Achieving sound bankroll management is crucial when playing casino games. It prevents you from chasing losses, staking too much, or making irrational decisions, either on a winning or losing streak.
What about in an online live casino bankroll? There are several management tips for it. Some are a bit tricky since they require losing streaks, but they’re very profitable if you can ensure to stick with it until the end. Others are very straightforward yet have lower gains.
Here are some tips to effectively manage your online live casino bankroll.
Whether in a land-based or an online live casino, it’s a rule of thumb to divide your bankroll. It helps you to withstand multiple losses and run out of money at the end of the day. How you divide your bankroll mainly depends on your attitude when you play.
For example, session-specific mini-bankrolls are especially recommended for aggressive players. This strategy helps them control themselves from betting during a losing slump. Moreover, a day-specific gambling bankroll is recommended for those players who usually lose track of time.
In essence, divide your bankroll based on how many days you plan to play. For example, set aside two daily bankrolls if you wish to bet the farm for two days.
Setting fixed wagering is a good strategy for gamblers who want to play it safe and don’t want to press their luck. With this system, you only risk the same amount on every bet, regardless of how much you’ve recently won or lost.
A fixed wagering risk amount is calculated from your starting bankroll percentage, usually between 1 and 2%. With this fixed amount, you can avoid catching a losing skid, which can wipe out your hard-earned profits or even your entire bankroll.
The good part is it’s common to see 10% bankroll growth after 100 bets. Although it’s around a 55% success rate only, it’s already a massive gain with just a 1% risk of your starting bankroll only. Moreover, this also means that it’ll require a lot of time and patience to see significant increases in your bankroll through fixed wagering.
While taking your time when playing casino games may sound unrelated to managing your bankroll, it makes you less susceptible to the house edge. It’s the percentage of a player’s bet that a casino keeps as profit, which is basically the casino’s advantage over the players.
The faster you play, the more bets you’ll make. As you make more bets, you also give more shots to casinos at your bankroll. This is why casinos like fast games, where players tend to make hundreds of bets in one hour.
Taking frequent breaks is one way to play a casino game slowly. Aside from keeping you away from house edge, doing so helps you save more money and keep your bankroll longer in the long run. It’s also an excellent way to reassess your current financial situation so that you won’t make a huge financial mistake you’ll regret later.
Keeping track of how much time and money you’ve spent at a casino is easier said than done, especially if you’re having fun. Hence, setting time and money limits to stay in the driver’s seat from the get-go is essential.
First, set a playtime limit. There are many ways to do so, such as setting your alarm clock or asking someone to remind you. Remember that the last thing you want to do is to lose track of time. This will likely cause you to play over an extended period, which means more bets and chances to lose.
Second, establish a loss limit to avoid chasing losses. Once you consume this amount, immediately stop playing, regardless of how small or big your loss is. Sticking to your loss limit and being strict with yourself is crucial to pull this off.
Lastly, there’s a need to have a win limit too. As stated, you’ll lose more if you keep playing. There’s a chance you’ll lose all your gains if you stay greedy. That’s why as soon as you reach your goal, step back and quit playing.
For those who want to play longer and will likely chase losses, the Martingale betting system can be for you. It promotes a loss-averse mentality, where you try to enhance the odds of breaking even but also increase the chances of quick losses.
In this strategy, you double your losing stakes until you win. However, you get winning bets by half. Hence, it’s recommended for games with 50/50 propositions and high odds, such as Blackjack, roulette, or slots.
The Martingale approach can increase your bankroll if you don’t experience losing streaks. But, unfortunately, losing is inevitable. It’s even possible that you’ll chase losses, eventually exhausting your bankroll.
Managing your bankroll isn’t necessarily important if you want to play around rather than aiming to get gains. Remember that one bad streak of variance can immediately sideline you in the long term.