{"id":1917,"date":"2021-07-07T09:46:00","date_gmt":"2021-07-07T09:46:00","guid":{"rendered":"https:\/\/www.planet7casino.com\/?p=1917"},"modified":"2023-09-06T13:31:38","modified_gmt":"2023-09-06T13:31:38","slug":"manage-money-next-time-play-casino","status":"publish","type":"post","link":"https:\/\/www.planet7casino.com\/planet-strategy\/manage-money-next-time-play-casino\/","title":{"rendered":"Bankroll Management Tips"},"content":{"rendered":"\n

It\u2019s common knowledge that the first and most important element of success in gambling is the art of bankroll management. If you take a second to think about it, it\u2019s a simple and universal rule in life.\u00a0<\/span>With the right bankroll management tips, you can become a <\/span>big winner on the slots<\/span><\/a>.<\/span><\/p>\n\n\n\n

It can do nothing to change the <\/span>odds of the games<\/span><\/a>. You\u2019ll win sometimes and lose more often no matter how well you manage your money. But sound money management techniques can help you to limit the losses in the bad times and to keep more of your winnings when the reels and bonuses are kind to you. That makes learning to manage your money an important skill for anyone who plays slot machines.<\/span><\/p>\n\n\n\n

The 14 tips described here are not difficult. Many of them are merely common sense. But they can make a difference in the size of your bankroll.<\/span><\/p>\n\n\n\n

1. BET NO MORE THAN WHAT YOU CAN STAND TO LOSE<\/h2>\n\n\n\n

That statement really should be common sense, but it\u2019s often not treated as such \u2013 we thought it was worth putting it out there as a reminder. You want to keep playing, so be smart about it.<\/span><\/p>\n\n\n\n

Regardless of whether you\u2019re playing offline or <\/span>online casino<\/span>, give due thought to your stakes for the day. If you take stock and decide you can afford to risk $100 for the day, then limit your online buy-in to no more than $100, or take no more than $100 in gambling money to a brick-and-mortar casino. <\/span><\/p>\n\n\n\n

Once you\u2019ve set your bankroll for the day, don\u2019t exceed it. If you\u2019ve bet your bankroll at $100 and you lose it all, that\u2019s it. Don\u2019t tap on other funds. Walk away from the games for the day.<\/span><\/p>\n\n\n\n

If you win or never reach the bottom of <\/span>your bankroll<\/span><\/a> and can extend your play, terrific. But part of smart bankroll management is to never bet money you can\u2019t afford to lose. You want your gambling money to come from an entertainment budget, not from money needed to pay the rent, mortgage, grocery bills, or any of the other necessities of life.<\/span><\/p>\n\n\n\n

2. SLOW DOWN<\/span><\/h2>\n\n\n
\n
\"Guy<\/a><\/figure><\/div>\n\n\n

There\u2019s a certain level of investment in having this type of fun. You have a hobby, you want to pursue it, but if you\u2019re looking to have a solid streak, you can\u2019t get ahead of yourself. You have to be both realistic and honest with yourself about how much you need to save up before you get started. If you want to prolong a good time and make a little cash, you first need to have the right amount. This really depends on your playing habits and personal preferences \u2013 whether you play in short bursts, whether you\u2019re more conservative or daring, etc.<\/span><\/p>\n\n\n\n

The key is, don\u2019t rush into the start. Make a plan. You should decide how much you need before you can realistically start playing in a way that is sustainable. What\u2019s your bankroll? Build up to it. The amount of money you want to set as your initial bankroll is entirely a personal preference. Think about your style and your goals as a player.<\/span><\/p>\n\n\n\n

The faster you play, the more chances the house edge has to work against you.<\/span><\/p>\n\n\n\n

At a land-based casino, don\u2019t be in a rush. Take time to walk around the casino and explore what it has to offer. On winning spins, take a few seconds to look at the winning paylines. Order bottles of water or other beverages \u2014 it\u2019s good to stay hydrated \u2014 and chat with the waitress. Take frequent breaks.<\/span><\/p>\n\n\n\n

