Gambling is only exciting if you stay in control, so bankroll management is perhaps the most important fundamental part.
You cannot manage it perfectly if you don’t understand what it is, so what is a bankroll? It is simply the budget that you set aside for betting. Without a fixed bankroll, you could end up betting all your money. The general principle is that you should never bet more than you are willing to lose, so you must keep this in mind before you start gaming.
Bankroll management enables the budget you have set aside to sustain you through your gambling session. It is imprudent to exhaust all your cash by placing big stakes and running out after a few rounds. This will tempt you to go back to your coffers to get more money. Proper management of finance requires planning, meticulous execution, and self-discipline.
Bitcoin Gambling Australia has become so popular because of the widespread use of cryptocurrencies. The techniques of bankroll management apply to all currencies though it could be easier to convert them to units for a better understanding. Keep reading this guide to the best bankroll management techniques for online gamblers.
Set a Bankroll
Before you manage anything, you must first have it. The first step of real money gambling should be setting a bankroll. You should decide how much you are willing to spend and stick to it no matter what. This should happen before you log in to your online casino to avoid being clouded by gaming excitement.
It is also important to budget your time. You might need to control your budget more tightly when planning to gamble for long hours since you don’t want to run out of cash midway through your session.
Place Calculated Bets
Bankroll management is fully dependent on the size of your bets. Huge bets will exhaust your money quickly, while bets that are too low will result in monotonous wins. The size of your bets should depend on your bankroll and gambling time. Most people prefer to divide their money into units to make it easy to track. For instance, you could set a $10-unit size, so $500 will be 50 Units.
There are different kinds of strategies that you can use to decide the size of your bets. Some of the main ones include:
- Flat Betting Model;
- Percentage Model;
- D’alembert Strategy;
- Oscar Grind Strategy;
- Kelly Criterion.
These are just a few examples of strategies that are widely used. The simplest ones are the first two, which simply involve betting one unit size in every bet. The second one, on the other hand, involves betting a fixed percentage of your bankroll. The latter is usually preferable because it increases your bet size whenever you increase the bankroll. The others have fancy names but are equally easy to understand.
These are just a few of the most common strategies. However, you are not tied to any of them. You can come up with a personalised one that works for your budgeted time and money.
Pay Attention to the Nature of Your Games
Several games are available in online casinos, so your choices have an impact on your bankroll. First, you should play games that can accommodate your budget. If you plan to play $1 per round, it is impossible to play games with a minimum bet of $2.
The nature of the games is determined by two vital factors, RTP and variance/volatility. The RTP determines the generosity of the game. It is a theoretical figure that states how much you can expect to win after playing in the long run. For instance, a 98% RTP means that you will win $98 for every $100 spent over a long time. It correlates with the house edge.
The variance, on the other hand, dictates the frequency and the size of your wins. A high-volatility game will result in big wins less frequently while low-volatility games will lead to small frequent wins. This information is critical when gambling. You should expect more stress on your bankroll when playing the former and must be prepared for it. Your betting strategy greatly depends on the nature of the games you choose.
Lastly, you must uphold the principles of responsible gambling. One of the reasons why we emphasise bankroll management is to prevent problem gambling. You must always stick to your budget and learn to walk away once it is depleted. Do not chase losses, which is a scenario where players try to bet more after a losing streak to recover their losses. This often leads to more losses and more frustration. Also, if you are winning, you should bank your wins and avoid being overambitious.
These are four bankroll management strategies that will lead to amazing gambling sessions. They are aimed at giving you a fun and successful gambling time free from regrets and negative consequences. Try them out for optimal results.