Whether for pleasure, profit, or both, managing your casino bankroll will bring you one step closer to that pot of gold.
What is a Bankroll?
Named for the wad of cash carried by gamblers before credit cards became commonplace, thick rolls of bills were usually wrapped with a rubber band to prevent the loss of loose notes.
In gambling terms, a casino bankroll is an amount of money a player dedicates exclusively to betting. This can be defined by cash and/or chips.
Call it an Allowance, or a Budget. The exact amount is decided by the individual and is to be applied to all types of gambling including slots, table and card games, or sports betting.
Before the advent of credit/debit cards, ATMs and internet banking, gamblers were forced to rely on – and restricted by – the value of their bankroll.
What is Bankroll Management?
Consider Bankroll management (BRM) the pain required to gain, the discipline the Irish so strongly associate with luck.
BRM is also an open secret and the single biggest advantage professional gamblers bring to their games. Even when playing strictly for pleasure, the thrill of winning is what keeps players coming back.
Casino Bankroll Management is the best way to lower the House Edge, and that’s no Blarney. BRM can be broken down into three straightforward steps:
- Budget an amount of money to be used exclusively for gambling. The amount can be dedicated to a month, a week or a day, and should always be subdivided into a maximum amount per session. Consider this Bankroll the total amount to risk losing during the given period.
- Decide how much of the session’s bankroll should be risked on each bet placed. This amount will reflect a player’s overall bankroll value, their betting style and their winnings goals.
- Apply steps 1 and 2, and apply them faithfully with every bet placed. This step requires discipline and as a result may be the most difficult to adopt for those players who typically bet with a magical garden gnome perched on their shoulder for luck.
Why is Bankroll Management Important?
Why is a motorcycle helmet important, or a lifejacket? Riders and sailors get the most out of their pastimes while acknowledging that they are not totally without risks.
For gamblers, BRM is the map through the minefield of chance that avoids the single biggest risk players face; betting money that they can’t afford to lose.
The primary importance of Bankroll Management is as a tool for Responsible Gambling. Players who apply BRM don’t risk funds dedicated to food, clothing, shelter and other lifestyle needs.
That said, Bankroll Management also provides tangible benefits any player can take advantage of;
A dedicated betting limit protects players from chasing losses during losing streaks. When the session cash is gone, the losses stop.
- High Volatility Bets
A BRM session budget puts the brakes on high-stakes bets that could wipe out accrued winnings. Better to bank than bust!
- Multiple Losses
Having a bad day, or two? It can and often does happen, even to the best. BRM provides players with a cash cushion to ride out the rough spots and have a stake ready when needed. Protecting the bankroll avoids losing it all!
- Reality Check
BRM enables players to focus on winning, not how much could be won or lost. With a fixed budget, players take the time to properly evaluate longshots, look for low House Edges and make better betting decisions. BRM maximizes both the profit potential and entertainment value of every dollar spent.
How the Manage a Casino Bankroll
Whether players gamble for fun, profit or both, one essential truth exists; No Bankroll Management = Bust.
The path to riches is littered with the remains of winning gamblers who made millions and ended up broke. Why? -BRM=0.
Print it off and tape it to your computer screen. Write it on a card and insert it in your wallet. Get a tattoo… And learn how to manage a bankroll before your next session!
The 9 essential tips on how to manage your money in a casino
To help you set boundaries and make the most of your gambling experience, we’re sharing with you some tips on how to manage your bankroll effectively.
1. Gamble only the money you can afford to lose
The main purpose of BRM is to introduce players to Responsible Gambling. Gambling is entertainment, a hobby for most and a profession for a few. If you have no disposable income to lose, don’t gamble.
When you’re in a position to set a little money aside for a bankroll, you’ll be fluent with a game you have the best chances of winning.
2. Set a Spending Limit
When you have decided the amount of your bankroll, divide it into weekly or daily maximums.
Subdivide that amount into session limits if you play more than once a day.
Online casinos offer spending limit options within the player account settings. Take advantage of this feature to close the session once the bankroll limit is depleted.
