Simple But Effective Ways To Better Manage Your Online Bankroll

Gambling, when done right, is not just a hobby but an art form. Those who believe the outcome of a gambling game is left entirely down to chance and fate simply aren’t doing it right. There are, in fact, many things you can do to increase your chance of success when playing on online gambling platforms, and one of the most effective is diligently managing your bankroll. It might seem simple, but creating an effective budget for gambling and sticking to it is one of the hardest things to do when we are distracted by the flashing lights, exciting sounds, and the prospect of ‘just one more game.’ In this article, we’ll take a deep dive into some of the best ways to manage your bankroll when playing on online casino platforms.

Number One: Choose the Right Site

The first thing to do when approaching a gambling platform is to make sure the site and what it offers work in your favor. There are countless online options out there, each catering to different kinds of gamblers with different preferences. Knowing how to compare these sites and find the best one is one of the most effective ways to ensure that the bankroll that you do have goes as far as possible. Many of the online casinos accepting credit cards offer numerous offers to new players, including free spins and match bonuses, which ensure you are getting the most out of your money when it comes to playing. They are also known for their massive game libraries, allowing gamblers more freedom of choice which let them easily discover where their skills lie. And if all this wasn’t enough, some platforms also allow for withdrawals to be made using cryptocurrency, which can lead to greater returns down the line.

Number Two: Craft a Budget

Gambling is meant to be fun. Yes, it is thrilling, and yes, there is always the prospect of a win, but at the end of the day, it is still meant to be a recreational pastime. As such, you must budget for your gambling activity in a way that doesn’t compromise the funds that you need in order to stay afloat. One way to do this is by following the 50/30/20 budgeting rule. This is a tried and tested and highly effective budgeting rule that involves separating your income into three categories. The first should make up 50% of your total earnings, and this will go towards all your essentials. It will contain money set aside to pay your rent or mortgage, your bills, and all essential groceries. The second category, which will contain 30% of your earnings, is for non-essential purchases. It is from this pot that you will take any money you wish to wager when gambling; however, it is important to remember that this is your funds for all non-essential purchases and activities, including days and meals out, takeaways, and any other fun purchases that, although you might not need to live, help make life worth living in the first place. As for the last pot, into which you should put 20% of your earnings, this will be your savings. Budgeting in this way will ensure that not only do you have a set budget for gambling, but all your essential purchases are taken care of, and you’ll even be able to build savings over time.

Number Three: Don’t Let Your Emotions Cloud Your Judgement

We stated this before, but it is certainly worth repeating: gambling is meant to be fun. This doesn’t mean it should only be fun when you win, but the actual act of gambling should be engaging to the player. As soon as it isn’t, you should stop. It is only human nature to become frustrated when things don’t go our way. In fact, there is even a name for it in the world of gaming, becoming tilted. This is when poor performance in a game causes us so much frustration that we make even more mistakes than we did before. This happens in gambling too, and is where the phrase ‘don’t chase your losses’ comes from. You should never let the outcome of a game determine your next step, as this can cause you to take risks you wouldn’t usually and stray from your assigned budget. This, of course, applies to frustration and annoyance, but gamblers often make similar mistakes when they have experienced a win, carried away by the elation, they can end up playing for too long and losing the funds that they secured. In order to effectively manage your bankroll when online gaming, you will need to recognise when your emotions are dictating your actions and put a stop to it as soon as possible.

Number Four: Stick to the 1 to 5 Percent Rule and Other Gambling Guidelines

So we know that we need to make a gambling budget and ensure that our emotions don’t cause us to stray from it, but how do you actually do that? Luckily, there is a rule in gambling that makes sure you never over wager and can consistently maintain your bankroll during every game, this is called the 1-5% rule. The idea here is that you only bet between 1-5% of your total gambling bankroll per wager. For example, if you had a gambling budget of $100 for the month, you would only bet $1 to $5 every time you make a bet. Alongside this, you should also set win and loss limits for every gambling session, so you know exactly when to call it quits and won’t let emotions take the wheel of your gameplay. On top of this, matching your bets to a particular game's risk level and knowing the house edge of every game are also highly effective ways to increase your chances of winning and stay on top of your budget at the same time.

- B.E. Delmer, Gambling911.com