One of the most important aspects of online casino gaming is managing your bankroll. Players have a strong tendency to manage their bankroll at a casino differently than they manage their money at a restaurant, at Disney World, when they fly and so on.
Few people would be tempted to buy a business class ticket if they can’t afford it. At a restaurant, most people look for something they might like to order and then look at the price. It’s not unusual to find that some dishes are too pricey for one’s budget. Disney World is super expensive even before you start to pay high prices for food at the park or for gifts and souvenirs.
At a casino, the tendency is for “just one more spin” or “just one more hand”. Bankroll management is different at an online casino, as opposed to a land based casino because at a land based casino, you have already spent money on travel and accommodations and you know that you’ll be spending money on restaurants and other attractions.
At an online casino, you’re usually alone so you might see just another bet as not a big deal. Here are a few bits of advice from Springbok Casino that we intend to direct you toward improving your bankroll management.
The most important element in sound bankroll management is to see online gaming as primarily gaming rather than gambling. Of course, most of the time you’ll have money riding on the outcome of the game but you can still see it as gaming.
The term gamification simply implies turning everyday activities into a game of sorts. In his great work “Zen and the Art of Motorcycle Management” Robert Pirsig spoke about the need to find “quality” elements in even the most mundane and boring activities. Although he never specifically said that we should see our jobs or housework or parenting as a game, that was the implication.
At Springbok Casino we take the idea a step further. We say that even though you have money on the line, you should make the amount of money on the line small enough and affordable enough that you still see the activity as gaming rather than gambling.
One side aspect of gaming instead of gambling is that at Springbok Casino you can play for free for as long as you wish. Try doing that at a land based casino! Some players use free play as a way to learn a game. This works very well with poker and blackjack. But playing slots in free play mode turns the game into a pure entertainment.
Play with a Partner
We said above that most of the time, you’ll be playing alone when you play online. A great way to manage your bankroll wisely is to play with a partner. He or she might even suggest playing in free play mode. If your gaming partner is also your romantic partner, you’ll likely find it natural to end the gaming session for other pursuits.
In any case, playing with a partner is a very good way to avoid making wild bets especially when you’ve been riding a losing streak.
Set a Budget
This one is quite obvious but many players need to be reminded. We set a budget for every entertainment we enjoy from television to movies to attending sporting events to gambling. The budget we set for ourselves for gaming should be realistic. It should reflect how much you’re willing to “spend” on gaming entertainment.
Online gaming should never be seen as a get rich quick scheme. It’s true that we offer some progressive jackpots but even there we want our gamers to follow the advice we give here rather than pursue instant riches. For example, in an article on slots tips we point out that you have to make the maximum bet in order to qualify for the progressive jackpot. If the maximum bet is beyond your limit for a single bet in slots, we urge you to play other slots or other games.
Set an Alarm Clock
This will put a time frame on your gaming activity. If you want to play for an hour set the alarm clock for one hour. As soon as the alarm goes off, close the gaming session even if you’re on a winning streak. Keep in mind that the Random Number Generator works to make so-called winning and losing streaks ephemeral; there really aren’t any.
This piece of advice is a lot harder to follow at a land based casino where gambling is the main attraction. At home, you have many other things to be attracted to and many responsibilities. So, set a time limit on your gaming fun and then go on to another activity that you know you have to get to soon.
Please, Do Not Follow Any Betting System
Betting systems don’t work. First, the house has a built in edge. Second, the systems fail on statistical grounds. There is one system that says to increase your bets when you lose and another that says to decrease your bets when you lose.
One system actually says to increase your bets when you win because you are using past winnings to try for greater future winnings. The problem with this is that it makes it easier to get away from your set budget. Systems don’t work.
The Random Number Generator controls the outcome of every spin or hand. No betting system can get around this fact.
Card counting in blackjack does work but it isn’t a betting system; it’s a playing system. It’s also extremely difficult to master. For most players, using a strategy card in blackjack or video poker is the best way to even the odds with the house. These are also not betting systems but playing systems.