If you have accrued winnings, preserve the initial bankroll amount and continue to play with the winnings only.
3. Apply a Stake Plan
Don’t bet your session bankroll in one shot or on high volatility games.
Stake Planning essentially spreads your bankroll across the session – subject to the game being played and its volatility.
A rule of thumb is 10% of the session bankroll is the maximum bet on low-risk games, 5% on medium and 2% on high-risk games. A Stake Plan extends playing time and increases the opportunities to win.
4. Use casino bonuses and free spins
Online Casino players have a wealth of bonuses to choose from. These can easily multiply the value of your initial bankroll and can go a long way towards accruing winnings.
Read the terms and conditions attached carefully. Some bonuses may be restricted to certain games or must be used within a specific timeframe.
In any case, it’s free money and at the very least can be used to protect your bankroll while you learn new games.
5. Don’t spend everything in one go
This is Stake Planning from another perspective! Many casino games have minimum bet requirements.
These games may exceed your 10% session bankroll allocation for any one bet. Players need to consider if they are worth the risk, or choose other games that meet their betting criteria.
The time to consider higher stakes games is when casino bonus money is being used or enough winnings have been accrued to protect the bankroll.
6. Find the highest-paying games
High-paying games are not about the biggest jackpots or 35:1 odds. They are about the Return to Player (RTP) percentage.
That means Blackjack, Roulette (outside bets), Baccarat and low volatility slots. These games payout frequently and while the amounts are low, they quickly build up. As winnings accrue, adjust the stake plan to include these when placing new bets.
7. Bank profits along the way
Winning streaks always end with a loss, unless players practice Bankroll Management. If the bankroll has been recovered before the session ends, bank it.
Time playing sessions and at the end of that time, cash out, even on a win. Ideally on a win, every time.
8. Use e-wallets
Rapidly gaining in popularity, e-wallets offer players learning to apply bankroll management an extra layer of protection from temptation.
A deposit of funds dedicated exclusively to gambling remains separate and apart from personal bank accounts and credit cards. Use an e-wallet to help apply good bankroll management practices.
At one time some casinos initially frowned (and still may) upon e-wallets, and therefore restricted or minimized bonuses for users.
Most online casinos today welcome e-wallet holders and offer additional rewards for players choosing to use crypto-currencies. Check the casino’s terms and conditions with respect to e-wallets before opening an account.
9. Maintain Control
Experiencing the many highs and lows that come with gambling can be emotionally draining. They can also affect rational decision-making when it comes to placing bets and effectively managing a casino bankroll.
Alcohol is another potential issue that magnifies emotional response and dulls the ability to accurately analyze a game or betting situation.
Maintaining emotional and mental control of the environment is crucial to successful bankroll management. Learn to celebrate the wins and look past the losses while maintaining focus on enjoying gambling as an exciting and fun pastime.
Consider the session bankroll as no more than the price of the entertainment.
10. Stop at the right moment
Knowing when to close a session is a key metric to successful Bankroll Management. Chasing losses ranks as the most destructive decision to BRM. Shrewd players are aware that some if not most sessions will eventually result in losses – the House Edge practically guarantees it.
Play and stay within your session budget. Close on a win before you’re session time expires, even if it is cut a little short. Try to make it a goal with every session. Bank the wins and the losses shrink. Protect the Bankroll and grow it.
Players who find it increasingly difficult to remove themselves from a game, or cannot play within a fixed bankroll amount and/or time limit, may wish to consider entertainment options other than gambling. The risks of addiction are real and guidance is available through various support groups;
Is Casino Bankroll Management important?
For players who want to enjoy gambling, get the best value for their entertainment costs, minimize losses and build winnings, the answer is yes!
For those who believe Leprechauns will lead them to their pots of gold, may Irish Eyes smile down upon their good fortunes.
Casino Bankroll management is gambling with a plan. Players who budget their bankrolls, allocate session allowances and learn a few basics about stake planning and RTP will almost always beat the House.
BRM makes for smarter, better gambling habits that result in a much more enjoyable experience. There is no luck except where there is discipline. And that’s no Blarney.