The amount you set aside to spend at the casino is your bankroll. Going into the game, every player hopes to rake in constant wins and walk away with loaded pockets. Of course, in reality, just as luck could shine on you with glorious wins, there is an equal chance that you lose all your cash in a series of not-so-glorious losses.
Gambling is thrilling precisely for this reason. You never know what’ll happen, so you’re at the edge of your seats every time. Nonetheless, winning is certainly more fun than losing. While there is no surefire way to guarantee you win, you can keep your losses at bay with effective bankroll management.
Why Is It So Important To Bankroll Your Cash?
Players often hit a hot streak at the casino with consecutive wins, but when the temperature drops, it is a whole different ball game. Bankroll Management is a way to help you weather through the cold streak and stay in the game long enough to start winning again.
Consecutive losses also cause players to go full tilt, chasing losses and making irrational bet decisions. With a bankroll plan, you keep your head in-game, whichever direction it’s headed.
Finally, bankrolling your casino funds will prevent you from eating into money that’s meant for other purposes. You’ll avoid getting carried away by the excitement. At the same time, you’ll end up playing for much longer than you would when betting on a whim. It helps you become a responsible gambler.
Types of Bankroll Management Plans
Here’s a practical example;
Assuming you intend to visit the online casino for a relaxing Friday night. You plan to take your chances with the Roulette table and maybe shift to slots when you’re running low on cash. Depending on your disposable income, you could decide to spend a total of $200—this is your bankroll.
Then you decide that you spend, say 1% of your bankroll per wager. So, you don’t bet more than $2 at a time.
This is the most common bankroll plan and is called Level Staking. With this method, you stake a fixed amount or percentage of your casino bankroll on each bet.
Other bankroll strategies include:
- Fibonacci’s Method – you plan your bets according to a mathematical sequence of numbers – 1, 1, 2, 3, 5, 8, 13, etc.
- The Kelly Criterion – you allot the size of your wager according to how much value the bet holds.
- The Martingale Approach – start with low bets and double the bet after every loss. This way, you can and will make up for previous losses.
How To Successfully Manage Your Bankroll
Make A Plan And Stick To It
It’s understandable that at the Roulette table, you feel lady luck smiling your way. The wise thing would be to brush it off and stick to the plan.
Don’t Visit The Casino With All Your Cash
There is always the ever-present temptation to dip a hand in our pockets to increase the bankroll when you are on a winning streak or when you’ve lost money. Gambling is addictive. If you know your will is weak in the face of such temptations, it’s best if you visited the casino with just your bankroll and not much else.
If you are gambling online, deposit only your bankroll in your online account. When you lose and haven’t got anything else to bet on, then you would naturally stop.
Divide Your Bankroll And Try Your Luck At Other Games
Bankrolling limits the cash you spend, and might in a way, put a damper on your excitement. So, why not split your bankroll into multiple parts, and try different games while you are at it. This way, you get different thrills and still stay true to your original purpose.
You never know – your luck may lie in a different game after all.
Know When To Stop
Continuous winning or losing may affect your psyche. It could give you tunnel vision and make you lose sight of the plans you may have made. Your bankroll serves to limit your losses, but you could also set a win limit.
It sounds counterintuitive, but it’s quite the opposite. After winning a substantial amount, there is a possibility that you go on a downward spiral of losses.
Rather than go home penniless or trigger the urge to chase losses, you should call it a day and go home a winner.
Have in mind that as much as the bankroll system keeps you from going home penniless, it could stand in the way of you continuing your string of wins. Nonetheless, it’s better to be prudent than take uncalculated risks.
Remember to set your bankroll at an amount that you are prepared to lose if it gets down to it.