How to Manage Your Bankroll: The #1 Skill for Real Money Gambling Success

Whether you are a casual gambler or you enjoy playing casino games on a daily basis, your main motivation is likely to be achieving some consistent wins to build up your funds. There are no guarantees when it comes to winning at casino games, although there are some actions you can take that will improve your chances of long-term gambling success.

One of the key skills that accomplished gamblers work on is their bankroll management, which helps them to monitor spending and put measures in place to steer away from repeated losses.

What is Bankroll Management?

Bankroll management refers to techniques that gamblers use to control how they spend their betting funds and make their money stretch further. You essentially set a budget for your betting, known as your bankroll, based on the amount you can afford to spend or are comfortable spending.

It also involves applying self-control so that you are not drawn into chasing losses or betting large amounts quickly. Good bankroll management enables bettors to play for longer and avoid risky betting behaviors.

What are the Key Elements of Bankroll Management?

Set Your Budget

The first step is to determine your maximum spending budget for playing on casino games. For example, you might be happy to spend $50 per month but to make sure you do not use it all at once and get tempted to deposit more, you set weekly limits split over different sessions. Typically, gamblers will stick to placing 1% to 5% of their bankroll on any type of wager, so that they do not spend too much too quickly.

Automated Limits

Most of the top online casinos provide self-exclusion automation tools that allow you to set your own limits, which can be for deposit limits or loss limits. Once you have reached your limit for the week, or whichever time period you have chosen, you will be blocked from playing until the set time period passes.

Monitoring Performance

Another important element of bankroll management is keeping records of your gambling activities. You might want to set up a spreadsheet to capture your gambling performance so that you can track it.

The key information to include are game type, profit/loss, stake, date and time, and odds. You can also include data around the circumstances of the bet, for example, whether you were feeling frustrated or you made a rushed decision.

Once you have collected this information for a period, you can then analyze the data to look for trends of less successful betting habits. For example, you might find that a particular type of sports bet is constantly leading to losses and you can stop repeating these bet types.

You might also see patterns around how your mood at the time of playing affects your betting results. It could be that you have lost more money later in the evening when you are tired, so you can try playing at more optimal times when you are more alert.

Be Smart with Your Bonuses

Using bonuses smartly is an effective way to extend your playing time. When you register with a new casino, spend some time comparing the best bonuses on offer and pay attention to the terms and conditions for claiming them. Some casinos might offer a slightly higher deposit match than others but high wagering requirements make them difficult to achieve.

Don’t just look at the deposit match and free spins for bonuses, also check whether they offer other bonuses such as weekly cashback, which will help to keep boosting your funds if you have experienced losses that week.

You might also find promo codes that can be used at casinos to give you extra bonuses, like the Impressario casino promo code. These codes provide hidden deals that can be used on certain games on their online casino that are not advertised on their website.

Applying Self-Control

Perhaps the most important tactic of all when it comes to managing your bankroll is having the self-control to walk away at the right time. If you enter a losing streak, many players are tempted to chase their losses, which often leads to spending more than you intended to.

As well as setting your self-exclusion limits, monitor your mood when playing casino games and know when to take a break. If you are feeling anxious or frustrated, it is sensible to end your session, maybe take a walk to clear your head and avoid betting when you are feeling tired.

If you can establish these bankroll management techniques, it does not necessarily mean that you will experience more wins but it means that you will have more control over your betting and you will understand which betting types and behaviors are more successful for you.