Bankroll management is a crucial aspect of gambling, whether you are a professional punter or just someone who enjoys the occasional bet. It implies managing your finances in a way that allows you to play your favourite games while minimising your risk of losing everything. In this article, well break down what successful bankroll management involves and how to use it to optimise your gaming experience.
What Is Bankroll Management?
Basically, its the practice of setting aside a certain amount of money specifically for gambling activities and managing those funds responsibly before you even consider joining the best online casino in Australia or any other country. It means taking into account all the risks involved in your particular game or activity and ensuring that you do not put more on the line than you can afford to lose. The practice also implies knowing when to quit the game if things are not going your way. After all, chasing losses usually just leads to more significant losses.
Importance of Bankroll Management
You might be very good at finding value in the odds, figuring out when the betting company has set the odds wrong, and so on. But all that practically only matters if you carefully think of the amount you spend on separate stakes. Many bettors out there deserve to be called professionals at identifying value in the gambling market, but they ultimately lose when it comes to managing their gambling budgets correctly.
The answers to the following questions may help you understand the keys to being successful in managing your bankroll:
- How big should your bets be in relation to your total bankroll amount?
- What is the value of the odds you place a stake in?
- How great is the risk you are ready to take to win that bet?
In fact, all that points to taking crucial precautions to protect your gambling budget.
Approaches to Successful Bankroll Management
In this section, we’ve outlined several approaches to help you get a handle on the money you set aside for gambling.
Setting Bets Amount
Apart from establishing your budget, you need to decide how much of it you are willing to risk on each bet. A general rule of thumb is to risk no more than 5% of your bankroll on any single stake. It means if you have a bankroll of $1,000, you should only bet up to $50 on a single game or hand.
Being Smart about Each Stake
This point implies being smart about all the stakes and understanding what possible results can follow each of them. In other words, no matter what game you’re playing, what technique you’re using, or what strategy you’re applying, you need to think carefully about every bet you make. By doing that regularly, you can identify the prospective outcomes. Hence, you can plan and treat your bankroll appropriately.
Winning & Losing Streak
It’s crucial to remember that your bankroll will fluctuate over time. You may go through periods where you’re winning consistently, and your bankroll is growing. Conversely, you may be losing more than you’re winning, and your bankroll is shrinking. In either case, you need to adjust your betting accordingly.
If you are on a winning streak, you may be tempted to increase your bets to win even more. However, this can be a risky strategy, as it increases your chance of losing everything. Instead, it’s best to stick to your original betting plan and slowly raise your bets as your bankroll grows.
Likewise, if you are on a losing streak, you must resist the temptation to chase your losses by increasing your bets. It’ll only make things worse and could lead to you losing your entire bankroll. Instead, it’s better to take a break from gambling and return when you’re more confident.
Being Attentive to Losses
You must be very attentive to your losses. Managing bankroll well implies mandatory accounting for wager losses over a long period. That way, betting losses can be spread over a longer time frame without entirely depleting your total gambling budget.
Summing-up
Bankroll management is an essential aspect of gambling that should not be overlooked by any serious gambler. While there is no guarantee that using the mentioned approaches will always lead to success, they certainly represent a wise investment in terms of optimising ones gaming experience!
Disclaimer:
- As per the Public Gambling Act of 1867, all Indian states, except Goa, Daman and Sikkim, prohibit gambling
- Land-based casinos are legalized, with certain guidelines, in Goa and Daman, as per the Goa, Daman and Diu Public Gambling Act 1976
- Land-based casinos, Online gambling and E-gaming (games of chance) are legalized in Sikkim under the Sikkim Online Gaming (Regulation) Rules 2009
- Only some Indian states have legalized online/regular lotteries as per and subject to the conditions laid down by state laws. Kindly refer to the same here
- Horse racing and betting on horse racing, including online betting, is permitted only in a licensed premise in select states. Kindly refer to the 1996 Judgement by the Supreme Court Of India here and for more information
- This article does not endorse or express the views of Qrius and/or any of its staff