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Online Casino Project >>> Managing Your Bankroll

Managing one's bankroll, or as some say "mastering one's bankroll" is a very controversial issue with many gamblers.  It seems like no two players can agree on what exactly is the best way to govern one's betting habits in the online casino.  From a full-time professional gambler you will likely hear that bankroll management has nothing to do with setting yourself betting limits, whereas a novice gambler who is looking to win some money in order to pay for a trip to Las Vegas will say just the opposite.  There are even some bankroll strategies (popular with poker players) that work like a science, and backed by percentage statistics. 

It is not for anyone to say which bankroll management method works the best, for each player will have to learn what works the best for them.  Let's just say that all gamblers gamble for different reasons.  And aside from changing one's personality, all gamblers are going to be inclined to gamble differently as well.  Yet, with all these differences there are some bankroll management practices that all gamblers can agree on.  They may seem obvious to some, but are worth mentioning, none the less.

Aside from these basic bankroll management techniques, you will also be introduced to a very simplistic approach to managing one's bankroll - One which many professional gamblers advocate using, even if you are an amateur seeking more pleasure and entertainment from your gambling than anything else.  Otherwise, the best thing you can do to manage your bankroll is maximize your profit.  It is highly recommended that you implement a strategy at any of the strategy games, such as blackjack. This, in conjunction with a good overall bankroll management technique (as will be discussed later) will greatly help you to grow and maintain your bankroll. First, let's take a look at what all gamblers should exercise at all times when playing for real money in the online casino. 

These practices should be the foundation of any bankroll management technique:

Never Play With Scared Money - Surely you have heard this one before.  It means do not gamble money you cannot afford to lose, such as your child's college fund, the rent, your retirement savings or your grocery money.  This rule should go without saying.  If you do indeed find yourself falling into this type of gambling habit, it does not matter if you win all your money back and then some, it is a very dangerous habit, and is a trait of gambling addiction which should be addressed with a counselor or Gamblers Anonymous.

Never Gamble More Money Than You Were Planning To - This does not necessarily mean to set a limit on your winnings and losses, but it does mean to not exceed your initial bankroll.  Otherwise, you will be playing with scared money.  Understandably, some players like to take out a few bills to gamble with, in order to see how far it will take them.  Sometimes they won't need to take out more money.  Other times they will.  The bottom line is to be sure you can afford it.  If you lose your entire bankroll at the blackjack table and think that if you withdraw another $50 and play with a more enlightened and reasonable mind that you will be able to build your bankroll back up, is desperate thinking.  This could be the start of something really bad.  Walk away, and come back to gamble when you are not putting your financial stability at risk.

Exercise Risk Management On Your Wagers - Risk Management is essentially putting a limit on your individual wager amounts. This in no way is promoting staking strategies like the Martingale System.  Whether your stake is fixed or variable is not going to matter.  What matters is not putting your bankroll at risk.  Most gamblers will tell you to never bet more than 5% of your bankroll on any given wager.  This is a widely accepted practice, from professional sports bettors to poker players.

Play With a Game Specific Strategy - If you are playing a strategy game like craps, blackjack or poker, study up on a game specific strategy for the respective game(s) you would like to play.  Properly playing one of these strategies will bring the Casinos Advantage down.

One other thing worth mentioning, which more and more gamblers are practicing, is using a lock box.  Admittedly, this is probably a measure which more addiction inclined gamblers are finding of great use, but deserves mentioning none the less.  It is a small device, which you lock ahead of time and leave the key at home.  The box contains a small slit that you place your winnings in, insuring you leave the casino without killing your entire bankroll.  Another option of this type of "money squandering" takes a little more discipline, but works just the same.  Before you begin gambling, set for yourself a minimum amount of winnings that you will pocket and not spend no matter what.  This does not mean that when your bankroll reaches this amount you have to stop gambling.  It only applies to your winnings; Therefore, every time you make profit on a bet, you will put it towards your predetermined amount.  Once you reach that amount, you will not add or take away from it for the the remainder of your gambling session.

Okay, so you have a foundation for managing your bankroll.  Now let's examine the most overall sound strategy that you can use to not only stretch your bankroll out longer, but also enjoy your gambling as much as possible.

The Play or Quit Strategy

The essence of this strategy, which happens to be the recommended strategy of many veteran gamblers, is disciplined decision making.  This strategy requires gamblers to, first of all, get in touch with how they are feeling, and secondly, to exercise discipline at all times. As mentioned earlier, it looks like a simple technique to follow, but takes some practice putting it into action.  Remember, in order to benefit from this method, you must be acutely self-aware, while asking yourself questions that will help you to objectively gauge your state of mind. 

The Play or Quit Strategy says that a gambler should keep gambling unless one of the following occurs:

Rule #1:  You are not having fun gambling any more...If you find yourself getting depressed because you are on a string of losses, take a break to focus yourself again.  Sometimes the solution is as easy as getting a bite to eat or stepping outside for some fresh air.  If you can recover, go back to gambling.  If not, it is better to quit playing for the day, and come again when your mind is fresh.

Rule #2:  Your "unluckiness" is simply too "unlucky"...If you find yourself at the blackjack table, and you are busting every single hand while the dealer is consistently hitting 20 or 21, this should be telling you that now is not a good time.  After a string of hard losses, it is either time to move to another game or quit playing for the day.  Whether you quit for the day or keep on playing depends on how well you are faring at Rule #1.

Rule #3:  Your level of discomfort has gone up a few notches...It's okay to be a little on edge as you wait for the other players to show their hands at the poker table.  However, if you find yourself taking risks that you would normally not take, you will know by how your comfort level begins to change.  Pay attention to your body (i.e. tension, shifting in your seat, shallow breathing) and keep asking yourself how you feel about the decisions you are making.  It is okay to take a risk when the time is warranted - But if you are doing so on every hand, and are starting to take big losses, it's time to quit.

Sound pretty simple?  Well, it can be with some consistent and dedicated practice.  This strategy takes great bearing and a grounded strength of mind.  The bottom line is to stay calm no matter the circumstances.  If you have built your bankroll management skills on the foundations mentioned earlier, there will be no difficulty in handling a few losses of money you can afford to lose, and to be able to step away from the gambling floor when times get tough.  Hopefully, you will stick with these principles long enough so that you are seeing more good times than bad, which will come if you are dedicated and persistent.  If you want more information on game specific strategies that will help you maximize your profit, and manage your bankroll even more efficiently, please see the individual game strategy write-ups on our website.

Additional Tips and Information About Money Management:

 

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