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Tips to Keep your Bankroll Under Control and Become a smart Gambler

Published on June 16, 2019, 11:13 pm

by Jeff Grant Twitter account Jeff Grant LinkedIn account

How to manage a gambling bankroll

There is a good reason if online gambling is now a billion-dollar industry. The thrill and fun of playing in online casinos or betting on different sports is like no other, not to mention the potential winnings that could come with it.

But if you’re a gambler, you’re probably aware that, at the end of the day, gambling is a game of luck and risk. Most importantly, it involves money that you could potentially lose if you’re not careful with your choices while playing. This is why every expert gambler will tell you that the first step to a long and happy experience in online gambling is to know how to manage your bankroll. Here are some tips that will help you to achieve this task:

Think of your bankroll as your investment

The first step to growing a bankroll is actually starting with it. When deciding how much to put on your account, think of it as investing in stocks or any other form of investment.

Never assume that you can start with a small amount and just reload every now and then because that’s setting yourself up for failure. How much money can you afford to lose? If you can only afford to spend $500, then don’t deposit that extra $500 that’s meant to pay rent or take care of the groceries. Having the right mindset is a great way to start your career in gambling and will help you make good decisions in the future, whether you’re playing poker or lightning roulette.

Don’t put everything in one place

There is a saying that says: “you should never put all your eggs in one basket”, and this couldn’t be truer in online gambling. Even if you have a favorite website, it’s always wiser to spread your money between two to three platforms, which will allow you to take advantage of more bonuses and increase your chances at winning. Your luck in one site may not be the same on the other sites. So, if you’re losing on your favorite game, you still have a chance of winning in other games. Don't get stuck if you're in a losing session.

Manage your bankroll responsibly

Grab the best bonuses

One of the easiest ways to grow your bankroll is to take advantage of bonuses. Most online casinos actually offer good welcome bonuses where you can double or even triple your initial deposit if you sign up with them. This is a marketing strategy that you should take advantage of because it allows you to build up your bankroll without the risk of losing money.

Just make sure that you fulfill all the requirements for the welcome bonus (like a code that you have to input for a certain time). If you miss out on any of these steps, you could end up losing that welcome bonus.

Know how much you should risk

To protect your bankroll, you have to know what your limits are when gambling. For instance, if you’re playing in a cash game, make sure that you have at least 20 buy-ins. Some players would even go as far s 50 buy-ins for extra security.

So, if the minimum buy-in for a table is $5, make sure you have at least $100 in your account. It’s also very important to set limits for yourself to avoid losing not only your potential profit but also your own bankroll.

Most players would recommend that you walk away after winning twice the buy-in or stop if you already lost on the second buy-in.

Remember that streaks don’t last in gambling, so it’s best to stop playing before you lose even more money. If you’re playing for a tournament, on the other hand, make sure to gamble only 2% of your total bankroll for any buy-in.

Always read the fine print of every game

All games are created to be attractive to gamblers, but not all of them will give you equal chances of winning big. This is why it really pays to read the fine print of every game before you put any money on it. Look at the stakes involved for starters.

If a game has high stakes, then it will probably require you a bigger bankroll. So, if you don’t have a huge bankroll yet or you can’t afford to spend the required amount, go for those lower stake games instead. You could earning less, but at least you’re not risking a huge amount of money in the process. In tournaments, it’s very important to check the rate of winning in a game before gambling. If you see that a gambler is interacting with a casino game that have a good ROI (return on investment), then maybe it’s worth trying too.

At the end of the day, succeeding as a gambler is all about making the right decisions. And you can only do that if you know how to handle your money properly and choose what games to invest on wisely.


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