How To Manage Your Gambling Money?
It’s a mistake to think that bankroll management is something only professional gamblers care about. This couldn’t be farther from the truth. Bankroll management skills are absolutely crucial for all categories of gamblers. This is especially true for newbies who are still struggling to navigate the complexities of online gambling world. The main goal of bankroll management is to minimize the potential financial damage to your casino account.
Stop Loss And Stop Win
The gambling term “bankroll” refers to the total amount of money on a player’s casino account. With due financial discipline and responsibility, you will be able to overcome lengthy series of losses that are very common in online casinos.
Before getting down to playing casino games, you need to set a stop loss, i.e. the amount of money you can afford to lose during one gambling session/per week/per month/etc. For some players, it’s 10% of their bankroll. Once you reach your stop loss limit, you need to close a gambling site and take a break. This is a strict rule that you can’t break.
The same thing applies to winnings. If you’re hitting a win after win on a slot, you don’t expect it to last forever, right? Sooner or later, you’ll run out of luck and hit a major loss. To avoid that, you need to set a stop win. Upon reaching a pre-set amount of winnings, you need to stop gambling at once.
Managing Your Bet Size
Determining the best size of your bet is another fundamental method that can help you a lot on your way to success. Ideally, your wager should amount to 1/100-1/200 of your bankroll. Even if you lose several bets in a row, your bankroll will survive that blow. On the contrary, if you lose a large bet, it will take a big chunk out of your gambling budget.
Reviewing Your Limits
You need to review the amounts of your stop loss, stop win and average bet before each new gambling session. If you now have a bigger bankroll, your values will grow as well (while staying the same in the percent expression).
If you now have less money at your disposal, you’ll have to deal with lower levels of stop loss and stop win. Adjust your strategy based on your current financial situation is important, so be sure not to neglect this rule.
How To Top Up Your Casino Account
Among all electronic payment methods, Webmoney is, hands down, one of the best ones. It’s easy-to-use, fast, and reliable.
One of its biggest advantages is a small commission (0.8%). Plus, Webmoney supports a huge selection of currencies. The system has user-friendly apps for both PC and mobile devices.
If you need to withdraw money from your casino account, Webmoney is also a go-to. Most of the time, withdrawals only take 15 minutes. However, be prepared that withdrawal times may extend to one day.
If Webmoney or any other e-payment service doesn’t suit you, you can always use payment cards. This is a very popular deposit method which is available on any gambling site. If your selected online casino doesn’t support VISA and/or MasterCard, chances are it’s a rogue.
Out of all casino payment methods, payment cards have the highest deposit and withdrawal limits. E-payment services tend to have much lower limits for unregistered users.
When you’re topping up your account using VISA or MasterCard, the money arrives instantly. As for withdrawals, they may take up to three days. Plus, the system may change an extra commission on withdrawals. On the brighter side, once the money arrives to your card, you can cash out your winnings in the nearest ATM.