The Importance of Money Management When Playing Online Casino Games
You are sitting at your computer, signing up for an online casino user account. Searching through the site you find a few games that catch your eye and decide to play them. Once logged in you see that there’s a welcome bonus of $20 on offer, so you deposit the required minimum of $10 into your new account to claim it. You press ‘Cashier’ and make your first ever deposit. Before you go off to play some games, you need to make one more decision: how much money do I deposit?
The answer to this question is the most important you will make in your time at the casino The way you split up your deposit can be the difference between winning or losing, between good money management and bad money management. It all comes down to what game you are playing, how much money you have deposited into your account, and of course luck. For example; say you had $1000 of free cash to spend on gambling with (by using either a Free Chip Code or having won something). You go onto an online casino site and decide that 10% of your budget would be a safer bet than 20%, so choose $100 as the amount you’ll play with for Roulette, Blackjack, etc… means when you are done playing you will have lost 10% of your budget, but on the other hand, if you had chosen 20%, this means that when you are done playing you would have lost more of your money.
Now, say you deposit $100 into an online casino site and use it all on Blackjack – so only one game. This is not a good way of doing things because of bad money management. The reason being that the house always has the edge over someone which means no matter what, even with maximum luck involved they are likely to get their cut in some way or another through either card counting, etc…
All this can have a huge impact on your bankroll. A large number of gamblers have lost their entire bankrolls they didn’t consider all aspects before gambling. This is known as ‘being on tilt’ and can happen to anyone regardless of experience, age or how much you have gambled previously.
The following questions can help you work out how much money to deposit:
What games will I be playing?
Some games offer higher payout percentages than others, meaning that your chances of winning any given game are lower if you play a game with a low return rate – poker for example has almost no element of luck at all so the payouts are extremely high (unlike roulette) – while slots provide some of the highest hit rates in online casinos. If you’re new to online gambling this should factor into your decision-making process; knowing what kind of games give you the best chance to win will help you not only avoid the feeling of ’tilt’ but also help to make your overall bankroll last longer. Click here if you want to visit a nice casino.
What kind of games do I enjoy playing?
It may seem like a no-brainer, but this is another question that can have a huge impact on your bankroll. Knowing which games you prefer and what kind of experience you enjoy means it’ll be easier to pick the ones that give you the best chance of winning and keep you entertained – if not, you might find yourself struggling to stick to the plan!
What’s my budget for gambling?
This is one of those questions that shouldn’t be overlooked as it can prevent money management disasters later down the line. If you set limits for yourself ahead of time you’ll avoid the temptation to go over them and onto ’tilt’ when losing. Another way in which this question can be applied is in how much deposit money you use; if there’s a minimum deposit of $25 but your budget is only $20, it’s better to hold off until you’ve saved up more money than attempting to play with what you have.
How much do I want to win?
If your aim is to simply break even (or not lose) then there’s no problem! You should play at levels that allow for this, however many people enjoy playing casino games specifically because they want to win as much as possible and sadly this question doesn’t help with that goal…
What kind of winning percentage do I need to make this worth it?
You should aim for a certain percentage return on your bankroll (or deposit) in order to turn what would otherwise be considered ‘losing’ money into ‘gaining’ money. The higher the return, the more likely you are to win big – but also increase your chances of losing everything too.
Do I have an exit strategy if things go wrong?
If you’ve ever played poker online, this question is paramount! Knowing where you’ll take yourself if things don’t go your way means that your focus will stay razor-sharp rather than looking for ways out. Making mistakes when gambling can cost people entire homes or cars, so be sure that if it does happen then you’re prepared and know what to do!
Putting all of these questions into your decision-making process will allow you to choose the right deposit amount for you, the right game selection and also help you stick to your budget. Knowing how much money you can afford to lose is a massive step towards more responsible gambling and it’ll help you make rational decisions throughout your time at online casinos. Don’t gamble with money that could be used for other things – regardless of whether or not they would bring a return on investment – as this can lead to extremely poor choices. Once again though, if losing has never been an issue then the sky’s the limit!