If you’re looking to hold onto your cash for much longer periods of time when you next play at your favourite online casino, here are five useful bankroll management tools that can help you stay in better control of your spending.
Some of the most effective bankroll management tools revealed here are simple things like adjusting your stake before you hit the spin/play button on a slot or at the blackjack tables, to making the most of the safer gambling tools, such as setting deposit limits, session time limits, and spending limits. You can also learn more about budgeting at online casinos.
Go in with a budget
Having a budget is a great way to start, and then trying your hardest not to go over your budget is even better. If you’re going to play in the real money mode at an online casino, you should think about how much money you are willing to spend. Never spend more than you can afford, and never gamble with money that you would otherwise use for paying the bills, paying for your weekly groceries and other important things in life.
Let’s just say that you earn $/€/£1,500 (or equivalent currency value) per month and that your average bills/expenditures come to around €900, which leaves you with €£600 ‘spare’ money per month. Instead of spending the entire €600 at the casino, perhaps set aside just a budget of €20 to €50 that you know you can afford to spend and lose, and do not spend any more than you initially budget for. It’s easier said than done, but it’s really important that you do go in with a budget.
What are safer gambling tools?
Safer gambling tools are now available at many online casinos, and they generally include being able to set deposit limits, session time limits, and/or spending limits. You can set these limits when logged into your account, and it’s a great way to stay in control of how much money you spend at a casino. Let’s just say that you prefer to play at €5 Minimum Deposit Casinos, and you set a €5 weekly deposit limit. This means that you could only deposit €5.00 per week.
If you deposit €5.00 and then try to deposit another €5.00 just a few hours or several days later, you wouldn’t be able to because of the deposit limit you set. In other words, remember to set reasonable limits that you are comfortable with because, in this case, you can’t simply go back and change your limits until the week has ended. Instead, you could set maybe a €50 monthly deposit limit if that is preferred.
Set your stake
Always remember to set your stake when going into a game because the default stake can often be set to a higher value that many of you may not be comfortable with. If you’re not careful, you could lose your entire bankroll in just seconds because you didn’t concentrate on the stake.
Never chase your losses
The golden rule in gambling is to never chase your losses. Chasing your losses can have devastating consequences, so if you are losing, just log out of your account and then try again another day when you’re in a different, hopefully, more positive, frame of mind.
Remember to have fun
Gambling is supposed to be fun, so when the fun stops, perhaps it’s time to stop gambling for a while. Nobody is forcing you to gamble, so if you feel as though you, a friend, or a relative are gambling more than you should, or just out of necessity, then you may want to seek professional advice from trusted organisations, such as BeGambleAware, GamCare, and Gamblers Anonymous, to name just a few reputable, non-profit problem gambling authorities.