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Online Bankroll Management
Everyone who’s ever walked into a casino knows how it feels to lose money – but we also all know how great it is to be able to walk away with some winnings in our pockets. In any case, it’s the thrill of playing that’s getting most of us going, so is there anything to be done in order for us to be able to stay in the game for as long as possible? Yes, there is!
The Basics of Bankroll Management
If you’ve ever wondered about how much cash you should bring to the table and how big your stakes should be, you’ve already stumbled upon what bankroll management is all about. Put simply, it’s about knowing how much one can bet in any given situation. And how does one arrive at an exact number? Well, that’s usually done by splitting the amount of money we have into a certain number of units, with one unit then becoming the standard bet size.
Let’s say that you’re a recreational player that has a total bankroll of $300 and that wants to stay in the game for as long as possible without having to deposit anytime soon. In that case, it makes a lot of sense to divide that starting bankroll into 300 units of $1 and having that as the basic bet size. Not only is it very easy to work with such a bet size in terms of calculating one’s winnings, but having a cushion of 300 bets will ensure that you’re very likely to have a long casino journey, especially if you aren’t going to play any of the games that come with a big house edge.
Different Styles, Different Strategies
As you can see, we recommend starting with a cushion of 300 bets, but that number is certainly not set in stone and you may want to adjust it according to your style and strategy. If you’re a very conservative player that simply doesn’t even want to think about depositing again, you may want to actually push that even higher and go with a cushion of 500 bets, which is a point at which you’d need to hit a tremendous losing streak in order to go down quickly.
On the other hand, if you’re a player that wants to risk and that doesn’t really mind having to deposit again (after all, there are always some juicy deposit bonuses to take advantage of!), you may want to decrease the cushion a bit. In fact, we’ve seen many guides recommending 200 bets as the standard. We consider that to be quite risky, although it’s still quite viable. Going under that number isn’t something that we could recommend, however. Yes, those who bet on sports typically have only a cushion of 100 bets to work with, but these things aren’t comparable, as you’re simply never going to have the mathematical edge in a casino game.
It’s also a good idea to remember that losing streaks will come more often – and hit harder – at games with a big house edge. Without getting bogged down by the mathematics, let’s just say that the traditional casino games tend to be very fine from this points of view, especially in comparison to what house edge some slots come with.
Do note, however, that things can get very tricky once one starts to examine some of the less mainstream bets at games like Sic Bo. While those who are betting on just the Big-Small and Odd-Even outcomes in Sic Bo have to deal with a house edge of just 2.8%, that can actually skyrocket to 30.1% for players that like to bet on specific triples.
Always Have a Stop-Loss!
The one thing that we can probably all agree on is that it’s really hard to stay cool under pressure – and even the best of us can fall apart once a losing streak hits. Losing streaks are unavoidable and there are no easy solutions to the problem, but plenty of players respond to them by increasing their stakes and trying to chase their losses that way, which, of course, can lead to a disaster very quickly.
The gist of the problem is that it isn’t easy to walk away if you’re suddenly staring at $250 after coming to the table with $300. Some players are disciplined enough to just quit at that moment, but chances are that you’re not one of them and need some sort of an “outside” solution to get things right – and some sort of a stop-loss system seems to be the best option.
Put simply, it’s a good idea to know how much one can afford to lose before going completely crazy and to bring only that amount to the table in the first place. Let’s stick with the original example of a recreational player with a bankroll of $300 here. In his or her case, we’d recommend setting the stop-loss at $50 (one-sixth of the original number). Losing that amount in one go is going to be as painful as any loss, but it’s not going to decimate the bankroll, so he or she will be able to come back and have another go – and that’s what we’ve been aiming for from the start!
Never Bet What You Can’t Afford To Lose!
To round things off, we’d like to bring up this one little rule that everyone should have in the back of the mind at all times – and it’s the rule of never betting money that one cannot afford to lose for whatever reason.
We know that you might already be tired of everyone – including the online casinos themselves – repeating this over and over again, but it’s also the number one thing that underpins the entire concept of bankroll management, so, if you think that what we’ve said above makes sense, you simply have to see how important this one detail is.
It’s naturally easier said than done and we know how strong the temptation can be at times, but sticking to the rule can save you a lot of problems, so let’s keep things safe at all times!