When playing in an online casino, losses are inevitable. That is why the games are dubbed as ‘games of chance’, meaning that no matter how experienced or skillful you are, winning or losing is heavily reliant on luck.
So, if this is the case in online casinos, how do professional gamblers do it when playing real money casino games? How are they still in business? The answer is simple – proper bankroll management. Knowing that losses are around the corner, they plan their bankroll to accommodate such losses, and in the long run, their wins overshadow them.
Do you want to know how they do it? Perhaps you’ve been on the receiving end of some big losses and you never want to experience it again; well, you’ve come to the right place. Here, we will show you some bankroll management pointers that will keep you away from losing big. Read on and enjoy!
Divide Your Bankroll Into Bits
This is the first step that most people miss. Rather than putting in all your budget in one go, you are better off dividing it into bits.
For example, let’s say you budget $500 to gamble in an online casino. What most players will do is deposit the $500 and start playing right away. If you do that, and luck is not on your side, you could potentially lose it all.
Rather than risking it that way, divide the $500 and deposit only $100 at a time in five installments. You could even spread it as $100 over five weeks. With that strategy, even if you were to lose at a go, you lose only a percentage of your bankroll. Then surely, you should hit the jackpot with one of the deposits at least. After all, you should be lucky at least once in five weeks.
Cash Out Your Capital
Capital in this context refers to the initial starting amount. Let’s assume you followed our insight from the last example and deposited $100, that is your capital. If you play and make some good wins and your money is about $250—this is the time to cash out your capital.
The moment you withdraw your starting deposit, you are ‘risk-free’ because all that is left in your account are your profits. That way, any subsequent loss is not technically a ‘loss’ because it is not from your starting amount.
However, don’t make the mistake of pulling out your capital too early. Make sure you’ve made substantial profits on it before you do.
Know When To Stop
Yes, you heard us right – know when to stop! This is very important, especially if you are on a winning streak and things are going well. The last time you probably want to stop playing is when you are making those amazing profits, but trust us, winnings accrued for hours can be lost in seconds.
One effective thing to do is to set specific gambling hours for the day. That way, you know that whether you are winning or losing, once the time is up, you call it a day.
Set Predefined Loss Limits
Setting predefined limits is one of the best steps you can take if you truly want to avoid big losses. The moment you hit that set limit, you pack it up for the day. Apart from daily limits, you can also add weekly loss limits. So long as you stay disciplined, you will never lose above certain amounts.
Here are things to consider when setting your limit:
- Your Financial Situation: This is the most important consideration; you can assess this by factoring in your income, expenses, savings, and how much you have as extra.
- Loss Tolerance: After evaluating how much you have to spare, you need to ask yourself one question – ‘how much can I afford to lose?’ The answer to this question will determine your daily or weekly predefined loss limit.
Take Breaks After Losing Streaks
Your mental state when playing in online casinos is very important, and you can’t afford to jeopardize it. You are more vulnerable to sabotaging yourself when on loose streaks. In such times, there is the temptation to chase losses, forgetting that luck also plays a part irrespective of your skill. Your best bet is to take a break till you feel good enough to carry on.
Put Your Emotions In Check
Controlling your emotions when playing real money games in online casinos cannot be overstated. When your hard-earned money is on the line, there is a tendency to get agitated and angry. The moment these emotions set in, it is harder to stay disciplined, hence, deviating from your pre-planned set of rules.
If at any point, you feel like you can’t get a grip on your emotions, it is a good time to fall back to our previous step – take a break!
