Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Tips for Managing Your Bankroll and Minimizing Losses in Casino
March 19, 2023
Image: Unsplash/Kelly Sikkema
If you were to visit any legitimate online or land-based casino, you would notice that they strongly recommend responsible gambling. What this means is that you need to be very careful with your bankroll management. This is the best way to remain in control, avoid unnecessary frustration, and prevent yourself from making reckless decisions. Getting too emotional can turn this whole entertaining experience into a problem. So, if you are new to this hobby make sure to stick around, and read about some bankroll management tips. These will help you minimize your losses, and have a more enjoyable gaming experience by extension.
Use Casino Bonuses and Promotions
First off, playing online actually gives you a lot of flexibility for managing expenses. If you live in places like Canada there are lots of online casinos available and they have incredibly generous bonuses. You should go over the list of the best online casinos for Canadians and pick a few operators that you like. Right off the bet, you will see you can get lots of free spins for just a small and negligible deposit. Bear in mind though that some of these bonuses do have wagering requirements, so you will have to make additional deposits before you can withdraw any winnings.
That being said, there are plenty of smaller promotions that come with no wagering requirements, and that don’t even require a deposit. So, find as many of those as possible if you want to play for free.
Be Mindful of Unnecessary Expenses
One of the main reasons why people mostly play casino games online is because it’s cheaper. You don’t have to spend any money on gas, and you won’t get tempted to spend more on drinks or snacks. However, you can still have smaller unnecessary expenses that will add up over time. Whenever you are depositing or withdrawing money there could be a fee for a transaction. This will mostly depend on the payment provider you are using.
Luckily, Canadian online operators often offer a wide array of banking options. If you are playing on a legitimate platform you should have no problem with both deposits and withdrawals. Moreover, the fees for these transactions will be displayed. So, pick a safe transaction method that has the lowest cost:
- PaySafeCard
- Interac
- ApplePay
- Crypto
There are other low-cost options but the ones mentioned are basically free. Moreover, if you plan to play regularly, pick an operator that has a good VIP program. This can help you get more freebies, lower fees, and even cashback perks.
Focus On Games With a Wide Betting Range
Currently, many new players join to play online poker. If you only played poker in a home setting or on those free apps, then the online casino experience might be slightly different. You need to choose the table based on the size of the stake. Poker is a game where you don’t always get to dictate the tempo, so you might end up overextending and spending more than you originally planned. This is why you should go for those tables with the lowest minimum bet possible.
The same logic should apply if you are playing slots. People tend to pick slots based on the theme, and football-themed slots draw a lot of attention. Of course, that’s one of the main appeals of these games, but it can also be misleading. You might find games with lots of paylines tempting, as they give you frequent hits. However, your bet amount is also affected by the number of paylines. So, it could be wiser to focus on regular 25 payline games. This way you’ll be spending C$0,25 per spin.
Keep Your Budget in Mind
Image: Unsplash/Alexander Grey
Budgeting and limiting your playing time can help you decrease the risk of losses. The first thing to do is set a budget and create a schedule to avoid spending more. You should know when to stop playing even if you are winning. But if you are on a losing streak, you should definitely take a break. People feel agitated when they are losing and keep spending more money in order to regain what was lost. Don't bet more than you can afford and never chase losses.
Keep a Clear Head at All Times
A variety of factors can influence your decision-making process. That is why it is important to avoid gambling if you are distracted or stressed. Furthermore, being intoxicated harms your reasoning and can lead to making wrong decisions. That is especially important because casinos are not all about the gaming floor. They offer alcoholic drinks, so if you are on a winning streak, try to refrain from getting drunk. Otherwise, you may happen to lose all your winnings on booze.
Additionally, don’t fall into common gambler’s fallacy traps. Many players convince themselves that karma or other forces will balance out their losses. In other words, they ignore the obvious that casino games all have the house edge, and that odds are against them. Even if you are on a losing streak, your luck doesn’t improve and your odds don’t become higher, they are constant.
Conclusion
To sum up, there are many measures that you can take to play and gamble responsibly. First of all, put your focus on your budget and make sure to manage your playtime. Second, step out if you are on a losing streak - or sometimes take a break even if you are on a winning streak.
See: Investing in Modern Day: Have the Viable Options Shifted?
Avoid putting pressure on yourself to win, and keep on playing for entertainment. Only professional gamblers can earn big-time money this way. However, those people can afford to lose.
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