Whether you’re an expert at online casino games or you’re just starting out at 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, online roulette,  or any other casino game,  you are putting yourself at risk of losing more than you can afford to.

Here is our guide to casino bankroll management 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 just want to have fun playing some of the best online slots out there, you should only bet what you can afford to lose.

Winning takes a combination of time, skill and a whole lot of luck, and you won’t win every time you play. Before you manage to get this combination right, you’re undoubtedly going to lose some money along the way. Losing streaks happen to everyone, and it’s essential that losing some of the money you put on the line isn’t going to have any knock-on effects. Bankroll management at an online casino will help you play with the assurance that you will not be chasing your losses.

Ultimately, looking after your bankroll enables you to play more games for longer, making sure that you aren’t risking financial ruin or letting circumstances spiral 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 you should take if you want to play online casino games. Gambling online should be treated in much the same way as other areas of entertainment in your life. For example, when you plan a holiday, you set aside a certain amount of money for it, and knowing how much you have to spend determines where you go and what you do. Think of your bankroll in much the same way. Betting bankroll management allows you to approach casino games with a better understanding of how much you can afford to spend.

At the end of the day, only you know how much money you can afford to lose. When setting a budget for the casino, try to think of it as money you WILL lose. If this scares you or you realise that you can’t afford to lose that amount, then you are already way over budget. It’s always better to be prepared for a losing streak than to expect a winning one. Bottom line: never count on winning! 

If you are a little underwhelmed by your rather meagre budget, 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 get excited about winning while sometimes forgetting about your losses. It’s important, however, to take note of both your wins and losses to effectively manage your bankroll. For example, online poker bankroll management will let you know whether you should stay at the table or walk away. 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 since they’ll simply disappear into the next couple of games you play. Make a plan to sit down every week and see how much profit you have made once you’ve subtracted your deposits from your withdrawals. This will help to ensure that you don’t overspend: ideally, you’re hoping to take home more than you put in.

3. Create and stay within a realistic betting range

A crucial aspect of 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 for you 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 spend £5 per wager. Not only does this ensure that, if you do lose, it’s not a significant chunk of your bankroll, but it also allows you to play for longer with more wagers.

4. Don’t let emotions get in the way

It’s incredibly important not to let your mood influence your gambling decisions. If you are on a winning streak, the high of euphoria could make you feel invincible, which could make you put down your profits to ride the wave. This will only cause you to bet recklessly and burn through the money you’ve won.

Then there’s the flip side of emotional gambling you experience when you’re on a losing streak – or “on tilt”. It’s easy to feel angry, depressed and melodramatic when you’ve lost a number of games in a row. However, the worst decision you can make at that moment 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 should seriously consider withdrawing $500 of that to recuperate your initial deposit. This will prevent you from turning your winnings into more wagers and curb 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 make sure 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, live blackjack and more – we’ve got you covered.

Register with The Phone Casino and explore what our casino site offers!