You don\u2019t have to just hit the button as soon as the reels stop over and over and over again. Take your time.<\/span><\/p>\n\n\n\n

3. BUDGETING TOOLS<\/span><\/h2>\n\n\n\n

It takes money to win money. Use an online budgeting tool like Mint or YNAB (You Need a Budget) that can help structure where and how you spend your money on a macro level. This is a solid habit to put into place that will benefit all areas of your life.<\/span><\/p>\n\n\n\n

Don\u2019t allow yourself any wiggle room, especially if you find that you\u2019re trying to change plans while you\u2019re in the middle of a winning or losing streak. Thoughts that begin with: \u201cBut maybe\u2026\u201d or \u201cWell what if I try this\u2026\u201d can be damaging \u2013 you need to be able to catch and get rid of them when they do pop up.<\/span><\/p>\n\n\n\n

4. STAY ACCOUNTABLE<\/span><\/h2>\n\n\n
\n
\"Player<\/figure><\/div>\n\n\n

<\/span>Don\u2019t underestimate the power of an accountability partner. For example, you probably know how hard it is to motivate yourself to get to the gym when you\u2019re on your own. And if you\u2019ve ever found yourself a gym buddy, you probably know how much easier it is to stay on track, whatever your goals are. You can\u2019t just cancel plans when you\u2019re lazy because you know you\u2019ll have to break it to your friend and you hate the feeling of letting someone down.<\/span><\/p>\n\n\n\n

If you\u2019ve got some trustworthy friends and they also frequent online casinos in their spare time, good for you. They\u2019ll be able to relate and possibly even collaborate with you to find the optimal methods of saving up. You\u2019ll both understand each other\u2019s difficulties and work together to find ways to avoid any pitfalls. Plus, celebrating success when you can stick to your goals will feel great.<\/span><\/p>\n\n\n\n

But what if you don\u2019t really have any close friends who like to gamble? That\u2019s also fine. This comes with its own kind of advantage \u2013 you\u2019ll need to do more explaining to someone unfamiliar with the gaming world. <\/span><\/p>\n\n\n\n

Voicing your thought process will be just as beneficial to yourself and will help you better understand your tendencies, both positive and negative, allowing you to be a more responsible and effective player. Sometimes it can be a beneficial thing to have someone to disappoint.<\/span><\/p>\n\n\n\n

5. PLAY FOR REAL MONEY<\/span><\/h2>\n\n\n\n

We want you to be careful on this one \u2013 it can be tricky to accomplish. But, if it\u2019s done well, it has the potential to make a significant difference.<\/span><\/p>\n\n\n\n

Consider the possibility of actually supporting the hobby with the hobby itself. It means you\u2019ll have to think about strategy and maintaining the fine balance between responsibility and fun, but it can be rewarding.<\/span><\/p>\n\n\n\n

6. KEEP IT SEPARATE<\/span><\/h2>\n\n\n
\n
\"Player<\/figure><\/div>\n\n\n

If you\u2019re going to try this bankroll management tip out, then compartmentalizing is definitely a good idea. Start with this\u2026<\/span><\/p>\n\n\n\n

Playing for fun versus playing to increase your bankroll should be treated as two completely separate things. Of course, we all know that hitting a winning streak is a welcome occurrence regardless, but your intentions going into the game will matter.<\/span><\/p>\n\n\n\n

It\u2019s kind of like what they always say about mixing business with pleasure. (Don\u2019t do it.) Of course, playing casino games should always be enjoyable \u2013 if you ever reach a point where it no longer seems fun, it\u2019s time to stop and reevaluate how you\u2019re going about things. However, that doesn\u2019t mean all forms and instances of gambling should be treated the same.<\/span><\/p>\n\n\n\n

