You might be the best at understanding the odds and strategies of online casinos but you might have some trouble if you don’t know how to manage your bankroll. If you run out of money while gambling, you are just as good as playing the games for free. Therefore, to be a successful online gambler, you should know how to manage your bankroll. In fact, the bankroll is the only thing you can control – you don’t have any power on games’ outcomes.
Furthermore, even though online casinos are the ones which host the games, they don’t have power over the outcomes. This is why there is always a house edge on each game and wagering requirements for bonuses. Casinos are very careful when managing their money and so should you. Here are some tips which will enable you manage your money at any casino game:
Bonuses refer to the free money granted to players at online casinos when playing for real money. Bonuses are supposed to make up for any losses incurred as you gamble. However, these incentives are not entirely free. They are attached to the following rules:
- Playthrough requirements – This refers to the minimum amount of money you must spend to have full control over the bonus.
- Restrictions – You cannot use the bonus on some games and only one bonus is active at a time.
- Minimums and maximums limits.
You will never miss out first deposit and reload bonuses at online casinos. The first deposit bonus also goes by the names match bonus or sign up bonus. It is usually very huge but has its maximum limit. Reload bonuses are granted as a commission of the amount of money loaded. They are not as big as sign up bonuses. Other bonuses include; loyalty bonuses, cash back bonuses and promotions.
Let’s take a look at how bonus restrictions affect us. If an online casino offers a 100% match bonus and you make a $100 deposit, you will have a total of $200 in your account. However, you might have to make a minimum of $50 to get this bonus. There might also be a maximum deposit limit of $300. When it comes to games, you cannot use bonus money to participate at progressive jackpot games.
Play-through requirements are the worst when it comes to casino bonuses. If playthrough requirements are 10X and apply on the bonus only, you will have to wager $1000 to cash out the bonus. This means you have to risk more money if you want to cash out that bonus.
The great thing about bonuses is that they can boost your bankroll. This gives players better chances of winning.
Promotions may come in various forms at online casinos. They include free bets for trying out new features, double chips, return bets on some losses and earning double points and extra bets on some rounds. If you make use of such promotions, your bankroll might last longer than expected. Promotions are accessed through promotion codes which might be available at casino forums, social media sites or special emails.
Free spins, bets and free rolls
On games such as pokies and craps, you might be granted free spins and rolls. Such rounds enable you to make some extra money without touching your bankroll. For instance, you can activate up to 20 free spins at online pokies by triggering at least 3 scatter symbols. Free rolls and spins are entirely free – they have no restrictions.
Setting win and loss limits
If you don’t want to bet on more than you can afford, you should have win and loss limits. For instance, you should set a limit of the amount of money you should lose over a period of time. Most casual gamblers have limits ranging from 5% to 10% of their bankroll. This prevents you from trying to recoup your losses. Winning limits prevent you from being greedy. If you reach your win limit, quit playing.
Amount of money per bet
Breaking your bankroll into units is a great way of controlling how much money you spend. For instance, if you have a $200 bankroll, you can break it into $1 units hence 200 bets. Never use more than 15% during any betting session.
Take some time off
If you feel exhausted, don’t be afraid to quit playing. An exhausted mind will not make the best gambling decisions.
Take advantage of free games first
If you are new to any game, play its demo version before playing with real money. This prevents you from making careless mistakes.
Avoid dangerous betting systems
Betting systems such as Martingale, d’Alembert and Fibonacci have no effect on the odds. They will only exhaust your bankroll.
Have two bank accounts
You should have an account for saving gambling money and the other for personal use. If your monthly limit runs out, wait till next month.
Casino Kiwi is a casino comparison website focused on casino players from New Zealand.