When most people start out playing games in casinos they have very little or even absolutely no understanding of what a bankroll is – let alone how to manage it. Invariably this can lead to numerous problems, not the least of which being heavy losses or even making a profit and then losing it all and then some.
Suffice to say, bankroll management is important – and if you understand the basics then you should be positioned well to start making a profit more regularly off the games that you play. To start to learn how to manage a bankroll, you need to:
- Set a firm budget
Before you start playing any online casino games in Australia or other countries, you need to sit down and set a firm budget. Think of it as the absolute maximum that you’re willing to lose during that one session of play – and set a figure that you feel you can afford to lose.
- Find the ‘right’ bet sized based on your budget
Once you set a budget, you can figure out what ‘size’ of bets you should be making. Most online casinos allow a wide range of bets, so you should definitely find something within your range. As a rule of thumb, the ‘size’ of your bet should be about 1% to 2% of your total budget so that it will allow you to play 100 rounds or 50 rounds.
- Set win limits
It may sound counterintuitive, but the same way you should have a budget you should also have a win limit. The ‘win limit’ that you set is the figure that you want to hit before you walk away with your profits. It should be something reasonable, and normally anything from 20% to 30% of your budget is fairly normal.
With these three simple actions, you’ll essentially be able to limit your total exposure, increase your chances of walking away with a profit, and also be able to enjoy playing the games that you like without ending up losing your bankroll too quickly. Make no mistake, all of this is still just a very ‘basic’ approach to bankroll management, and as you go along you’ll start to learn other ways to improve and fine-tune it further.