Whether you’re an expert at online casino games or you’re just starting out with a no deposit mobile casino, there’s one thing that all successful casino-goers have in common: they know how to manage their bankroll.
If you don’t know how to take care of your money when you play online slots, live blackjack or any other casino game, then you will never be safe, because you are at risk of losing more than you can afford to.
Here is our guide to managing your bankroll to help you have an enjoyable and successful experience when you try for the jackpot at a mobile casino.
Why is bankroll management so important?
The key to success in a mobile or online casino is responsible gambling. It doesn’t matter whether you’re hoping to make millions online or you’re just looking for some of the best online slots to have fun with – you should only bet what you can afford to lose.
Winning takes a combination of time, some skills and a whole lot of luck, and it won’t happen every time you play. Before you manage to get this combination right, you’re undoubtedly going to lose money. Losing streaks happen to everyone, and it’s essential that the money you put on the line isn’t going to have any knock-on effects.
Looking after your bankroll ultimately enables you to play more games for longer, and it ensures that you aren’t at risk of financial troubles or circumstances spiralling out of control.
Here are the five best strategies for managing your money.
1. Create a budget
Setting your mobile casino budget is the first and most important step that you should take if you want to play online casino games. Gambling online should be treated in much the same way that you would treat other entertainment areas of your life. For example, if you were planning a holiday, you’d set aside a certain amount of money for it, and knowing the amount you have to spend would then determine where you go and what you do. Think of your bankroll in much the same way.
At the end of the day, only you know how much money you can afford to lose. When you are setting a budget for the casino, try to think of it as money that you WILL lose. If this scares you, or you realise that you can’t afford to lose that amount, then you are way above your budget. It’s always better to be prepared for a losing streak than to expect a winning one (of course, if you win then you’re quids in, but just don’t count on it).
If you are a little underwhelmed by your rather meagre budget, then you can look for other avenues such as casino welcome bonuses and offers, which give you something extra. This will help you increase your bankroll without actually depositing more money.
2. Keep track of your games
It’s easy to be excited about winning, while sometimes forgetting your losses. It’s important, however, to take note of both your wins and losses to effectively manage your bankroll. A small win can feel euphoric until you realise that you’ve spent more than you won on the past couple of games.
Keep track of your deposits and withdrawals. Remember, your winnings don’t count if you never actually withdraw them, as they’ll simply disappear into the next couple of games that you play. Make a plan to sit down every week and see how much profit you have made when you subtract your deposits from your withdrawals. This will help to ensure that you don’t overspend: ideally you’re hoping to bring in more than you put in.
3. Create, and stay within, a realistic betting range
A crucial aspect in bankroll management is finding the sweet spot between placing bets that are too big and too small. Bet too big, and you risk losing your money quickly. Bet too small, and your wins won’t be significant enough to consider withdrawing.
Your casino budget amount should completely determine your maximum and minimum bet amounts. A good indicator is betting 1% of your total budget per wager. This means that if your monthly budget is, say, £500, you should only bet £5 per wager, for example. Not only does this ensure that if you do lose that it’s not a significant chunk of your bankroll – it also allows you to play for longer with more wagers.
4. Don’t let emotions get in the way
It’s incredibly important that you don’t let your mood influence your gambling decisions. If you are on a winning streak, the euphoric feeling and high could make you feel invincible, which could make you put down your profits to ride the wave. This only leads you to bet recklessly and burn through the money that you’ve won.
Then there’s the flip side of emotional gambling that’s experienced when you’re on a losing streak – or “on tilt”. It’s easy to feel angry, depressed, and melodramatic when you’ve lost a few games in a row. However, the worst decision that you could make here is to chase your losses and put down even more money. Instead, step away from your screen and do something else to keep things in perspective.
Having a level head and playing smart is the best way to become successful in any casino game – and you’ll have a lot more fun, too!
5. Withdraw regularly
A great rule for managing your bankroll is to withdraw your initial deposit as soon as it doubles. So, if you put in £500 and your balance reaches £1,000, then you must withdraw $500 of that to recuperate your initial deposit. This helps to stop you from turning your winnings into more wagers and curbs overspending. What’s more, it will keep your bet budget at the same level per wager, where you might otherwise be tempted to max it out if you have more money in your account.
Play safely and securely with The Phone Casino
At The Phone Casino, our customers are our top priority, and we want to ensure that you have a safe and responsible gambling experience. So, whether you’re looking for tips on roulette strategy, or you’d like to play live casino games, online slots, and more – we’ve got you covered.
Register with The Phone Casino and explore what our casino site has to offer!