The most important way to be a successful gambler online is to manage your bankroll effectively.
If you don’t know what a casino bankroll is, worry not: it’s easy to understand.
A bankroll is the amount of money a player has with him or her for gambling purposes. Managing your bankroll smartly is the key to winning more, and minimizing your losses.
We explain in five easy steps how to smartly manage your online casino bank account.
1. Plan a budget and follow it
Sure, playing in the best European online casinos is loads of fun, and we would all love to play with an unlimited amount of money. But we must be real and balance things out.
Take a good look at your monthly cash flow, and honestly calculate your disposable income for recreation activities.
Make a note of your housing bills, travel, food, education, and every other expense you can’t do without. Now, how much money you’re left with? That is your casino bankroll.
Say, your casino bankroll is €500/month, and you want to play your favourite online casino games 5 times a week. Your bankroll for each session will be €25, because €500 divided by 20 (assuming 4 weeks in a month) is €25.
Now that you have figured out the maximum amount that you’re able to spend, it’s time to bring it to practice. The only way to do that is being strict with yourself and avoid temptation.
Setting a strict budget per session means that you’re never playing with more than €25 each time, so you can’t lose more than €25 too!
Do note that it is also important to not recklessly gamble away any profits you’ve made during a session. Although it won’t add to your losses, it will reduce your overall profits for the month.
2. Play with a cool head
Listening to your head instead of your heart is another useful pointer in managing your casino bankroll effectively.
To beat the house, you need to have a cool, calculated minds, a place where emotions have no place.
That is why it’s important to have your own rules-based system where you decide how much to spend, when to cash out, and also do frequent analysis of where you’re winning and losing.
If you are playing a casino game of strategy such as online blackjack, you’ll need to calculate the probability of the next card being high or low value, and not think about whether you’re feeling lucky or not.
On the other hand, if you’re playing games of pure luck such as online slots, it means pulling the plug when you’ve spent your set budget for the session, no matter how much you’re feeling lucky.
3. Monitor outgoing/incoming money
This may seem paranoid, but make a list of how much you have deposited and withdrawn from your casino every month.
This is important as a person can’t be trusted to remember every little financial detail, especially you’re having fun!
Keeping a record of your deposits and withdrawals from online casinos is the only definite way to know if you’re making a profit at the end of the month.
Want even greater control? Start listing the games you play and identify which games give you the most wins. This will help you target the profitable games the next time you play.
4. Stay cool
Whatever game you are playing, staying cool and calm is the key to successful gambling online. Rash and hasty decisions when playing real-money casino games can result in expensive mistakes.
Don’t let a big win or a big loss get into your head and let you make a decision you regret later.
Calm yourself down after a large win or a loss; take a short break if needed. Bring your adrenaline levels down and always play with a clear head.
5. Cash out when you are winning!
Seeing your screen light up as you hit a huge jackpot sure feels awesome. But it would feel even better when that big prize money reaches your bank account!
Leaving big sums of money with your online casino can be too tempting for some gamblers. Chances are, you will probably be betting with that money sooner or later.
It is best to cash out your winnings and end your gambling session once you have reached your set goal.
Decide on your target total before you sit down to play. And when you have met that goal, it’s time to make a beeline for the cashier!
