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Online Gambling

Watch your bankroll – Smart money management for slots players

Online slots are huge jackpots and plenty of opportunities to win. However, as slots rely heavily on luck, be risky for your bankroll if you’re not careful with your budget. Having a smart money management strategy is essential for slots players who want to enjoy the games responsibly and avoid busting their bankroll.

Set a bankroll budget

The first step is deciding how much money you’re comfortable allocating towards slots play overall. Your bankroll budget should be an amount you afford to lose without impacting your daily finances and obligations. Many experts recommend setting 1-5% of your total income as your budget. So if you make $50,000 a year, aim for $500-$2500 as your total bankroll.  Slots are meant for entertainment. Don’t risk money needed for bills, rent, food, etc. Setting a reasonable bankroll budget lets you enjoy slots stress-free. You’ll be playing with house money, not your livelihood.

Divide your bankroll into playing sessions

Betting your entire slots bankroll in one session, divide it up into several smaller playing sessions. It helps ensure you don’t deplete your entire budget quickly on an unlucky day.  A general rule of thumb is to split your bankroll into 5-10 playing sessions. So for a $1000 total budget, you may allot $100-$200 for each slot session over several weeks. Quit each session when you’ve used up the allotted amount or hit a profit goal, and come back another day with a fresh session bankroll.  Spreading out your budget into modest playing blocks prevents overspending and blowing your entire bankroll quickly.

Choose stakes carefully 

The pay close attention to the minimum and maximum bet sizes allowed on slot before playing. The stake sizes should fit comfortably within your playing session bankroll limits. As a guide, most experts recommend keeping individual bets between 1-5% of your session bankroll.  So if your session bankroll is $100, you’ll want to stick with $1-$5 bets and avoid going higher. Playing at the right stakes for your budget makes losing session’s hurt less and winning sessions more profitable. It also extends your play time since you’re not betting excessively large amounts.

Set win/loss limits

Establish clear loss limits for quitting a session to prevent chasing losses endlessly. A common rule is to walk away if you lose 50% of your session bankroll. So if you start with $100 for the session, quit when you’ve lost $50.  You should also set win limits to avoid playing recklessly with profits and giving back your winnings. A good win-limit rule is to quit a session if you’ve managed to double or triple your starting bankroll. Following predetermined loss and win limits requires discipline, but protects your bankroll from both bad losing streaks and reckless betting after big wins.

Avoid chasing losses 

The biggest bankroll management mistakes is trying to chase losses by betting higher amounts after a string of losing spins. This often backfires, resulting in even bigger losses. When you hit a cold streak, accept it as bad luck rather than chase losses. Stick to your predetermined bet sizes and loss limits, and simply leave your session early if you’re not having any luck. Chasing losses frequently leads to tapping into money you can’t afford to lose. Better to quit early and return another day with a fresh bankroll.

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