It is imperative that anyone who plays online casino games must first understand money management.
Before you start playing you must be clear about how much money you can afford to play with, and how much you can afford to loose should your luck turn bad. Set yourself a budget and do not get tempted to exceed that budget no matter what, even if you are on a winning streak. Most importantly, do not let your emotions control your purse strings.
The temptation to push your luck during a winning streak in the hopes of making an even bigger win, or to bet big during a loosing streak, can spell disaster for your pocket and your game play.
Being able to control these urges is the secret of success. Betting erratically can quickly turn moderate wins into big losses and moderate losses into even bigger losses. Not the way to go unless you have very deep pockets.
You should plan ahead and prepare for the game. Think to yourself, ‘how would I handle a big win?’ ‘How would I handle a big loss?’ And most importantly ‘how do I keep my head straight so I don’t lose control of my budget?’
In any casino game played for money where luck plays a role, fluctuations in winnings and losses are to be expected. It’s your ability to successfully deal with these ups and downs that will ultimately determine how well or poorly you do at the tables. Below are what we at Jackpot consider to be the three most important rules of money management when playing any online casino games.
- Never play with money that you can’t afford to lose. Do not gamble with money allocated to other things, no matter how much you think you can win. Remember, no bet is ever sure or else it wouldn’t be called a bet. Losing big when you can’t afford it can cause all sorts of problems.
- Budget properly and make sure you allocate enough to spend moderately. Under funding yourself can leave you open to incurring big losses. If you had very little money deposited at the casino a normal downward trend can wipe out your money leaving you with very little or no money to recoup your losses. More importantly, a small budget may make you feel pressured by your shortage of funds and therefore play less aggressively than you perhaps should do. That said; only ever play at betting levels that you feel comfortable with. Remember, if the amount staked on a bet is above your head, you are playing in the wrong game. Get out while you can.
- Know when to quit. What often separates the winners from the losers in online casinos is winners know when to leave the game when their pockets are full and losers know how to restrict their losses to affordable amounts. Savvy online casino players never ever allow themselves to get financially broken at the tables. Minimising losses is the key. You can not and will not always win. If you are on a loosing streak, keep it affordable – take a break.
- You should only ever play with a clear head. Never ever play when you are tired or drunk as it can blur your perception.
Another good tip is that when you are winning big you should put a good chunk of these winnings in a ‘do not touch’ pile, and play only with the remainder of your money. The last thing you want is to give all of your winnings back to the casino. If a loosing streak does creep up on you, you will still have some of your previous winnings set aside. Get out of the casino site when you are still ahead and live to play another day!