From the friendly games around your mate’s kitchen table, to the highest stake round at the World Series of Poker, there is one thing that every player worth their salt has in common.
Each and every one of them will be adept at managing their bankroll.
Bankroll management is a discipline that not everyone thinks about when they’re starting to learn more about the world of gambling, but it’s important that anyone who gambles has at least a cursory awareness of what you need to do. Without proper bankroll management you can quickly run out of funds for playing. If you implement proper bankroll management then you can play for longer, have less risk of losing big when you do lose and have less banking fees to worry about if you aren’t constantly adding to your account.
But what’s the best way to manage your bankroll? Don’t worry about that, we have some top tips for you right here, just have a read!
- Set a Hard Limit
This might sound obvious but setting limits on what you can and can’t use for playing is the core of bankroll management.
There’s a mental quirk that people have called ’The Gambler’s Fallacy’ and many a player will fall into this trap. It’s the belief that previous events will have an effect on future ones. The example usually given is flipping a coin. If you flip a coin and it lands on heads nine times in a row, the odds it will land on heads again the next time you flip it is still the same – 50:50. The earlier nine heads do not reduce the odds of a subsequent result.
When it comes to gambling, some players will begin to believe that a long losing streak will be counter-balanced by a winning result and keep playing until their luck ‘balances’ out. Avoiding this way of thinking is crucial for properly managed play and this is where bankroll management comes in. Whatever you’re setting aside to play with, make sure that it is clearly ear-marked as gambling money, with the intention that it is only used for gambling. If you manage to completely run out of bankroll, you need to stop playing and re-build these funds from scratch. Once you have that sorted, you can start implementing the other steps.
- Use Bonuses Wisely
Bonuses are extremely useful for someone looking to get started in the world of online gambling – it’s an incentive the casino arranges in order to get people to play at their site. You’ll get different bargains depending on where you go, so it might be worth shopping around a bit to see who has the best deal for your situation. A common type of bonus will be to match the amount of money you deposit with a few wagering requirements before you can withdraw it. If you’re playing just to make money, the wagering requirements can be a bit of a pain – but if you’re playing to hone your skills at blackjack, poker, or to get a feel for the newest slot machines, then the minor inconvenience of having to wait before you can make a withdrawal into insignificance against the benefit of having more money to play with.
The important thing with bonuses though is to bear in mind that you need to use them smartly – many bonus systems operate a deposit match style where the casino will provide you with a certain amount of cash to match what you have already deposited. But there’s usually a limit to how high this will go and, if you have more funds to play with, it may be worth holding some back and then depositing it once you’re eligible for a new kind of bonus. Careful deployment of bonuses and deposits will help keep your bankroll stuffed no matter how you play.
- Find a game to suit your means
Even if you have a fairly small bankroll, you can still play games – you just need to pick a game that’ll be playing on the level that’s appropriate to your bankroll balance. Or, to put it another way, you won’t be signing up to the $10,000 buy-in games if all you have is $100 to play with. Picking the right game to suit how much money you have available is a core requirement in any bankroll strategy but one that will need adjusting over time. If you get really lucky while playing poker and manage to double or triple your bankroll, you might want to start moving on to bigger games rather than grinding away at a few low-cost hands. Likewise, if you start losing some big pots, maybe shift down to a smaller buy-in game so you can give yourself a chance to re-build.
Do you have any other tips for managing your bankroll? Let us know in the comments below! And if you’re confident in your bankroll management skills, why not play some slot games at https://casino.betfair.com/c/slots?