In order to become a successful player on casino tables, you first need to know how to control your bankroll. Your bankroll is the money you have in your casino player account. Controlling your bankroll is where you play at certain limits to avoid losing all of your money. There are many ways to control your bankroll. This includes, setting the amount you want to play with, being strong willed and not chasing your losses. Bankroll management is important because situations can fluctuate – variance. In any game you play, there are always ups and downs, bad runs and good runs. This results in varying profits and losses. In order to cushion yourself from losing all of your bankroll during these slumps, there are some measures you can take.
How much should I play with?
The amount you should play with will vary, depending on what game you are playing. Be honest with the type of player you are. If you know you are likely to want to go above your limit, then set an even less aggressive strategy. This way, if you go slightly over your limit, you’ll still be within the confines of the actual limit you wanted to initially impose. For now, let’s use Poker as an example. Here are some recommendations on what limits you should be using for cash games and tournament games.
Pot limit and no limit Hold’em
- When playing Pot limit or no limit Poker, the size of you recommended bankroll is 20 times the full buy-in of where you want to play. This is considered to be safe and will give you the best chance of making money at a $1/$2 game where the maximum buy-in is set at $200. This means that you should have a bankroll of at least $4000. You can also calculate your limits using a 5% margin. This works out to be the same as 20times buy-in for poker.
- When it comes to tournament games, the recommended bankroll is 40-buy ins. Let’s say that you want to play at $20+$2. In this instance, you should have a bankroll of $860.
Don’t Chase your Losses
There is a profound psychological impact that losses can have on your game-play. Adequately controlling your bankroll will help you mitigate the urge to chase a loss and ‘reclaim’ your money. For example, if you have a bankroll of 20 full buy-ins for a cash game at a $200 NL game and lose 6 buy-ins, your bankroll would decrease from $4000 to $2800. A responsible gambler hopes to win but expects to lose. Never chase your losses, keep calm and collected. It will be hard to be patient and keep confident. However, it is imperative that you make rational decisions using your bankroll management strategies.
Also remember that, winnings will affect you just as much as losing. When you are on a roll and going through good streaks, you can misjudge how much you should up your stake. Many gamblers make mistakes when they are feeling positive and winning. They may take more risks, they may want to boost their bankroll even further. If they do have a loss, this will have a huge impact on their bankroll and then they will feel more pressure to ‘win it back’. When things are going great, it’s a breath of fresh air. However, this does not mean that you should abandon your bankroll management strategy altogether and lose sight or control of how your actions affect the outcome.
Play with bonuses
There are a wealth of bonus offers and promotions available at most online casinos. As a result, players can enjoy gambling for longer and with an added boost. Most bonuses do come with wagering requirements, also known as playthrough. You can use these bonuses as a way to manage your bankroll too. All you have to do is satisfy the bonus wagering requirements and withdraw as soon as the conditions have been met. Simple.
Be Strong Willed & Know When to Stop
Casinos are there to lure you in and make money. It is easy to lose yourself in the gambling experience and get caught up trying to chase losses or getting into a destructive thought-patterns where you attribute losses to other factors outside of your control. Ultimately, gambling is fun. However, be sure to always control your bankroll so that you can thoroughly enjoy your time without it leading to long-lasting consequences.
To avoid losing more than you can afford, you will need to be strong willed. You will need to attribute losses to the variance (bad runs) and know when enough is enough. It is important that you do not deviate from the bankroll management you have set. This will ensure that your gambling can remain fun and won’t have a negative impact in your life.