One of the most important things to do when partaking in any form of gambling, be it online or at your local casino is to effectively manage your bankroll. Because there is really very little you can do to take away from the built in house edge of every casino game it is imperative that you do control the one thing that you can - yourself. You have the choice whether to continue playing or to take your winnings and you have the choice to set reasonable winning targets.
There is a bit of a difference when it comes to bankroll management online versus offline. When you are making a trip to a land based casino we always recommend that you take just the money you plan to play with and leave your credit cards, check book and any other way of getting addition money at home. When playing online you are at home so this tactic does not work.
We do have a solution. All online casinos will accept deposits made from a web wallets. Popular web wallet choices include NETeller, Click2Pay and Money Bookers. These web wallets not only offer an additional level of security but can also come into play when it comes to managing your money. Opening a web wallet account is always free and more information can be found in our Casino Banking section.
Choosing and sticking to a budget is probably the most important decision you have to make before gambling online. We recommend choosing your monthly gambling budget and depositing that amount straight into your web wallet account. You can them make as many deposits at online casinos as you like with this money. The key is that you never add more money to the web wallet until the month is over.
If you have won money during the month you always transfer the winnings straight back to your web wallet and from there straight back to your bank account. This way you will always keep your winnings rather than playing them back at the casinos. By sticking to this technique you will limit your losses, always take your wins and in general give yourself the best chance of coming out on top.
That's depositing taken care of but what about session money management? If you want to take the technique above one step further then divide your entire monthly bankroll into the amount of sessions you want to have. Lets say you want to play every day and your total bankroll for the month is $1,000. This means you have just over $30 per day to play with in a 30 day month. You then only deposit $30 once per day and play until either you have lost the $30 or have won enough to be happy making a withdrawal. Be realistic with your winning goals.
Trying to turn $30 into a $1,000 every day will most likely lead you to lose on most days. If however you play to turn $30 into $60 and always withdraw when you hit $60 then you will have a much better chance of reaching your goal. There are two schools of though when it comes how to play your bankroll.
For maximum entertainment value we recommend making sure you have enough for at least 30 bets on your chosen game. So in the example above you would not play any game that requires a bet of over $1. This way you will get at least 30 hands or spins or rolls every day. If you want to really stretch our your bankroll then look for online casinos that have penny minimums on their tables and slots - $30 at the penny bet level can turn into hours of play.
On the other hand if you want to try to go for the quick win then you could play a game such as blackjack which has a low house edge and bet the entire $30 on one hand.
This is a much more volatile strategy but can lead to quick profits if you are lucky. The biggest problem with this strategy is that you will only get one bet per day which for most people who enjoy gambling will not be enough.
A very important point to always keep in mind is that when you win you have to take some of the winnings. We see too many players who complain that they never win only to discover that they win quite regularly but simply continue playing and lose what they have won. Again, have realistic goals for winnings is one of the keys to online gambling success. Very few players will win millions of dollars online but millions of players will win smaller amounts.