Getting into debt is a real risk when you're gambling, and financial problems can spiral into other areas of your life to impact your family and those around you.
On this page, we're going to look in detail at the many benefits of bankroll management. Bankroll management is concerned with how you look after your money when you're gambling. It's about having a plan when you start gambling for how much you can afford to spend over a certain period, what stakes you're going to play at, and at what point you're going to walk away for the day.
Having a smart bankroll management plan in place is vital for your financial health. It allows you to enjoy your online gambling without risking a financial mishap. Providing you stick to the rules you set out for yourself, you'll always be comfortable with what you lose, and able to benefit more when you win.
Players without good bankroll management have no framework to work from. It's easy to get carried away when you're online gambling and there presents a real risk. Stick to the management points that you set for yourself and you'll be sure to have a brilliant online gambling experience.
Get bankroll management right and you're setting yourself up for a long and rewarding gambling career without the risk of financial implosion.
Here are the advantages of having a steady bankroll management in place:
It's very important that you implement bankroll strategies when it comes to sports betting. There are two main bankroll strategies: the Points method and the Kelly Criterion.
The Points method means that you assign a bet on your points rating. This means that you are confident on your bet.
For example, if you're using the five-point bet system, the five points should be assigned to the least frequent and the one point would be the most. When you have assigned points to a wager, convert it to a relevant percentage of your bankroll. By this method, you will never lose more than you can wager since you're betting on a percentage of your bankroll and you can never end up with nothing.
The Kelly Criterion method is when the size of the bet is calculated by a formula. The formula goes as follows:
[(Probability of winning multiplied by (decimal odds-1) ) – probability of losing] divided by (odds-1)
Here's an example. If you think that the Dolphins have a 55% of beating the spread and you are receiving odds of 1.91 (these are decimal odds that equate to -110 in US style odds).
The calculation is:
[(0.55 x 0.91)-0.45] / (1.91-1)
0.0505/0.91 = 0.055
This means that the Kelly Criterion suggests you should gamble 5.5% of your bankroll.
Choosing the proper bankroll management for poker is extremely important. When it comes to poker, bankroll management can be split into two: cash games and tournaments.
Cash Games - The table below shows the recommended number of buy-ins that we suggest when playing cash games of poker.
|No-Limit-Hold'em (6-max), cash game||30 buy-ins||50 buy-ins||100 buy-ins|
|No-Limit-Hold'em (full ring), cash game||25||40||75|
|Pot-Limit Omaha (6-max), cash game||50||100||150|
|Pot-Limit Omaha (full ring), cash game||30||50||100|
Tournaments - Tournaments have a higher variance than cash games. The price can be larger but even the best players can spend a long time to win. This means that you have to be mindful because your bankroll can fluctuate easily.
Slot games are very popular and they're one of the most fun forms of gambling. This means that you can easily get carried away, especially when you see a big jackpot right in front of you. Here are a few tips on how you can control your bankroll:
Managing your bankroll has a lot to do with adopting the correct roulette strategy. There are various strategies that you can use including flat betting, progressive betting and doubling down.
Flat betting is when you're playing the same bet size game after game. Progressive betting is when you raise or lower the amount of the bet based on your outcome. Doubling down is when you are allowed to double your bet.
The envelope method is also common when playing roulette. This might sound silly but all you have to do is carry an envelope with you and put the money in it after you finish a session. This will mean that you are finished with that session stake. It will help you control your bankroll management.
Managing your bankroll when playing blackjack should be your priority. The first thing that you should look out for is choosing a table limit that suits your bankroll. This is very important so that you will not get carried away.
The best strategy to use when playing blackjack is to increase your bets when winning and decrease them when losing. It's as simple as that.
Now that you know the basis for good bankroll management, it's time to put it into practice. We've selected our top 3 tips for good funds management, as follows:
Bonuses - We all want to start off on the best foot possible, and online gamblers do this by taking advantage of the available bonuses. Shop around for the best bonuses to boost your bankroll from the beginning. Always make sure to read the terms and conditions carefully, especially as they apply to playthrough requirements before you can withdraw funds from a bonus.
Set Limits - As hard as it may be to stop once you're on a winning streak, you have to remember that it won't last forever. It's always advised that you set betting limits, so that it doesn't encroach on other parts of your life regardless of your streak.
Don't Chase Losses - We've all fell victim to the gambler's fallacy now and again, but it's vital that you don't let this turn into a habit. Trying to win back any money lost will often lead to spending more money than you can afford to.
You can implement these anyway you like, whether it be through simply setting an alarm clock so that you can remember how long you've been gambling for. Or, you could take advantage of the individual limit restrictions some online gambling sites offer that track how much you've spent over a certain amount of time.
It's not as easy as you might think to diagnose a gambling problem. Some people become anxious, stressed, or depressed as a result of a gambling problem. Others may take out that frustration on their family or those close to them.
A gambling problem could be that you are spending your means and are unable to stop. It could also mean you are taking up too much of your life gambling, and thus unable to do what's required outside of gambling.
The important first step is to recognize you have a problem. From there our advice is to contact one of the many organizations set up to help.
Here are a few tips on how you can gamble safely if you have a secure bankroll management system in place.