Bankroll Management: Why Casinos Ask you for Documents
Updated: 2023-06-13It’s common for new casino players to lose track of how much money they’ve spent on a casino gambling venture. Whether it is a day at the casino, a trip to a virtual casino or online poker room, or a season of daily sports betting, players can get caught up in the buzz of the action and spend well beyond their means.
While some players can stop spending more, others need some limit. It may be a set amount of money to spend or a predetermined time frame in which they want to play. Whatever the reason, every player should have a plan for managing their casino bankroll.
Let’s move to all details to prevent you from going bankrupt when gambling. It’ll also increase your winning probability!
What Is Casino Bankroll Management?
Bankroll management is the process of determining how much money you’ll spend while playing a game. This includes
- The amount of money to bet and
- The number of times you’ll play.
For example, if you plan to play poker with your friend for C$100, your bankroll would be C$100. If you planned to play poker, say, at the Spin Casino with your friend for C$1,000, your bankroll would be C$1,000.
While it might seem simple, bankroll management is essential to ensure you don’t lose more money than you can afford.
Bankroll management isn’t necessary for all players, however. Some players know their limits and can stop playing when they’re ahead or have had their fill of gambling for a while.
Others need to limit their spending by using a set amount of cash or a predetermined time frame in which they want to play.
Bankroll management is one of the most consequential skills a serious casino player can have. But by following our tips and tricks above, you’ll be well on your way to managing your funds successfully. And once you start hitting your goals in the casino, it will be all worth it!
You can use our casino bankroll management calculator to determine the most efficient way to play based on the game odds in your favour, your budget, and how many hands you want to play.
Keep in mind that these are general guidelines.
For example, if you’re playing a highly volatile game, such as craps, you’ll need a larger bankroll than the general guidelines above indicate.
Remembering some core gambling terms directly connected with casino bankroll management is also paramount. Personally, I always keep them in my mind to avoid any issues related to the money I spend on my gambling sessions.
I’ll showcase the terms right in the table below:
| Term | Explantion |
|---|---|
| Payback Percentage | This is the amount of money you can expect to win from your bankroll after playing a game for a long time. The payback percentage is the ratio of what the player gets compared to what the casino takes. The payback percentage measures how beneficial a game will be to the player, with a lower house edge representing a better deal for the player. |
| Volatility | The volatility of a game is a measure of its risk. The greater the volatility, the greater the swings in fortune. A high-volatility game offers the potential for big wins, but it also means your losses can be huge. A low-volatility game means your gains will be smaller, but you’ll also lose less. |
| Progressive Jackpots | Utilize the option of progressive jackpots because games of this kind have high RTP rates. Also, the winning probability is pretty high, so you can extend your gambling sessions with no extra deposits from your bank card or any other payment option. |
Conversely, if you play conservative games like blackjack, you’ll have more money to play than the guidelines indicate.
In any case, I am here to provide you with practical, real-life strategies to manage your bankroll easily.
How to Manage Your Casino Gambling Bankroll
If you want to play casino games like blackjack, poker or slots in a casino, you have to have some money to gamble with. The amount you bring should be your casino bankroll.
Many gamblers fail in their casino gaming endeavours because they don’t manage their bankrolls. This can result in a bad experience that causes you to lose interest in playing and spend your money elsewhere.
To avoid this, you must figure out how much you should gamble and how often. This is how to manage your casino bankroll.
Define Your Casino Gambling Budget
The first step in proper casino gambling is defining your budget. This will determine how much you can spend at the casino and help keep you from losing all your money too quickly.
Depending on how you gamble, you should consider budgeting at least $100 per casino visit. If you like to play for longer periods, such as in a poker tournament, you should budget at least 10% of the buy-in for that tournament.
For example, if the poker tournament has a $50 buy-in, you should bring at least $5 for gambling.
Sign-up Online to Grab a Welcome Bonus
Many casinos offer sign-up bonuses if you sign up online. Signing up gives you a bonus when you visit the casino for the first time. This is money that the casino gives you to encourage you to try out their facilities. These can range from free food and drinks to cash prizes worth several hundred dollars.
Using these sign-up bonuses to supplement your casino bankroll is a great way to start off with a winning session.
Nonetheless, you shouldn’t make a habit of coming here all the time. Once you become a regular, you’ll just be considered a high-roller and treated like one, even if you don’t have the money to back it up.
Play Small at First
Once you have some money to gamble with, you need to decide how to use it. The first thing you need to remember is that the casino is designed to take your money.
They make it easy to lose money by making winning moments feel huge while masking the fact that they’re taking a large cut of every wager.
To avoid getting overwhelmed by the casino, start small. Play for small amounts at first. Get used to the surroundings, the sounds, and the smells.
Get a feel for the tables and the games at the $1 deposit casino. After a while, if you have some winnings, you can increase your bets and play for longer periods.
Never Play with Money You Can’t Afford to Lose
The casino bankroll should be money you can afford to lose. Don’t use the money you need for bills or rent in the casino. If you run into a streak of bad luck, you’ll end up feeling even worse if you can’t pay your bills because of the casino.
