Gambling can be an exciting, and exhilarating experience, no matter what stakes you’re playing at. It can be simply life changing as well. There are so many stories that involve everyday people becoming millionaires, or even winning just hundreds of thousands, enough to buy new homes, and/or new cars, from… penny machines!
Those of course aren’t everyday casino experiences, maybe you’ll just make a quick hundred bucks at the craps table today. Or perhaps you’ll improve your bankroll by half playing blackjack over the course of a year.
Maybe you’re not in it to win it, you’re a gambler at heart, and it would be great to spin up a jackpot that will cover your grandchildren’s retirement, but for today, you’re here to have fun!
Whatever your personal scenario is, you have to manage your bankroll right? Make sure that you’re getting your bang for your casino buck? We’re here to help you do that.
Let’s go over some rudimentary basics of bankroll management for casinos, and then we’ll share with you some tips for padding that bankroll whenever possible.
Getting Casino Chips and Casino Comp Points
Whether you’re planning to hit the tables at your local casino, or spin the reels of an online slot machine, you’re going to need to fund your adventure.
At a land based casino the simplest way to accomplish this is generally just walking up to your game of choice and changing your cash into casino chips.
Dealers at table games cannot take the money out of your hand, so if you want to play just place the money on the table in front of you.
If you’re playing craps, it’s good craps etiquette to make certain the dice are not on the table before laying your money down.
Check Your Card in – Earn Casino Comps
Casino Comps are an integral part of bankroll building, whether it be from bonuses and loyalty programs online, or from the comps program at your casino.
So if you’re playing at a land based casino whether you’re playing at the tables or trying your luck with the slots, remember to check your card in to accrue casino comp points. When you leave the table, be sure to check out as well. Most casinos will give you partial credit if you forget to check out, however, some casinos give zero credit to players that do not check out.
Money Allotment – How Much of Your Bankroll Should You Risk
It’s just bad judgment to gamble everything you’ve got, and even if you prescribe to the strictest self control regimen, it’s a bad idea to take to much money to the casino with you.
That in mind, just how much money should you take to the casino with you? If you keep a casino and gambling bankroll that is separate from your day to day living and other finances, 10% is generally the recommended number.
As a rule, take 10% with you when you begin, and decide how much you want to make before you leave, before you get there.
Doubling your money and then leaving is not necessarily a good long term strategy, look to at least multiply your stake by 1 ½ if you plan to steadily increase the size of your bankroll.
Whether you’re playing for entertainment purposes, or to build a bankroll, you don’t want to gamble more than you can afford to lose.
For professional gamblers again the 10% rule per session is a good rule of thumb to begin with. As you get a better feel for gambling professionally, you’ll adjust this to your suit your own style.
For the casual gambler, take a good look at your entertainment budget, how much of that money do you want to devote to gambling?
Depending on the venue, that number is likely to vary greatly. For instance, those planning an anniversary trip to Vegas are likely to budget more than someone entering a slots tournament each month.
Time Management as it Pertains to Bankroll Management
Money is a very integral part of our world, but our time for most of us is more important.
The question here is how much time do you want to spend playing? If you want to play online for 1 hour per night 3 nights a week, you need to take the budgeted amount from above, and make the appropriate calculations.
Let’s say your online casino budget is $200 per month.
$200 / 3 nights a week / 4 weeks a month = $16.60 per night.
Of course you’ll want to adjust those numbers for your own schedule and current bankroll.
The same works for a successful Las Vegas Casino Vacation. If you’re planning to stay in Vegas for 4 nights, and you have an entertainment budget of $1200. You might say $300 is dedicated to shows and various other activities, leaving you with $800.00. That’s 200 a night to gamble with if you gamble every day you’re in Vegas and don’t win.
Pad Your Bankroll with Your Winnings
When you win, take at least half of what you’ve won, and add It to your bankroll! What’s left, you’re free to withdraw, or pocket and add to your normal household finance budget, next years vacation fund, or allocate as you will.
Putting half aside allows you to steadily grow your bankroll so you won’t need to make more deposits while also allowing you to enjoy your winnings outside of the casino.
Managing your bankroll will not change your luck or increase your odds at winning but it will let you protect your money by helping to minimize your losses and maximize your winnings.