Playing casino games is great fun and can be a profitable experience. However, to win at these games we need to have money to play them in the first place. Without these funds, we are left sitting in the dark with no games to play.
Your casino bankroll should be considered be a tool. Just as a mechanic has wrenches and other tools to complete his job, a gambler has money. If the mechanic lost all of his wrenches, he would not be able to fix cars and would never collect a paycheck. This analogy is to show you that your bankroll is a crucial part of making money in casino games. If we were to lose this bankroll, we would not be able to make money. Sounds pretty simple, right?
I’ve seen numerous players who were some of the best gamblers in the world go broke due to poor bankroll management. They play way above their limits and constantly have no money to play the games.
So, how do we protect our casino bankrolls and ensure that we will be in this for the long run? The answer is quite simple and I will discuss how to do this below.
What is Bankroll Management?
The term means to conserve your bankroll and have set guidelines that will help save your money in the event of losing streaks. You will have a per-determined set of rules that you follow based on certain criteria such as limits, how much bankroll you actually have, how much you can lose, etc.
Play Within Your Limits
The biggest mistake players make is playing at limits that are much higher than their bankroll can afford. For example; a player sits down at a $50 a bet blackjack table with only $200. This only gives the player 4 bets to place, if he loses all four; he’s out of the game.
The first thing you need to do is set what limits you should be playing based on your bankroll. A good rule is to use a %5 rule. This means that the highest bet you can place is 5% of your bankroll. So, if you have a $100 bankroll, the highest bet you should place would be $5. As your bankroll increases, so will your bets. If your bankroll begins to drop due to losing bets, you decrease your bets.
Stop Loss Limits
Another important step in bankroll management is to use a stop loss limit. This amount will vary from player to player, but it shouldn’t stray that much. A solid rule would be to use a 20% rule for stop loss limits. Using the $100 example, we should stop betting if we lose $20. When we come back to the game, we should also remember to use the 5% bet rule.
These guidelines are a great way to conserve your casino bankroll and should be used whenever possible. However, the most important step for these to work is to actually use them. Some players will set off on the right track and have a plan in place to conserve their bankrolls. But, once the games get started and the losses come in, they throw the book out the window and next thing you know, their placing a $100 bet with the last of their money in hopes to win it all back. It’s up to you, the player, to decide how your bankroll management goes. Having the plan in place is only half the battle.
Share with us your bankroll management techniques and let others know how they too can stay in the games longer.