Managing your casino bankroll like a pro

Published on July 7, 2016 in Casino Tips

manage your casino bankrollCasinos around the world are filled with people looking to have fun and make a quick buck. There are also those wanting to completely change their lives and take home a massive win. For the most part, casino games are based on the luck of the draw or the spin of the reels, but that’s not all it takes to be a winner. While lucky punters can strike it big, it also takes a smart player to win.

A smart casino player knows how to manage their bankroll. Having a hand on your bankroll, knowing exactly how much to spend and when, can be the difference between blowing through your cash and losing it all or not. When it comes to managing your casino bankroll, you have to know when to play it safe and keep your money for another game, or bet big and cash in!

It’s an important balancing act because betting too much, too fast means blowing through your bankroll and cutting off your chances of winning. But if you don’t bet enough, wins can be too small and insignificant which makes the games you play boring.

We’re going to take a closer look at how to successfully manage your casino bankroll and extend the life of your cash.
 

One of the main lessons you’ll learn is that it’s important for all gamblers, whether playing in a brick and mortar casino or online, to learn exactly what variance and house edge mean for you.
 

These two basic terms can determine whether you’re going to be a winner or not.
 

The basics for managing your bankroll

All casino games have a basic rule built into them and that’s the house edge. Basically, the house edge determines when your luck runs out and the odds average out. While you may experience short-term wins at many casinos, not all luck lasts forever and eventually wins will even out and the house will start to win. If you manage to make a few mistakes while you play, that’s even more cash heading for the house’s bank.

It's due to the constant pressure from the house edge that you need to ensure that your bank is large enough to sustain a few hits. Worthwhile wins may take some time to land which means you’ll need to stick around at your favourite casino and not fold before you get the chance to win.

Introducing variance, the concept that measures the chances of which cards will be dealt or which numbers the dice will reveal. While luck is random and there’s no telling what will happen next, variance helps that concept along and keeps track of what could be on offer from a particular game.

Knowing whether a casino game has a high or low variance could determine whether or not you choose to play that game. A high variance slot for instance refers to the fact it offers players the chance to win fewer, but bigger wins. Low variance refers to smaller wins at a more frequent rate.
 

Cash on hand and the Stop-Loss Strategy

Choosing how much cash to have in your bankroll depends entirely on you and your strategy. A large part of your strategy should include which games you’re going to play, for how long you intend to play, and how much you’d like to bet per hand.

Once you’ve determined these facts, you should be able to come up with an estimate number of hands you’ll need to play. Fill your bankroll with enough cash to not only fulfil your strategy, but also take a few hits if Lady Luck is not on your side.

We’ve all heard the concept of knowing when to stop. It’s a piece of wisdom that can save many punters from going home with a completely empty bankroll and something all players should remember. The Stop-Loss Strategy supports that concept by recognising that losing is as much a part of playing at a casino as winning is.

With the Stop-Loss Strategy, you as the player should decide on a number that you’re comfortable with having leftover in your bankroll before you either stake down or stop playing completely. This strategy works well for many people as you can then leave with what’s left in your bankroll and live to try again another day. However, paying attention to that number and not pushing your luck any further takes a lot of self-control.

At the end of the day, spending, winning, and yes, even losing, should be a fun pastime at your favourite casino or while spending time online. You should never be in danger or debt because of the money you’re playing with. Always gamble responsibly.