4 Top Tips on Keeping a Responsible Bankroll
To help understand the importance of keeping a responsible bankroll, let’s first consider this story:
Two friends head off for Vegas, each of them with $1000 in their pockets. They plan to spend the money on gambling as well as entertainment outside of the casino. One of them, however, runs through his money on the first night, while the other only gambles away $200. Both friends had an unlucky evening at the casino, so why was one able to be walk away with a lot more than the other?
The answer takes us straight to the heart of why keeping a responsible bankroll is so essential for a gambler.
1. Expendable Money
Nothing is for sure when it comes to gambling. If it was, it wouldn’t be called gambling. No matter how good you are at your game, you should never spend money that you can’t afford to lose. These are the kinds of decisions that can turn a fun weekend at the casino into a real problem. Remember, gambling is supposed to be fun! Keep your wits about you and only spend what you can afford.
2. Choosing Your Bet
If you set aside $1,000 a month for online gambling, you should look for games that cost only a fraction of that total. Poker bankrolling provides the perfect system, but you can easily adapt it to any game. For multi-table poker tournaments, experts advise finding games in which the buy-ins are only 1/100 of your total bankroll. Some are more or less conservative, but the name of the game is to never bet more than you can afford to lose. Not only does it help you stay financially secure, it also keeps you from making the wrong decisions during the game.
3. Refunding the Bankroll
The first step towards responsible bankrolling is actually building the bankroll. This can be done by putting money aside into a “Gambling Fund.” Once you have enough, you can log into your favourite gambling site or make that trip to the casino. It may also be smart to have a plan for rebuilding the bankroll. When you get down to less than half of your original fund, for example, you may want to step away from the games and rebuild.
4. Withdrawing From the Fund
Once again, gambling is supposed to be fun and there’s nothing wrong with emptying out your gambling fund for other, non-gambling related treats. If you’re serious about maintaining gambling as a source of entertainment, however, you should do your best to leave your bankroll alone. For more helpful gambling tips like these, check out our full Online Gambling Guide.