When you are gambling there are several things that you need to be aware of if you plan on doing it consistently. Specifically, it is important to make sure that you are smart with your bankroll management to set yourself up for success.
Most people do not think about their bankroll at all before they start gambling. They do everything based on feeling, which can be dangerous in both the short and long term.
The most dangerous thing you can do is gamble with money you cannot afford to lose. You should only ever gamble with money you do not need. Most people know to follow this rule, but it can be easy to get caught up in the moment sometimes. However, if you have pre-set rules, you will avoid betting more money than you can afford. You can also use certain strategies to get more for less too.
Safe places to gamble in Canada
The first step you should take is finding a reputable place to play. when it comes to fair play and reliable deposits and withdrawals, it’s hard to go wrong with a licensed land-based casino. You can also take more steps here to protect your money, simply by not bringing more than you’re willing to spend. However, with COVID making it both difficult and less attractive to play at brick and mortar casinos, most folks are turning to online casinos.
This is where you’ll want to do your research and make sure anywhere you play is licensed by a respected authority, regulated for fair play, and has a good reputation for paying out quickly and without too much hassle. You don’t want to be jumping through hoops to receive your winnings, nor do you want to risk your financial information. Luckily, there are legal casinos in Canada, including Quebec online casinos. You can have a look here for casinos legal in Montreal and all over Quebec.
What is your bankroll?
In the simplest terms, your bankroll is the total amount of money you have set aside for casino entertainment. If you are being safe, this will be an amount of money that if you lose, you will still be able to maintain your current quality of life. Your bankroll does not include any money that you have in your bank account for your bills, and it does not include any money you are expecting to get in the future.
Using bonuses in your bankroll
One of the best advantages of online casinos over brick and mortar establishments is that they often provide lucrative bonuses to new and existing players. Whether you’re using a bonus to check out a new casino before depositing or like to use them regularly, these can be a great tool to play for longer without breaking the bank. Here are a few of the most common bonuses to look out for:
- No Deposit Bonuses: These offers are often given to new players as a way to test out the casino and can either come in the form of free chips or free spins. The monetary value is usually low, but free is free.
- Match Deposit Bonuses: This offer will involve the casino matching your first deposit up to a certain percentage. For instance, you may get 200% back on your deposit up to say $150.
- Reload Bonuses: Reload offers are similar to match deposit bonuses, in that players who deposit again will be able to get the same or similar offers to when they started. These can often include free spins and usually have better terms.
- Cashback Offers: Online casinos have started giving players cash back on losses to ease the pain of having a bad session. For instance, you may get 10% back on all losses. Take advantage of these when you can.
It’s important to keep in mind that all bonuses come with specific terms and conditions such as play through requirements and game limitations. Take care to choose those with favourable conditions and you’ll find you can often come out ahead with real cash.
Determine the size of your bankroll
Before you start looking for welcome bonuses for different online casinos, you will need to determine the size of your bankroll over a given amount of time. This will vary significantly from person to person because it is based on your personal financial situation.
Part of this process will involve also having a clear idea about how much you want to risk in a given amount of time. While you may be willing to lose $200 for the month, if you lose this in a night or even a week, then you won’t be able to play for the rest of the month.
Only gamble when you are at your best mentally
Playing at an online casino should only be done when you’re at your best mentally. What this means is that you should avoid playing when you are tired, angry, sick or otherwise not in a good frame of mind. Doing so often leads to poor decisions and when it comes to finances, that can only be a bad thing.
Similarly, avoid drinking or using other substances that affect your self-control. It’s perfectly fine to have one or two drinks at home, similar to as you would at a casino, but any more than this and you risk getting yourself in trouble. This is why so many casinos in Vegas and around the world offer complimentary drinks or make sure to keep service coming.
Finally, if you get a few bad beats or the slots are not going your way, it is common for people to go on tilt. Tilt is when you get angry or upset about things outside your control in a game. When this happens you will start making mistakes that you would not normally make. An incredibly important part of bankroll management is recognizing when you are on tilt. Mastering this skill will save you lots of money.
Set spending limits
Before you start playing the slots for the night or load up your firsthand, it is important to set a spending limit for that night. This is by far the most important aspect of bankroll management. Have a set amount of money you are willing to spend that night. If you perform well and start to win, you can play more.
However, if you are losing, you will save yourself from losing even more. This can be applied for the week, month, and year as well. Set an amount of money you are willing to put into gambling every month and you will not need to worry about losing money. You will have budgeted for it like you do with your groceries and gas.
Revaluate your bankroll constantly
When you are in the world of gambling, it is important to revaluate your bankroll constantly. That does not mean that you reassess things every time you make a bet. However, it does mean that you should be tracking your wins and losses so that you can assess your net profit or loss every month. If you had a big winning month, you can increase your bankroll. However, if you performed poorly over the previous month, you should decrease the size of your bankroll.
Do not get into gambling to make money, do it for fun
There are many people that start making sports bets or playing at online casinos for the wrong reasons. They have seen the casino scenes in movies, or they have watched the World Series of Poker, and they think gambling is their ticket to get rich. However, this is not the case for the vast majority of people. Most games that involve gambling involve a great deal of luck. There are a few that require skill, but the people that have mastered games like Texas Hold ‘Em have spent years studying it. It is not something you can pick up and win big at unless you get extraordinarily lucky.
As a result, you should get into gambling to have fun. Play some games with your friends, make a small bet on your favourite sports team, or enjoy a night playing the slots. Do not try to make your fortune playing blackjack at an online casino. It is far more likely to bankrupt you than it is to make you rich. So, just have some fun playing these games, and be smart about which casinos you choose to use. If you start to lose too much, take a break, and if you get a big win, get out while you are ahead.