Here\u2019s an example. Let\u2019s say you\u2019re currently playing just for kicks, that\u2019s it. For that reason, your main goal is to keep yourself playing for as long as you possibly can, which in turn means not depleting your financial resources too quickly. Now maybe you\u2019re a slots lover, but you\u2019re also realistic about it. You\u2019re fully aware that when it comes to making a fortune on slots, your chances are pretty slim. You know that there are payback percentages to take into consideration, so that should affect your decisions.<\/span><\/p>\n\n\n\n

It\u2019s great to play slots and win big during a good streak, but you need to have a separate mentality when you\u2019re playing for the fun of it and when you\u2019re playing to win. When it comes to winning, we\u2019d also suggest <\/span>thinking about the odds for different games<\/span><\/a>. If you\u2019re into slots, save that for when you\u2019re aiming just to have fun. If you want to increase the size of your bankroll, then looking into <\/span>video poker<\/span> might be a good move.<\/span><\/p>\n\n\n\n

The bottom line is that there are two separate mindsets that you can adopt when you\u2019re playing. When you\u2019re having fun, let yourself have fun. If you\u2019re sitting down to a session where you hope to make some additional money, though, act accordingly.<\/span><\/p>\n\n\n\n

7. CHOOSE THE RIGHT GAMES<\/span><\/h2>\n\n\n\n

Don\u2019t jump around aimlessly from game to game \u2013 that\u2019s for when you\u2019re just having fun. We\u2019re discussing the \u201cbusiness\u201d side of things, so to speak. That means you should stick to playing what you understand \u2013 be realistic and focus on trying to improve your skill level. If there doesn\u2019t seem to be much skill involved in a particular game, move on, or bookmark it for later, when you feel like taking a shot at a game of chance.<\/span><\/p>\n\n\n\n

8. PRACTICE MAKES PERFECT<\/span><\/h2>\n\n\n\n

We\u2019ll use our previous example. Let\u2019s say you\u2019re a fan of slot machine games. If that\u2019s the case, maybe it\u2019s time to pick up video poker for when you\u2019re <\/span>playing to win real money<\/span><\/a>. This is the part where you get smart with your bankroll in mind. <\/span><\/p>\n\n\n\n

Video poker is a game that involves a surprising amount of strategy. There are people who play video poker professionally and make a lot of money doing so. Play the game often and study a lot \u2013 books, <\/span>online guides<\/span><\/a>, casino forums, and wherever else you can find helpful resources.<\/span><\/p>\n\n\n\n

Building in time to practice in a low-stakes environment will be important when it comes to increasing both your skills and confidence. You can easily take care of this with our unlimited Free Play option.<\/span><\/p>\n\n\n\n

9. BE SMART<\/span><\/h2>\n\n\n\n

When you\u2019re gambling in hopes of building your bankroll, don\u2019t get too ambitious. Make the most of any small or modest wins by quitting while you\u2019re ahead \u2013 even if that just means setting aside some time to do something else for a bit. <\/span><\/p>\n\n\n\n

And don\u2019t let yourself get too excited. Be aware that winning can often boost your confidence, and you need to be cautious because that isn\u2019t always a positive side effect. Don\u2019t let it throw you off. (Still, keep in mind that this is an entirely different scenario when you\u2019re playing entirely for entertainment purposes. If it\u2019s for fun, just let yourself have fun. The important thing is to not confuse the two.)<\/span><\/p>\n\n\n\n

10. STAY SOBER<\/span><\/h2>\n\n\n
\n
\"guys<\/a><\/figure><\/div>\n\n\n

Okay, what we really mean here is don\u2019t drink TOO much. If you\u2019re a responsible adult who can enjoy adult beverages in a perfectly responsible manner, great. But you really need to think about whether that\u2019s the case or not. Remember, we\u2019re talking about building up skills. <\/span><\/p>\n\n\n\n

You wouldn\u2019t think about drinking before other performance-based activities \u2013 driving a car, playing sports, or going for a run. In this case, maybe a beer or two can actually help loosen you up in a good way, just be mindful that it doesn\u2019t become a problem.<\/span><\/p>\n\n\n\n

