When playing real money games, it is important that you plan on the amounts you plan to bet with early so that you do not hemorrhage your finances while having fun. In addition, you are likely to lose more than you win in gaming. Therefore, you need a plan to make a net profit at the end of the day.
Unfortunately, many online gamers have a problem managing their cash and end up using more than they had intended to use. This guide provides some practical tips for managing your bankroll.
Flat Betting Methodology
This is the most basic bankroll management strategy and arguably one of the safest for long-term gamers. It involves determining the amount that you will be wagering for each game and wagering the amount for each bet or round on your game. In flat betting, your confidence level or the past results do not matter.
Flat betting is the best bankroll method if you are not sure of the outcomes of your games or when playing high-volatility slots at the casino. This is because most of the slots have a fixed win or wins that are not directly proportional to the number of times you have made wagers on the title.
However, you are not guaranteed that you will recover all the money you have lost in your bet as the amount wagered and the expected win may be lower than the total loss you have made prior to the win.
Setting Using Percentages
The percentage method of determining your next wager amount increases or decreases your wager amount by a given percentage. Like in the case above, your winning streak and betting history do not matter when setting your wager amount.
Here is an example: You may decide to increase your bet size by 10% after every round. It means that if you wager $100 on your first bet, the next one will have a wager of $110.
The biggest advantage of this model is that you are able to take advantage of the winning streaks to make higher profits. On the other hand, you are increasing your wagers responsibly, which may help increase your profits at the end of the day.
However, it may be hard for you to recover all the money you lost. Therefore, it is important to start with amounts that you can recover from, even if you do not win after several rounds. Besides, the timing of your wagers and analysis is important to reduce the number of losses that you are likely to make.
Gambling is all about the confidence that you have that the next round is going to give you a win. However, confidence levels change from one wager to another. There are rounds that you are confident that you will be winning, while in other cases, you are only risking your cash, hoping that the odds will be in your favor.
In this case, you set your wagers such that you risk more on games where your confidence level is high and reduce the wager where it is low. You start by creating a base wager from which you will be increasing the amounts depending on the confidence level.
Here is an example: you may set the base wager as $50. If you are confident that the next round or game will give you some returns, you may increase your wager by $20. On the other hand, if you are not so confident with the second wager, you can stick to the $50 stake.
If your confidence levels bring better tidings to your bet, the confidence model is great for you as you increase the chances of making more on games or rounds that you are more likely to win. It also helps lower the losses as less likely-to-win rounds get lower wagers.
The Kelly Criterion is also called the confidence level on steroids. In this case, you do not assign confidence levels to every pick but instead, determine the winning percentage for every wager you make. Then use a formula to determine how much you should wager in the round. Here is the formula to use.
Decimal odds x the win probability (- loss probability) /decimal odds = the suggested wager percentage.
Here is an example:
If you believe that a game has a 55% chance of a win on a standard-110 wager, you can use the formula as follows:
(0.91 x 50-45)/0.91 = 0.055 In this case, it means that you will wager 5.55% of your bankroll. If the confidence levels go higher, the amounts you bet in relation to your bankroll also go up. In order to use this formula accurately, check the winning percentages and estimate your confidence levels accurately.
Other Issues to Keep in Mind
1. Always Track Your Results
It is important to track your performance record when using any of the bankroll methods. You can always make changes if the method you are using is not effective. After several rounds, check the amounts you have won and estimate the percentage of losses. You may lower your stake if you have been on a losing streak for a considerable duration.
2. Take Advantage of Freebies
Various betting platforms, especially casinos and sports betting platforms, give several bonuses to their players from time to time. Some of these bonuses have reasonable wagering requirements, which increases your chances of winning some good amounts with free money.
Always check available promotions on your betting platform and claim offers that have manageable terms. Such platforms include Fairspin Casino. It has several bonuses and a huge number of games. You can learn more about Fairspin on Casino.Guide.
3. Know When to Stop
Know when you cannot wager anymore. Essentially, once you have exhausted the bankroll you had set for the day, you should always stop, even if you are winning. It only takes a single move to lose all you have won. Also, give yourself breaks to refresh when gambling.