Managing your bankroll (playing funds) is crucial to your long term success as an online gambler. Gambling online is similar to taking a long trip in your car. Before you leave, you estimate how long it should take you to get to your destination and how much gas you'll need. Then once you set off, you keep an eye on your fuel consumption to ensure that you don't run out of gas before you reach a station or your final destination. And you check your speed to save gas.
I say obviously , but every day thousands of motorists run out of gas and have to hitch a ride to the next gas station. So too do many online gamblers sign up with online casinos, deposit playing funds and then dive in too eagerly, with perhaps too big of a splash. In other words, they eat through their bankrolls far too soon because they are either betting too high, too fast or too recklessly (or usually a combination of all three of these) in the hope of winning big in a flash.
While this can and does happen, it happens all too rarely. The reality is that in both land and online casinos managing your bankroll poorly will usually result in you losing your money extremely quickly. So you may be wondering what exactly you can do to manage your bankroll effectively? Well, the good news is that there are a few quick and easy steps you can follow to help ensure your bankroll sticks around long enough for you to enjoy and hopefully win from.
First, and probably most importantly, set a session or daily limit and stick to it no matter what. Second, check your bet sizes and wagers. Divide your session or daily bankroll with the maximum bet of the game you're playing (with a coin or chip size you're comfortable with) to see how many bets you can make. More bets means longer play, and thus a greater chance of winning. And three, cash out your winnings there and then instead of feeding them back into the game.