Gaming for real money is a fun-filled form of entertainment but if you don’t manage your gambling activities properly, it can also be dangerous. Grande Vegas reminds its players that a key aspect of responsible gambling involves bankroll management. What is bankroll management and how do you properly manage your gaming budget?
Casino Bankroll Management
Bankroll management refers to the way that you control your finances while enjoying real money gambling and how you set limits on your bets in a way that allows you to minimize risk and maximize profits.
You want to make sure that you have the funds that you need to play the games that you prefer at the level that you want in a way that is responsible and forward-thinking.
You have to make sure that you don’t lose more than you can afford and make the kind of informed decisions that will prevent you from spending money that you shouldn’t be spending.
To properly manage your bankroll you must acknowledge that luck is an intrinsic part of gaming. So the money that you plan to wager must handle the unpredictability of the game. You need to discipline yourself to bet according to your ability to absorb any possible loss.
Obviously, when you play a game in which some or all of the results are random (i.e. in a game like slots, all of the results of all of the spins are random while in a game of blackjack or poker, the results are partially influenced by the decisions that you make) there’s no way to know when you’re going to win. But if you manage your bankroll properly, you can ensure that your bankroll works for you.
Strategize while Managing Your Bankroll
Bankroll strategies differ, depending on the type of game that you’re playing and your financial situation. Some of the best-known betting systems, such as the Kelly Criterion, the D’Alembert Strategy, the Fibonacci Model, the Martingale Strategy and the Oscar Grind Strategy are popular because they’re relatively easy to follow – your bets are based on your previous wins or losses.
But they aren’t bankroll management systems since they’re basically telling you that, regardless of what has happened in the past, you should continue to bet. Betting management reminds you that there are times when you should wager and times when you shouldn’t.
Given that, there are things that you can do to stretch your bankroll and get more out of your casino event while you stay within your budget.
Some suggestions:
Slots
The results of every spin of every slot machine is random. The machines are powered by Random Number Generators which use an algorithm to ensure that all results of all spins are fair and unsystematic.
You can, however, make your bankroll go further by playing machines with the highest possible Return to Player percentages. The Return to Player (RTP) is the average percentage of money that the machine makes that is returned to gamers in prizes.
Every slot machine has an RTP, as calculated by dividing the win and turnover figures that a machine generates. So, for example, if a slot has an RTP of 97%, the theoretical return that a player will receive while playing the game is $97 of every $100 wagered, based on the machine’s programming.
Slot machines generally have an RTP of anywhere from 95% to 98% so the higher the machine’s RTP, the better it is for your bankroll. You can find a game’s RTP by checking the website of the gaming company that developed the machine.
Poker and Blackjack
Poker and blackjack are unique casino games in that part of the game is based on luck – the deal of the cards. The other part is based on skill – what you do with those cards. The decisions that you make during your gameplay determine, to a large extent, the results of each hand.
Poker
Your poker bankroll strategy should be tailored to your gaming budget and your individual playing style, and your financial situation. However, there are some general guidelines that most professional poker players follow when it comes to finances.
If you’re playing a video poker machine, casino advisors suggest that you budget 50–100 times the maximum bet for the machine you’re playing so that you can overcome losses to return to winning. If you’re playing in a tournament, you should budget for 50-100 buy-ins and then stick to your plans of your previously-set limits for each hand. Many pros stick to the rule that says never bet more than 2–5% of your bankroll in any one hand.
Blackjack
In blackjack, you should focus on small, incremental wagers rather than big bets. This allows you to try numerous times without feeling too much pressure so you have the best chance to win as often as possible. Adjust your bets based on the size of your bankroll to maintain balance.
Roulette
If you like to place outside roulette bets, keep the bets on the low side. If you prefer inside bets, you can place higher bets because they are fewer but more valuable.
Also, look for casinos that offer European roulette options. A European roulette wheel has 36 pockets while an American roulette wheel has 37 pockets which means that there are more opportunities to win when you’re playing European roulette.
Set out your bankroll management system before you start playing to ensure that you enjoy responsible casino entertainment.
