out of control, there’s a variety of options available that can assist you, such as GamStop or begambleaware.
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