Online and land-based casinos are great places to pass the time having fun and winning money. But if players aren’t careful, they can get carried away with the thrill of it all and lose track of how much money they’re spending.
Here are some of our top money management tips to follow to practice your gaming responsibly.
1. Have a Gambling Budget & Stick To It
Most of us would love to be rich and famous and not have to worry about managing our money, but the truth is many of us are not and have bills to pay each week or month. The most important rule when budgeting and spending money at a casino is only to deposit and play with what you can afford.
Deposit your own money – never borrow money from others. To establish a gambling budget, set aside the funds you need for your day-to-day expenses, stick to it, and if there’s some leftover for entertainment only deposit and gamble with that.
2. Set Yourself Daily or Weekly Time & Spend Limits
As well as having a budget, it’s also a good idea to limit how much you’ll wager on casino games and how long you’ll play for each day or week. Keeping control of your time and funds by sticking to self-imposed restrictions means that you’ll never gamble too much money or spend longer playing than you’d like.
3. Track Your Gameplay and Spending
Many online casinos have the option for you to track your deposits, the bets wagered and the time played on each game. It’s a good idea to refer to these every now and then to make sure you’re not spending a significant amount of your time or money where you don’t want to, and to pay close attention to your gambling expenses.
4. Take Your Time Playing
It’s easy to get wrapped up in the excitement of casino games, especially when you’ve been enjoying a few wins. But a common mistake players make when they gamble is to be too quick in hitting the deal or spin button, or by using the turbo and auto-spin features to speed up the game.
While faster gameplay might be more convenient and can result in more wins in a shorter amount of time, it’s likely to blow your budget quicker as you get through more bets, leaving you less money for next time. Slow down and get more value for money and enjoyment out of your play.
5. Make Smaller Bets
Another way to make your casino bankroll go much further is to stake smaller amounts. Many games have bet minimums as low as 5, 10 or 50 cents so your money will last a lot longer if you bet this way. Good money management when online gambling means not throwing all your money on one huge bet, but betting smaller amounts more frequently, as just as much can be won in the long run, if not more.
6. Withdraw Winnings & Play With Profit
Give your gambling budget a boost by withdrawing any winnings you make, leaving just your deposit to play with. This way you save money as more goes into your pocket, while you still have enough to play with in your online casino account. Alternatively, once you’ve won some money, withdraw your deposit so that you’re only gambling with your winnings.
7. Take Advantage of Bonuses & Promotions
Online casinos often hand out cash bonuses and free spins just for depositing. While there are normally wagering requirements on these bonuses, they’re still an excellent way to boost your bankroll as they’re essentially extra cash to help you win money with. Some casinos even give cashback if you lose money, paying back a percentage of any money you may lose.
8. Play Slot Machines
Slots are one of the easiest casino games to play, they offer low minimum bets and give you more control over how much you wager. Another way slots can stretch your dollars is that each slot machine tends to have many free spins and bonus rounds where you can enjoy gambling on extra games for free.
9. Pay Attention to Payout Percentage
Blackjack has one of the highest RTP percentages (Return to Player) compared to many other casino games, meaning that the casino has a lower house edge and a larger proportion of your wager will go back into your bankroll, earning you more money at the games. It does depend on the table rules but it will generally pay out at a rate of 99.5% to 99.7% RTP, giving you a better chance to control your budget and maximize winnings.
Some craps wagers like pass line and don’t pass line bets provide a 98.59% and 98.64% payback respectively. European roulette and video poker also tend to have high RTPs.
10. Learn Game Strategies
While some casino games, like slots and roulette, are purely based on luck and chance, many have a skill-based element to them, which gives players more of an opportunity to swing the game in their favor. Gamblers who focus on some key winning strategies and tips often have more success when playing casino games.
Video poker and blackjack in particular are well worth the effort in reading up on winning tips and techniques on the internet, as knowing the best playing strategies for these games can be a crucial part of increasing your bankroll.
Even luck-based games like roulette have suggested techniques to maximize wins. For example, focusing on outside bets, rather than inside bets.
11. Play Blackjack
Blackjack can be a great game to play to get the most out of your online gambling budget. Not only does it have a high RTP and low house edge, but a lot of strategies can be employed to minimize loss and increase winning potential. Knowing exactly on which cards you should split, take insurance & surrender is vital if you’re looking to win more money.
12. Go for Smaller Jackpots
While a slot machine with a gigantic progressive jackpot might be awfully tempting, you may have more luck playing on the slots with smaller payouts as they offer lower variance and volatility. So opt for jackpot slots with smaller max credits like 4,000 rather than 10,000 because these are likely to go off more often, awarding more players with more frequent payouts.
13. Have a Break From the Casino Games
When you feel like luck is not on your side or you’re not sticking to your budget, take a break. It’s important not to chase any losses and to cease playing for a while if it ever stops being fun. Playing casino games should be about entertainment so if you feel you’re on the losing side of a game, leave the casino, have a rest and go back when you feel more relaxed and in a better position mentally and financially to play.
14. Don’t Drink and Play
While a drink might go hand-in-hand with betting on a casino hand, drinking alcohol is more likely to cloud your judgment and encourage you to bet more wildly than you may otherwise do. Keep alcohol to a minimum where possible in order to keep your mind sharp when gambling, and your game on track so you’re more likely to win.
Enjoy Some Wallet-Friendly Games at PlayStar
Now that you know how to master managing your bankroll and staying within your gambling budget limits, come and see what fun you can have online gambling at PlayStar. With dozens of games from blackjack, roulette, slots, baccarat, video poker, craps and more, there are plenty of budget-friendly options to choose from. Sign up, get your welcome bonus and free spins on your first deposit, and have fun playing!
