Pretty much everyone knows that gambling at a casino means giving yourself a chance to win extra money. However, here’s something not everyone knows: the best way to ensure that you win some money is to manage your bankroll wisely. We’re here to help you with that.
Some gamblers become excited, take their virtual wad of cash, and blow it all in a short amount of time at an online casino.
The good news is that at an online casino, you can still play free games once you lose your money, but you no longer have a chance to win some extra money. Playing free games is fun (and strongly encouraged by us), but if your sole goal is to make some extra money at an online casino, then it would be a good idea to learn to manage your bankroll.
If you manage your bankroll wisely, which means stretching your dollar as far as possible, at an online casino, you will:
It might feel great to win big at a casino, but pursuing that big win is actually a very risky move. By putting C$500 on red at the roulette table, you’re putting most, if not all, of your eggs in one basket. What happens after the ball lands on a black number? You’re out C$500, and it’s nearly impossible to win all that money back with the little money you have left.
will either accumulate small wins or not feel a big blow to your bankroll if you lose a bet. It also doesn’t hurt to have a strategy to every game you play. For example, if you play roulette, you might want to look into a few tried-and-true strategies that are designed to net you a win almost every time.
In addition to betting small and steadily growing your bankroll with small wins, we have eight more tips on making your money go further at an online casino:
1. Avoid slots.
You want to be in control of your bankroll, so that means you should play games where you have some control over each bet. For example, when you play poker, you have the freedom to employ some strategies in order to buy the pot or make the most out of your winning hand. You can also choose to fold your hand after evaluating whether or not the hand is playable.
Slots are completely random and the only way you can win at slots is if you’re at the right machine at the right time. It does not matter whether you’re slowly whittling away at your bankroll by playing penny slots or gouging your bankroll at C$100 slots; the outcome of each spin is completely out of your control. The only thing you can do is to choose your lines and pray that you’ll get lucky this time.
If you want to manage your bankroll wisely, don’t leave it to luck. Avoid slots and play games that allow you to have some control of the outcome.
2. Bet less than .5% of your bankroll.
This is probably the most straightforward way to stretch your dollar for as long as possible. By portioning out your bets, you will be able to make more bets and last longer at the casino. If you have only an hour or so to play, then you can bet a little more than .5% of your bankroll. Pick a figure that makes the most sense to you.
3. Know when it’s time to quit.
Avoid chasing your losses. That means when you lose, don’t take more money out of your bank account in an attempt to recoup your losses. This might work sometimes, but sometimes you’ll end up with an even bigger dent in your bank account than you had anticipated. A good rule of thumb is to stop gambling when you lose more than half of the money you brought in. In the same vein…
4. Play only with the money you can afford to lose.
Before you transfer money from your bank account to your bankroll at the online casino, ask yourself how much money you can afford to lose right now. Once you reach a figure, transfer only that amount to your bankroll. By playing only with the money you can afford to lose, you’ll be more at peace with yourself should you lose that money.
5. Take frequent breaks.
It is really easy to get caught up in the game. That’s why it’s a good idea to take a breather sometimes and recompose yourself. After a game, step away from the computer and eat, take a restroom break, or run an errand. This will help you keep your emotions in check.
6. Play games with the lowest house edge.
The casino takes a cut of every bet you make. That cut is called the house edge. Some games have a higher house edge than others. If you want to save as much money as possible and place as many bets as you can at an online casino, you can play games with the lowest house edge. Here’s a list of the most common online casino games with the lowest house edge:
Craps: Varies between the type of bet you make. It can get as low as 0% (with 4 or 10, 5 or 9, and 6 or 8 odds).
Baccarat: 1.06% - 1.24% (depending on which type of bet you make) Video poker: .46% with jacks or better
7. Take advantage of the welcome bonus at the online casino.
Pretty much every online casino offers a welcome bonus. Some are more attractive and generous than others. However, one thing is always true: it’s free money! Do your research and find a welcome bonus that offers the most bang for your buck, and then try to use that money to make your bankroll grow.
8. Once you win some money, put away the money you originally came in with and gamble only with your winnings.
It may sound hard, but it can be done. Let’s say you come in with C$100, and you use that money to win C$50. It would be wise to put away that original C$100 and gamble with the C$50. That way, if you lose the C$50, you still have the original C$100. You technically won’t lose any money with this strategy, except in the beginning when you use the original money to try and grow your bankroll.
This bears repeating: patience is a virtue! The more you take care of your bankroll, the more likely you will be to leave the online casino with more money than you came in with.