Every gambler has a bankroll. This is simply a term for the money one has, or sets apart, for gambling.
There are numerous methods for controlling one’s finances in everyday life. When it comes to gambling, however, there are some simple and easy things that you can do to help keep your bankroll for longer, and even potentially increase your chances of winning.
Divide and Allocate
One of the easiest ways to manage your bankroll is to break it up according to days and/or gambling sessions.
This is useful to help instil structure and discipline to your gambling routine. It helps to insure that, for instance, you don’t use it all up at once, and/or can keep track of your bankroll’s status as you go.
The Time Factor
Due to multiple factors, though in particular the casino’s “house edge”, it’s simply a fact that most gamblers will lose over time, and the longer they play the greater their losses will be.
By necessity, casino’s safeguard themselves from running at a loss by ensuring that the odds of each casino game (the house edge) is set in their favour, and a certain percentage of bets always comes back to them. This percentage escalates over time, which means an ever-increasing rate of loss for the gambler.
Players in skill-based games such as Poker and Blackjack can potentially beat the house edge, though it’s not something to rely on. Rather, setting limits for how much time you spend on each game can vastly improve the rate of loss, and therefore also, potentially, how much you earn in the long run.
Set a Loss Limit
Setting limits on how much you can lose before calling quits is a very simple and practical way to be disciplined and protect your bankroll.
Whether its according to the day, session, or a single game, it can be an incredibly helpful to make it a general habit.
Set a Win Limit
Most people wouldn’t think of setting a win limit. However, when taking all of the above into consideration, particularly the certainty of loss over time, this can be another simple and useful method/habit to help protect you and your bankroll from the house edge, as well as just general temptation.
One of the best things you can do for your bankroll is to pace yourself. The slower you play, the less frequently you will bet, and therefore the less you will lose over time.
Choose Low House Edge
Look for games that have a low house edge.
Some examples of casino games that usually offer a low house edge are:
- Video Poker
- Spanish 21
And games that usually have the worst (highest) house edge include:
- Caribbean Stud Poker
- American Roulette
- Slot Machines
Playing in tournaments can provide the necessary structure, routine, and environment, to practice all of the above, to establish good gambling habits and learn to manage your bankroll. There are fixed entry fees and session times, as well as the added potential benefit of learning from other more experienced players.