11. AVOID ATMs<\/span><\/h2>\n\n\n\n

This tip will help with betting wisely and not going overboard, in any situation. Avoid ATMs at all costs. Land-based casinos will make it all too convenient for you to withdraw more cash, but take precautions (like not bringing your debit card out with you). With online casinos, just make rules for yourself about how often you\u2019ll deposit and how much.<\/span><\/p>\n\n\n\n

12. DON\u2019T BORROW MONEY<\/span><\/h2>\n\n\n
\n
\"bunch<\/a><\/figure><\/div>\n\n\n

We\u2019re advising you not to spend more of your money than you\u2019ve planned. With all that careful consideration, do NOT go spending other people\u2019s hard-earned cash! That flies in the face of everything we can advise you on when it comes to bankroll management.<\/span><\/p>\n\n\n\n

If you\u2019re getting to a point where you\u2019re working on a pitch to get your friends or family to lend you money, this impulse should seriously give you pause. Your hobby has become a habit. It\u2019s not a good mentality to have \u2013 in fact, it\u2019s dangerous. If that\u2019s what you\u2019re thinking, maybe it\u2019s time to take a break. You don\u2019t want to be indebted to anyone, and you don\u2019t want to break the trust you\u2019ve built up with people who care about you.<\/span><\/p>\n\n\n\n

13. TRY A SYSTEM OF FLOATING WIN GOALS AND LOSS LIMITS<\/span><\/h2>\n\n\n
\n
\"illustration<\/a><\/figure><\/div>\n\n\n

Win goals and loss limits have been part of the slot player\u2019s toolkit for decades.<\/span><\/p>\n\n\n\n

In their strictest form, the limits have you set both a floor and a ceiling. If you\u2019ve set your bankroll for the day at $100, then that is your loss limit. If you lose $100 you stop and don\u2019t draw on other funds. At the same time, you set a win goal. If you decide that for your $100 bankroll, you\u2019d consider it a great day if you could walk out ahead by half that amount, then your win goal would be $50.<\/span><\/p>\n\n\n\n

Any time you reach either your win goal or loss limit, you call it a day. In this example, if your gambling bankroll reaches $150, meaning you\u2019re ahead by $50, you stop there and lock up your winnings. If the bankroll reaches zero, of course, you\u2019ve hit your loss limit and are done for the day.<\/span><\/p>\n\n\n\n

14. PUT AWAY AT LEAST HALF OF ANY REALLY BIG WIN<\/span><\/h2>\n\n\n
\n
\"man<\/a><\/figure><\/div>\n\n\n

Think of good-sized jackpots as something separate from win goals and loss limits. You want to make sure you bring a large share of the money home. Don\u2019t repeat the sad tale of a <\/span>video poker<\/span><\/a> player who wrote that she draw a royal flush good for $1,000 on a 25-cent machine. She decided to move up to a dollar machine to see if she could win really big. Instead, she lost it all and went home empty-handed. When you win a jackpot like that, it\u2019s OK to try higher denomination games to see if lightning can strike twice for an even bigger jackpot. But it\u2019s also important to set limits.<\/span><\/p>\n\n\n\n

With a $1,000 jackpot, immediately put at least $500 of it away, not to be touched for the rest of your casino outing.<\/span><\/p>\n\n\n\n

It\u2019s your call as to what to do with the other $500. If you want to try a more expensive game, good luck to you. O<\/span>r if you want to set a higher loss limit while playing the same games, that works too. You can even put a bigger portion of it away. Then take your partner or friends out to a nice dinner, go to a play, add it to your children\u2019s education fund or just put it in savings. more power to you.<\/span><\/p>\n\n\n\n

