Bankroll Management for Online Casino Players
December 28, 2012
Bankroll management is a big part of a responsible online casino player's approach to participating in this industry. This type of money management is a big step towards avoiding financial problems and compulsive gambling issues when it comes to online gambling, and it can also be used to help keep you in the game until you're able to make another deposit. Bankroll management is all about using the specifics of the game you are playing to decide what bet sizes you should use and how much risk you should take. While it can be made into an extremely complicated topic using ideas from statistics like variance, expected value and other concepts, there are some fairly easy ways to manage your bankroll that everyday people can do without much of a problem.
Your bankroll is the money that you have set aside specifically for playing in an online casino. It's extremely important that you keep this money away from all of your other funds so that you can keep a close eye on how much you win or lose from your playing. One of the easiest ways to keep track of your bankroll is to keep a record of what your online casino accounts hold before and after each playing session in a simple spreadsheet. You should also record your deposits and withdrawals in this spreadsheet.
To decide what size bets you should use, you should break your bankroll up into an equal number of parts before each session, and each individual part will be a single bet size. A good starting number is 300 units, and you should add or subtract from this number depending on a number of factors. One factor you should consider is the variance of the game. Games like blackjack and roulette have a low variance, so it will not affect your bankroll management guidelines. However, high-volatility slots have a high variance, so you should increase the number of units in your bankroll to 400 or 500.
Once you have your target number in mind, divide your current bankroll by the number of units that you would like to have based on your calculations above. For example, if you have a $300 bankroll and decide that you want to have 600 units, your betting units would be $0.50 each. You would bet $0.50 on each spin or bet depending on the game that you're playing based on these bankroll management guidelines.