One of the biggest mistakes people make when they start online gambling is not having a strict money management plan. First of all, no one should play at online casinos if they have discipline problems or if they’re even slightly compulsive. This is because nothing is stopping you from picking up your tablet, mobile, or PC and playing a game of blackjack or roulette whenever you want. You need to have mechanisms in place to manage your spending and control your gaming habits or you could end up in serious trouble very fast. Let’s take a look at how to properly manage your money when gambling online.
Separate Your Finances
One of the first things you should do is have a bank account for online gambling only. This is where you will be depositing your gambling money. Next, you need to decide how much you’re going to set aside every week for gambling. Some people advise that you use your entertainment budget, but this is not necessarily the best idea. You could end up overreaching and feel frustrated by how limited you are in your entertainment options outside of gambling.
Instead, we suggest that you set aside a small manageable amount strictly for gambling. 10% of your weekly net income should be enough for you to have fun without hurting your overall finances. Once you’ve decided how much you’re going to spend on gambling, you can transfer money from your wages directly into your gambling account and commit to not spending a penny more. You can also set up an adjacent savings account where you can deposit your winnings. You can then pull from this account if you want to make things more interesting without cheating and taking from your main funds.
Spend Less and Play Slower
One thing that many people don’t realise is how much faster the pace is when you play online. Everything is quicker, whether it’s the hands at blackjack, the spins on roulette, or the spins on slot machines. This is why you need to get into the habit of checking your pace and deliberately playing slowly. This is what will ultimately allow you to get the most out of your sessions and not blow through your whole stack in a few minutes. And, if you’re noticing that you’re spending your money too fast even if you have a moderate pace, you need to reconsider how much you put down per hand or spin. If you’re not placing the lowest bet possible, then try cutting your bets in half and see how things go.
Understand How RTP Ratios Work
One of the things many people don’t know about online slots is that you can tell which machines are most likely to pay out. This is something you can easily check by looking at the RTP, or return-to-player ratio for a machine. The RTP ratio represents the amount of money a machine keeps versus what it pays to players. This number is theoretical but is a good reflection of reality.
The goal here is to find a machine that offers a reasonable RTP while having good jackpots. Most machines that pay giant jackpots are likely to have horrible RTPs, so stay away from those multi-million progressive jackpot machines. It’s not a coincidence that these jackpots get so astronomical after all. It’s because people keep losing and losing big on them.
As a rule, you should try to avoid any machine that has an RTP of under 95%. Avoid any machine that has an RTP over 97% too unless the jackpots are interesting. You should focus on machines with 95% to 97% RTPs with good jackpots.
Volatility is another metric you have to pay attention to. Volatility is a representation of how often you can expect to get a winning combination on a machine. Volatility is not represented by a ratio, however. A machine can only be considered to have high volatility, medium volatility, or low volatility. Your best bet here is again to go for a slot that has moderate volatility since high volatility machines are likely to not offer really big pay-outs.
Choose Your Casino Wisely
Choosing the right casino is also very important as some casinos are much more predatory than others. For instance, some may try to dazzle you with incredible match deposit bonuses only to find out that you have to pay 60 times the amount of the bonus, and even more in some cases, plus the deposit before you can see your money. Some will also have nothing but machines that have low return-to-player ratios.
This is why we strongly suggest that you check out a review site like Online Casinos before you spend anything at an online gambling site. They have taken the time to review some of the best casinos catering to people in the country and have a list of casinos that offer the best deals to players. They speak about things like wagering requirements on bonuses, RTP on their slots, and which casinos offer free spins and additional bonuses, among others. This will allow you to find the casinos that offer the most bang for your buck.
Stick to a Schedule
Another thing you have to do when gambling online is to not play too leisurely. It’s nice to have a casino with you wherever you go, but you should still see your gambling sessions as a special occasion. This is why we suggest that you have specific days and times where you will be playing and stick to them religiously. The only time that you should add more sessions is if your income increases significantly. Other than that, try to have enough discipline to not pick up your phone and play a few hands just because you’re bored.
If you want to have a blast when playing online, get the most out of your sessions, and not affect your finances negatively, use our advice. Playing online demands a lot of self-control, so make sure that you start with a clear plan and stick to it.