With a really enormous, lifestyle-changing jackpot such as the multimillion-dollar payouts on Megabucks, give yourself a cooling-off period. If you want to gamble with an extra few thousand dollars, that\u2019s only natural. But leave almost the entire jackpot intact until you\u2019ve had time to let the initial rush of excitement pass, talk things over with your family or financial adviser, and decide what you really want to do with the money.<\/span><\/p>\n\n\n\n

The jackpot doesn\u2019t have to be anywhere near that large for taxes to come into play, and that brings special needs.<\/span><\/p>\n\n\n\n

In the United States, for example, the Internal Revenue Service requires casinos to have players sign tax forms before the casino can pay any jackpot of $1,200 or more. The casino usually does not withhold tax money \u2014 it\u2019s up to you as a player to pay. Make sure you hold onto enough money to pay the taxes in addition to the money you\u2019re keeping to bring home.<\/span><\/p>\n\n\n\n

THE BOTTOM LINE<\/span><\/h2>\n\n\n\n

The basics of <\/span>money management<\/span><\/a> boil down to protecting your money, limiting your losses, making sure you keep some winnings, and limiting the number of chances the house edge has to work against you.<\/span><\/p>\n\n\n\n

When you do that, you won\u2019t change the house edge or create extra winning spins, but you will make sure your bankroll stays a little fatter and isn\u2019t stretched beyond your limits.<\/span><\/p>\n\n\n\n

Gambling bankroll management is crucial. It sounds paradoxical, but you should take your fun seriously. Make sure you\u2019re being responsible and making financially sound decisions that will enhance and prolong playtime, and we guarantee it\u2019ll improve your overall playing experience.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s common knowledge that the first and most important element of success in gambling is the art of bankroll management. If you take a second to think about it, it\u2019s a simple and universal rule in life.\u00a0With the right bankroll management tips, you can become a big winner on the slots. It can do nothing […]<\/p>\n","protected":false},"author":5,"featured_media":1918,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"yoast_head":"\nBankroll Management Tips at the Casino \u2502 Planet 7 Magazine<\/title>\n<meta name=\"description\" content=\"There's no magic spell that can turn you into a big winner on the slots. 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The following bankroll management tips are merely common sense.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.planet7casino.com\/planet-strategy\/manage-money-next-time-play-casino\/\" \/>\n<meta property=\"og:site_name\" content=\"Planet 7 Casino\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-07T09:46:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-06T13:31:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.planet7casino.com\/wp-content\/uploads\/2019\/02\/lots-of-casino-chips-and-bank-notes-on-a-blackjack-table.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1420\" \/>\n\t<meta property=\"og:image:height\" content=\"450\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nick Johnson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@planet7_casino\" \/>\n<meta name=\"twitter:site\" content=\"@planet7_casino\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nick Johnson\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"14 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.planet7casino.com\/planet-strategy\/manage-money-next-time-play-casino\/\",\"url\":\"https:\/\/www.planet7casino.com\/planet-strategy\/manage-money-next-time-play-casino\/\",\"name\":\"Bankroll Management Tips at the Casino \u2502 Planet 7 Magazine\",\"isPartOf\":{\"@id\":\"https:\/\/www.planet7casino.com\/#website\"},\"datePublished\":\"2021-07-07T09:46:00+00:00\",\"dateModified\":\"2023-09-06T13:31:38+00:00\",\"author\":{\"@id\":\"https:\/\/www.planet7casino.com\/#\/schema\/person\/f29d1de42a93723bde43f7b8e37e35c7\"},\"description\":\"There's no magic spell that can turn you into a big winner on the slots. 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After years as a quant on Wall Street, Nick stepped out of the fast lane to become a stay at home dad and write. After chasing the kids around all day and tucking his little ones in bed, Nick loves to relax playing in online Casinos and is a life-long poker enthusiast.\",\"url\":\"https:\/\/www.planet7casino.com\/author\/nick-johnson\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Bankroll Management Tips at the Casino \u2502 Planet 7 Magazine","description":"There's no magic spell that can turn you into a big winner on the slots. 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