If you’re looking to be a better gambler you may think that the best approach is doing research. Yes, it is true that practising gambling does help, but there is another, much more important skill. Money management.
Careful money management is the most overlooked gambling skill ever. Simply put, knowing how to manage your bankroll correctly is the cornerstone of being a successful gambler. So much so that if you’re not managing your bankroll no, you’re essentially shooting yourself in the foot. Let’s take a closer look now and get a better idea of how to manage a gambling bankroll.
Keeping Tabs On Funds
First and foremost, you must keep your winnings and your bankroll separate. Money that you win shouldn’t be put back into your pile, given that the situation will quickly become confusing. The idea is, of course, to walk away with more than you started. So how do you even know how much you started with if you’re using a single pool of cash?
Hence, when you gamble you must have a play pile, and a winnings pile. If your play pile is empty, you need to carefully think about how much you’ve won, and if it’s worth it to take additional funds from your winnings.
That takes us to the second point; knowing when to call it quits and go home.
Making Set limits
If, for example, you’re playing online pokies, and you hit a small jackpot, you’re almost certainly going to be ahead. So if you keep playing at that point, are your winnings more likely to go up, or are you just going to lose so of your jackpot?
It’s a tough decision, to be sure, but the smart money is on you simply taking the money and calling it quits. Hence, the best approach is to set a low limit and a high limit. Before you start playing, decide on a number that you’re willing to lose. If your bankroll dips below that amount, stop playing.
The same is true for winning. If you win more than a certain amount, take the money and go. The chances are that you won’t win more, and you’re better off taking what you currently have. Such is the nature of gambling.
Check out a few popular slots now, pick a game, and set high and low limits before you take your first spin.
Understand how Promotions Work
Online casinos are notoriously generous, giving away seemingly enormous bonuses. But do you really understand how bonuses work? From Free Spins to Bonus Cash, it all seems wonderfully simple, but is it really?
Yes, casino bonuses are generous, but they come with Wagering Requirements. Wagering Requirements mean that any Bonus Cash you’ve received, and any winnings made with that bonus cash, can’t be withdrawn until you hit a requirement. If Wagering Requirements are 40x, the full sum of Bonus Cash must be bet 40 times.
Keep these terms and conditions in mind, especially when you’ve deposited your own money into an account. To put it another way; Bonus Cash isn’t the same as money out deposit.