7 Money Management Tips for Online gamblers
It’s incredible to think that as recently as twenty years ago widescale online gambling simply didn’t exist. But now, two decades on, it truly is a phenomenon with countries like the UK embracing it wholeheartedly and millions playing online every day. For most people it’s fun and this fun can be maximised as long as they are managing their money sensibly and sticking within responsible limits when they play.
This might sound complicated or limiting, but it really is just a question of imposing a few simple principles on how stake money is managed and making sure that you stick to them. So here, in no particular order, are seven ways to gamble within your limits.
Create a gambling fund
If gambling is part of your life and leisure, then it’s a good idea to treat it like other pastimes and activities you enjoy and put money aside for it. For example, think of it like the cash that you earmark for going on holiday or even carrying out improvements to your home. You might even want to set up a separate bank account for it. Alternatively, some online bank accounts allow to create specific sections for your savings and you could put your gambling fund in that. But remember, for this system to work, it’s important that you only gamble with the money you’ve specifically put aside for the purpose.
Stick to low limit games
While playing for big money and going for the thrill of all-in poker might get the adrenalin rushing, you’ll always find that low limit games are a more sustainable way to play. Not only will you be risking less with each hand, it’s also going to make your bankroll last a whole lot longer. Another advantage, especially if you’re a more experienced player, is that low limit games are likely to attract the less experienced novices who may make for easy pickings at the poker table. This might sound a little harsh but remember that you were once a novice too and it’s only by playing better players that you improved your game.
Always gamble on a budget
Whether you’re planning on just a quick burst of play on a mobile gaming site
or you’re aiming for a longer session at your PC, the same principle of setting a budget applies. As the old adage goes, only play with as much as you can afford to lose, because there is always the possibility that this may be the session when your luck’s not in. When it does turn out that the cards aren’t going your way it’s never a good idea to chase your losses. Far better to walk away and chalk this one down to experience.
Divide your stake money into three tranches
To keep an even tighter grip on your session budget some players even recommend splitting it into three equal amounts. This provides you with two natural breaks during the session when you can stand back and assess just how well you are doing. It may be a little complicated as you have to keep a close grip on the money that you’re using as a stake as well as your winnings to give yourself a true picture. But once you start to impose this kind of discipline it soon becomes second nature.
Set win as well as loss limits
We’ve already talked about setting a budget for the amount that you’re prepared to lose in a session. But the truly savvy gambler will also have win limit in mind. This will be the point at which they will pick up their winnings and walk away from the table. This might sound counter-intuitive in a game where winning as much as possible is the objective. But even if you’re on a winning streak, it’s never going to go on forever. But if you are disciplined and really do quit while you’re ahead it’s far better than ending up regretting the losses that may well follow.
Get as many free offers as possible
It can’t have escaped your attention that there are many, many online casinos and poker sites out there, all vying for your attention, and money. To attract new players almost all have great introductory offers which will often match your initial stake by up to 100%, although some restrictions do usually apply. But it’s always a good move to try to take advantage of these offers as they are effectively offering you free cash. Then, once you’re established on a site, you could also find that the loyalty bonuses start to appear, and they’ll also help you to manage your money online.
Keep the fun alive
As the saying goes “When the fun stops, stop” and this is a great principle to stick by. The occasional online casino session is supposed to be an enjoyable experience and by following many of the standard principles of budget control it can be. Hopefully the seven tips that we’ve given you here will help you to manage your money and may even help you to win a little more. What they will definitely do is allow you to play a little longer than you otherwise might be able too. They’ll also give you a greater perspective on how to play, and when to quit. So we’d suggest that you start to put at least some of them into practice today.