5 Tips for Managing Your Online Casino Bankroll
Bankroll management is an important concept often overlooked by online casino players. Most just make a deposit and begin playing without a plan. Often, these same players blow through their deposit quickly and are forced to deposit again to continue playing.
Today, we will give you five tips for managing your online casino bankroll. These tips will help you play longer on deposits and give you a better shot at winning.
Know How Much You Need to Play
Before you make a deposit at an online casino website, take some time to look over the casino games you would like to play. Check out the table minimums, the types of bets available, and if there are any comparable alternatives. For example, if you like to play roulette, check to see if both American and European roulette is available.
Once you have checked out the games, determine how much money you need to deposit to reasonably play at the casino. You should have between 30 and 100 times your bet as your bankroll as a minimum. For example, if you play online pokies and plan to bet .50 per spin, you should deposit between $15 and $50. Game with a $1 minimum you would deposit between $30 and $100.
Depositing less will not allow you to weather any swings that often come with playing online casino games. Deposit too little and you’ll run out of money quickly.
Research RTP for Pokies and Casino Games
Return to Player is an important stat to consider when playing online pokies. The higher the RTP, the more the game will payout. Many online pokies have an RTP of at least 95% or greater, which is fantastic compared to live gambling.
For online pokies, you want to shy away from games with RTPs near 95% as they tend to play tighter. Games that are 96% RTP or higher will often be looser and give you a better chance to win. The higher the RTP, the better.
Set a Stop Loss for Your Bankroll
When you play at an online casino, always consider setting a limit on how much you’re willing to lose in a day. If you have a bankroll of $200, you may want to set a stop loss of $50. This way, if you go on an extended losing streak, you have money left in your bankroll.
Smart poker players try not to risk more than 25% of their bankroll in any given session. That’s a good rule of thumb. This allows you to gamble and have some money left over if you hit a bad streak.
Play With a Strategy Whenever Possible
If you’re playing games such as blackjack, Three Card Poker, or Poker3 Heads-Up Hold’em, you want to play with a solid strategy. These types of games still have a house edge in the long-term, but you can reduce that edge when you play proper strategy. The more you can cut down on the edge, the longer you will play and the better chance you have at winning.
Video Poker is a game where proper strategy can almost completely eliminate the house edge. Certain “Full Pay” video poker games will pay greater than 100% if you play perfect strategy. The first step is to learn the best strategy for your preferred game and go from there. When you don’t play with a strategy, you’re giving more money to the casino.
Your Bankroll Should Be Money You Can Afford to Lose
The worst mistake gamblers make is playing with money they cannot afford to lose. Playing with your rent money, grocery money, or any other necessary funds is a recipe for disaster. Over the long-term, the house always wins. As such, you should consider any money deposited at an online casino as money that will be eventually lost to the casino.
The smartest play is to set aside some of the money you will use for entertainment for your online bankroll. If you spend $50 a month in entertainment, put $20 of that money online. If you lose it, that will be the same as if you went and watched the latest action movie. When you play with money you can afford to lose, you will have more fun and enjoy a stress-free gambling session.
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