What is Bankroll Management?
Bankroll management or a money management plan are terms used to describe how a gamer or gambler manages their money effectively and sensibly.
By identifying how much you can safely spend each month, you can practice effective bankroll management.
There are two primary keys to bankroll management for slots. The first is to play the maximum amount on every spin. The second is to get as many spins out of your roll while observing the first key.
For some players, utilizing both of these keys simultaneously can be challenging. Let’s take a further look.
How to Preserve Gains When Playing Slots
Many players who are new to online slots are attracted to machines that have maximum bets of 100, 125, or even 200 coins. If the largest coin one of these machines accepts is $0.10, it’s easy to see that each turn of the reel can cost anywhere from $10 to $20. If you have a bankroll for your betting session of $100, a machine that takes up to $20 per spin will eat up your cash quickly.
The first thing you need to do is find a machine with a max bet that coincides with your budget, offering you a minimum of 50 spins per session, and, preferably 100. You want to optimize your bankroll in order to give you the best chance of winning money.
The idea is to build up your winnings so that eventually you can move onto a more expensive game. You want to do this, however, without jeopardizing your entire bankroll.
Another way to preserve your cash gains is to instantly cash-out your winnings and keep them separate from your initial bankroll.
Ways to Maximise Your Bankroll For Online Gaming
Let’s say you decide you can afford $200 in real money per month. Next, you’re going to want to divide that $200 into units. A unit represents your minimum wager. If $10 is your minimum, then your $200 will be divided into 20 units. If one unit is worth $5, then you’ve doubled your number of units to 40, giving yourself 40 individual bets.
With $200 as your monthly bankroll, $5.00 per bet is too much. Chances are, you’ll lose that very quickly. Consider spending 5% of your bankroll per betting session. That will give you $10.00 per session and a total of 20 betting sessions per month.
If you play a machine with a maximum bet of 5 coins with the biggest coin being $0.05, you’ll be able to make 40 bets per session. That’s not quite enough wagers per playing session. You can increase your number of bets per slot session by deciding that you’re willing to play fewer days per month to get more spins.
Perhaps you’re willing to play 10 days over the course of the month. By cutting the number of days you’ll play, you’ve doubled the maximum amount you’re willing to risk per session. With a $20.00 bankroll in hand each time you play, you can now make a total of 80 bets per session before you lose your stake or hit a winning combination. On a loose machine that should result in your hitting at least a few winning combinations over the course of your monthly playing.
In the above scenario, you’ve broken your $200 bank into 1,600 units with each unit being worth $0.05. In each betting session, you’re willing to risk 80 units, or $20.00. Should you always keep your bets the same? The answer is “no.” When should you increase the amount you wager on a spin?
One thing you should never do is increase the amount you bet when you are losing. Chasing losses almost always results in more losses. Make one-unit bets until you are ahead by 10%. With a $20.00 stake, that would be $2.00. Increase your bet by one unit, making a $0.10 wager. If you win again, increase it by another unit, however, if you lose, go back to your original one-unit bet.
Know When to Stop
If you lose your stake for the session, then walk away from the slot and play another day. If you win a sizeable amount of cash, walk away too. If you realize a profit of 30% to 50%, play a little more, but once you start losing, retire for the night. Too many people push their luck and the odds and, after winning, play too long and lose everything they won, as well as their stake. Click here for more information on gambling addictions and how to seek help.
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