As an online casino player, you’ve probably heard a great deal about bankroll and money management when playing at online casinos, if you’re not sure what the difference between the two is, learn more here. For any online casino player, your bankroll is the predetermined amount of money that you have allocated for gambling and playing your favourite online casino games. The manner in which you handle your bankroll plays a significant role in your success as a player.

The point of allocating a bankroll is responsible budget management and keeping it separate from your other money which is used for various household and other expenses. By setting aside a limited amount of money for gambling you have an effective strategy to protect you from financial losses that you cannot handle. Here we take a look at some easy and practical bankroll management tips that you can but to use in order to assist you in making better decisions as you gamble no matter what casino games you choose to play.

The basic principle of bankroll management is that you divide your allocated bankroll into a number of equal parts with each division representing the amount that you are willing to risk on a single bet. The number of parts you select can be as low as 50 or as high as 500 depending on the type of online casino game that you chose to play, how much you are willing to risk and whether or not losing will mean the end of your gaming experience. If your game play doesn’t last long then you can’t win big, so it’s always preferable to make smaller more frequent bets than to not be able to play at all.

From this you can see that the key to effective bankroll management is to factor everything in in order to determine the best number that suits you, the games you play and your budget. If you allocate too much to each bet you’ll be risking too much with each wager, but if you allocate too little you may end up getting bored. Casino games like slots play rapidly and require higher numbers of bets of lower values than table games like Baccarat, Craps and Blackjack that offer a bit of time between each hand or round. If you allocate your bankroll accordingly you’ll end up wagering the same amount per hour while compensating for the speed of the game.

Other factors to consider are whether or not you are able to replenish your bankroll if you lose it, the house edge of the game that you are playing and the game’s volatility. The higher the house advantage or variance on a game, the more units you will need in your bankroll.

Keep this strategy in mind next time you play and give it a try and you’ll find that you enjoy your online casino experience way more while maximising your returns.

We’ve all day dreamed about what we would do with the money should we hit that life changing jackpot while playing our favourite online casino game. In these dreams life would be perfect, but often for those who actually do experience big wins whether it be at online casinos or on the lottery, the dream fast becomes a nightmare.

Over and over again we hear of rags to riches and back again betting stories where people squander their winnings in absurd amounts of time and end up right back where they started, or worse off than before the win. This is largely due to the fact that most normal people are not used to handling unusually large amounts of money and when they come into large fortunes end up making bad decisions on how to spend or invest it.

In order to prevent this type of thing from happening to you in the event that you hit a big jackpot, we’ll take a look at a few things that you should consider and plan for even now before you’ve won anything because, after all, you never know when you’re going to get lucky!

The main thing that you should never do once your winnings have been paid out is head straight back into the casino. This is the fastest way to lose a significant portion (if not all) of your winnings. If you do want to continue to gamble, set aside a reasonable portion of your winnings to allocate to your gambling account.

Another common mistake that people make when winning a large sum of money is to go on on-going spending sprees where the price tags of items escalate. While you may not think that you are spending large amounts in comparison to your win, everything adds up more quickly than you think. When you win, it is always good to have a plan as to how funds should be spent. By all means, set aside a portion of your winnings to “blow” on luxury items, but be sure to create a type of budget and allocate portions accordingly.

In order to do this effectively, start thinking about what you would do if you won amounts of $25k, $250k and $2.5 million. Write down how you would allocate funds for each of these three brackets, bearing in mind that you should always take care of any outstanding debts first, before allocating money to fun things like buying cars or going on vacations etc.

Should you win a large sum (in the millions of dollars) you should hire an accountant and/or financial planner to assist you with investing and managing your money properly. If you know that you are not good at handling money, then you may consider setting up a trust wherein you receive a monthly “salary” instead of large sums all at once. This will ensure that you are well looked after for a long time to come.

If at all possible, your jackpot win should be kept confidential, while we all want to believe the best of our friends and family, many winners will tell you how they lost money by investing in the business ideas of their loved ones or lending money to people that they never get back.

While it may seem absurd to have a plan for something that may never happen, it just might and you’ll be better off in the long run if you have a logical plan that can help you to sustain your finances over the long term.