Managing your bankroll is one of the most important things you can do when gambling online. It might even be the most important, and it applies whether you are playing at a casino, sports betting, playing bingo, in other words, all gaming. Successful management will keep the gambling fun and entertaining, even if you are not always winning because we can’t win them all. With that in mind, we have put together a few money management tips to help keep your bankroll in check.
Set a Realistic Limit
This is definitely the first thing you need to do before even thinking of gambling and is the most important rule to follow. When participating in online gaming you need to treat it like an expense or a form of entertainment like any other and have a limit. You would never buy a car you couldn’t afford, or book a holiday that was far too expensive and gambling is the same. One of the key money management tips here is to never gamble online or in real life with more money than you are prepared to lose. Of course, we never play to lose, but it can happen to any of us despite our best efforts. The most successful sports bettors in the world, with in-depth sports betting tips, can do well but they don’t always win. So to keep it fun make sure to set a realistic limit and stick to it.
Don’t Blow it all at Once
Make sure when you are placing bets that you aren’t placing all of your eggs, or a significant percentage of them at least, in one basket. It is easy for newer players to use too much of their bankroll up in a single bet, which if it doesn’t come in leaves little for the rest of the betting session. Break down your bankroll into daily and weekly limits. Or if you have budgeted a certain amount for a Saturday of sports betting don’t blow it all on the favourite in the first race, even if you are really really sure they are going to win. The same goes for money management casino visits. Space the time out, have some fun, and make sure that your set budget is going to last as long as you are planning on staying there for.
Keep A Record of Spending
This may seem obvious but it is easy to lose track of your betting over a longer period of time and have an unrealistic estimate of income and outgoings. Some have a tendency to be over-optimistic and spend more than they are aware of, while others are over cautious, spending far less than their limit meaning they are missing out on more potential money making opportunities. Gamblers that are successful in the long term and manage their bankroll well often keep accurate written records of losses and wins so everything is crystal clear and their budgets are being followed.
If you are betting successfully and your bankroll is rising, it makes good sense to withdraw your original bankroll amount. This is a big psychological boost because then what you are playing with is pure profit – it’s the house’s money essentially. Then if you build the bankroll up again you can make another withdrawal and so on. Keep in mind not to get overconfident and throw away good money on silly wishful bets because it doesn’t feel like it is your money or losing it won’t matter. It will still hurt if you lose money unnecessarily, cause emotions to rise and that then leads us to our next point.
Don’t Get Emotional
This applies to the positive and negative feelings people can get when gambling. When some people are winning they get a rush as if their luck is in and they can’t lose and can easily make unnecessary overconfident bets. If the high starts to fade they can then go on to chase it which can lead to more bad bets. The same goes for other people when they are losing. They can go on tilt, or get angry, or even desperate when trying to win their money back which can be a dangerous state to be in and end up in even bigger losses that blow the bankroll completely. It is best to keep a level head when winning as much as possible – enjoy it, but don’t let the buzz dictate your betting. Likewise, if you find yourself getting overly negative, take a break, walk away and reassess the situation once you have cooled off.
Sports betting and casino bankroll management is one of the most important factors in keeping gambling fun and being successful at it in the long term. Make sure to strictly limit your bankroll, stick to it, and work methodically on building it up.