What is bankroll management? With the proper bankroll management you can give yourself maximum opportunity to profit, minimize the risk of going broke and keep playing.
You'll experience winning and losing streaks whether you're a beginner or an advanced casino player. And then when luck is out of sight or you're having bad runs of cards, the latter is what you'll have to deal with.
But with proper bankroll management, you can radically increase your chances to win and avoid big losses. Bankroll management is a discipline that combines art and science leading you to succeed, as a casino player. "But that sounds easier said than done", you would say. I bet not. Here's what to do.
The eight golden rules
Below the eight golden rules to proper manage the bankroll, so you can give yourself maximum opportunity to profit, minimize the risk of going broke and keep playing:
- Divide your bankroll by the number of monthly casino visits or logins:
So if you allotted 100 and you intend playing 5 times – that's 20 per session. Don't spend more than that amount (win or lose) or end up blowing your entire bankroll in a single session. In short, determine and divide your bankroll and then spend only one portion every session.
- Do not play on credit:
Never play without money for gambling or if you've already blew your bankroll for this month, let's say. And when you did blow it in one poker session, never borrow money to play because the interest it's charged won't profit you in the end.
- Do not bring your credit cards at the casino:
How much can you set aside for gambling? Answer the question (100, 200?). Upon determination, keep that money in a separate bank account (e.g. "G" bank account) for gambling purposes.
Tip: You should only access the gambling fund after home or personal expenses are settled.
- Pocket a portion of your winnings:
Keep a portion or 100% of your winnings in one pocket and then play only with that on the other pocket. So even when tempted to use your winnings to play, don't. Otherwise, you'll not make a profit to pad your bankroll.
- Set a win and loss limit:
Aside from your budget per session, determine your win and loss limit, so get up your chair and go out the casino/log out your online account when you've reached it.
- Predetermine session limit:
Before sitting down at the tables, determine how many hours you'll play and stick to it, meaning leave or log out when it's up. In some casinos, there are game time reminders that appear to remind how long you have been playing and give you options to log out or keep playing.
- Don't chase after losses:
Avoid it if you want to emerge a winner (at least emotionally) after your session. If you're on a losing streak, don't gamble all your money to win back losses or else you might end up losing more than what you're ready for the session.
- Take advantage of the bonus:
You may want to deposit as much when signing up in an online casino or poker room. Some casinos offer a matching bonus (100%, 50%).
So if you'd deposit 100, you'll double that amount for a 100% matching bonus.
TIP: Read bonuses information and wagering requirements before accepting free money from the casino for your guidance.
Treat bankroll management in the same way you're handling your personal or business finances, you set a budget and stick to it. The only difference is that gambling money is "entertainment cost", it is what you paid for the leisure you get. There is no guarantee of winning.
This is the same exact reason you should have proper bankroll management in place before gambling. Here's a short checklist (you may copy and paste it on a notepad or write in a post-it for a reminder).
- Separate bank account for gambling
- Bankroll amount divided by the number of times to play for the month
- Number of hours/minutes to play per session
- Win limit: X
- Loss limit: X
And remember: Don't gamble when emotional or drunk (or drink too much when gambling), this is very important. We bet you know why.Last update: 30-09-2019