Gambling responsibly involves managing your bankroll. At all times, you need to be aware of what funds you have available for casino entertainment, how much you've already gambled and how much you still have in your casino account. Playing with cryptocurrency is generally considered to be more convenient than using other forms of ebanking to fund your gaming activities, but that ease can also lead to overstepping betting boundaries.
The Grande Vegas Casino offers suggestions that make it more efficient and more effective to manage your cybercurrency bankroll when playing real money games online.
Crypto Casinos
Playing with crypto at the online casino offers advantages that other forms of casino banking do not. Crypto players enjoy the benefits of enhanced privacy, better security, better fees, better conversion rates and better payout terms than do other players. However, monitoring crypto finances is more challenging for many gamers than monitoring payments using traditional banking methods, especially for inexperienced crypto users.
Buying crypto, transferring it to various evendors and ebanks, and overseeing payouts can be complicated, especially if your crypto funds are mixed in with funds that you've received from other sources. In addition, crypto transactions are irreversible, meaning that once you've approved the transfer via your crypto ewallet, you can't appeal the payment or recover the funds.
Therefore, there are specific practices that you should adopt when you're managing a crypto bankroll to ensure that you play responsibly and get the most out of your gaming session.
Determine Your Budget
The fundamental principle that governs all responsible gambling efforts -- Only bet what you can afford to lose is amplified for crypto gamers because cryptocurrencies are so volatile. That means that the value of your bankroll can change significantly within a short period of time. You can't set aside a sum of crypto to use for the casino and then count on that sum regardless of what's happened to the value of your ewallet.
You need to treat your gambling bankroll as money that's been set aside specifically for disposable entertainment. The bankroll should be kept separate from funds needed for other household expenses like rent/mortgage, bills, savings and other living expenditures.
To do that, determine a fixed amount of crypto (or its fiat equivalent) that you would be comfortable losing without any financial strain. The amount that you determine should align with your income cycle and be linked to a weekly or monthly budget.
Next, segregate those funds. It's recommended that you maintain a separate crypto wallet or even a sub-account within your exchange which is where your casino funds are located. In this way, you can ensure that you don't inadvertently dip into your primary crypto holdings or other crypto investments.
Crypto Volatility
If you're using crypto for your casino ebanking you should understand the concept of "crypto volatility." The issue of crypto volatility is where crypto bankroll management diverges from the management of fiat currency banking.
Unlike fiat currencies, the value of cryptocurrencies like Bitcoin and Litecoin can swing wildly in a day. That impacts the real-world value of your bankroll. Taking this into account when managing your bankroll involves being aware of market trends so you won't be caught unaware if there's a sudden dip or surge. Staying on top of the market trends allows you to factor the swings into your risk assessment.
In addition, financial advisors suggest that you refrain from leaving large amounts of crypto in your casino account as you hope for a market pump. Leaving significant funds in your casino account can expose you to potential dips. It's best to keep only what you need for your immediate gambling sessions.
Limits for All
Regardless of whether you're depositing with crypto or with a traditional ebanking institution, you should follow accepted guidelines for bankroll management. They include:
- Deposit Limits – before you start your gambling event, set a maximum amount that you can deposit over a specific period (daily, weekly, monthly). When you reach that limit, your casino visit should end.
- Loss Limits – Consider the maximum amount that you're willing to lose over a specific period of time. When you hit that limit, leave the casino until you have a new bankroll for a new visit.
- Wager Limits – Set a limit on the total amount that you can wager over a given period of time.
- Self-Exclusion – if you find that you're not successful in staying within your limits, use the casino's self-exclusion tool to take a break for a set period of time. Once you set your self-exclusion period, the casino will not allow you to return until that period has passed.
Chasing Losses
Make it a practice to never chase losses. Players sometimes get pulled into "systems" that promise that, if you bet a certain way (i.e. doubling bets after losses, doubling bets after wins, etc), over time, they'll recover the losses and overall, end up with more wins.
These systems may be fun and may be entertaining but mathematically, they make no sense. They don't take into account the house edge that favors the casino for the roll of the dice, every spin of the reels and every deal of the cards. They also don't take into account the random nature of the games (results of some casino games are completely random while in other cases, there is gaming skill involved) which means that there's no possible way to know what you can expect as the gameplay progresses.
"Systems" such as the Martingale Strategy, the D'Alembert System, the Fibonacci System, the Paroli System and the Labouchere system that direct you on when to increase bets should be avoided for a responsible gambling event.
Crypto players can leverage general casino guidelines as well as specific crypto-deposit strategies to enjoy a more rewarding casino event.