Money that’s set aside or winnings from other games are fair games for casino play.
Manage Your Play
Once you’re in the casino, one of the best ways to manage your casino bankroll is to set amounts you’ll bet on different games. You should also limit the number of times you play each game.
Rotating games and keeping a close eye on the amount you’re betting will help keep you from getting into debt.
Pay Attention to Odds and Probabilities
It can be easy to get swept up at the moment when you’re playing casino games. But one of the best ways to manage your casino bankroll is to pay attention to the odds and probabilities of the game you’re playing.
If the game is heavily weighted in the casino’s favour, you should think twice about playing and certainly shouldn’t play in large wagers.
Keep Track of Wins and Losses
Ever heard of people trying to diet? If so, you know that you need to keep track of your wins and losses to succeed. It’s also the same with business. Tracking your successes and failures is key to knowing your net worth and where improvements need to be made.
If you're trying to stick to your gambling budget, it can be easy to say, “I'm just going to play one more game. I have plenty of money in my account,” only to lose track of how much you've already spent. Keep track of how much you spend each game.
Get to know your customers, or as we're going to call it, probability and customer interaction.
If you build this skill a little, you never unwittingly go over your budget. From there, you have to go back to our previous point about having the self-control to prevent going over your betting budget. It takes all of these skills in conjunction with each other to practice casino bankroll management at a high level.
These strategies are fundamental, so I have come up with some steeping tips for you. Yes, you’ll manage your bankroll super easily with no troubles!
Tips for Building Your Casino Bankroll
By remembering to have fun, setting goals, playing for entertainment rather than profit and keeping your casino bankroll in mind, you will enjoy the casino more and be less likely to go over your budget. That way, your spending will go further—and you may even come ahead!
Playing the games at the online casinos you love can be a great way to spend a relaxing afternoon or a night out with friends. But to avoid going broke, you must ensure you properly manage your casino bankroll.
First, look at the table below to see the key characteristics of each tip I am giving here. After that, I will guide you through the tips with more details and explanations.
| My Casino Bankroll Management Tip | Key Features |
|---|---|
| Setting a Budget |
|
| Setting Goals |
|
| Playing for Fun |
|
| Watch Your Stakes |
|
Now, let’s move to the details and concrete guide on how to use the tips.
Setting a Budget
The first step to managing your casino bankroll has a set budget. Whether C$100, C$500 or somewhere between, every player should have a set amount of money earmarked for casino gaming. Money designated for the casino shouldn’t be spent on other things, even if it means missing out on an exciting vacation activity.
When you have a set budget, you’ll be less likely to get into financial trouble (and less likely to spend a lot of time in the casino, missing out on the rest of your vacation). Set a budget that’s big enough to allow you to have some fun but small enough to keep you from getting into trouble.
Once you have a budget, stick to it! If you plan to play at the King Billy casino for two hours and spend C$100, don't spend extra money while playing. If you have casino credit, stick to your daily budget and don’t chase your losses with more money.
And remember, there’s always another day to play. If you didn’t play on your trip, keep the money in your bankroll and save it for the next time you visit the casino.
Setting Goals
Set goals for your gaming session (and your casino bankroll) to keep yourself from getting carried away in the casino.
For example, if you intend to lose C$100, you’ll feel much better about blowing through $100 than you would about just spending the money.
Goals can be kept simple or can be extremely complex. Some players like to set multiple goals for each casino visit, while others like to stick to one goal.
Whether you choose to set one or multiple goals, remember that you’ll be less likely to lose your casino bankroll—and have more fun—if you go into your gaming session intending to meet one (or several) goals.
Playing for Fun
One of the best ways to make casino gaming more enjoyable is to remember that it’s just for fun. The casino bankroll you’ve set aside shouldn’t cause stress or anxiety, even if you don’t have enough money to play for long.
If you are in this situation, try relaxing and playing a few games. You can still play for a few hours even if you don’t have enough money for a full casino bankroll.
And if you lose it all, so what? It was just for fun! Find another game or do something else; there’s always another day to play the casino.
Watch Your Stakes
It would be best if you had a casino bankroll to play responsibly. When you gamble with money you can’t afford to lose, you increase your chances of making bad decisions. You’re more likely to try to chase wins, play too many hands, or find yourself in a game you don’t understand.
For example, if you’re playing low-stakes blackjack, you may want a casino bankroll that’s 20% of your gambling budget for the month.
If you’re playing high-stakes blackjack, on the other hand, you may want to have a casino bankroll that’s 33% of your total gambling budget for the month.
Casino Bankroll Management FAQs
Why Should I Care About Casino Bankroll Management?
You'll be less likely to win if you don’t have enough money to play. That’s the basic idea behind bankroll management. By ensuring you have a large enough bankroll to play a game, you increase your chances of winning and losing at a rate you can afford, whether that means losing half or twice your money.
Why Is Casino Bankroll Management So Important?
Bankroll management is important for two main reasons. First, it helps ensure you won’t go broke. If you have $500 to play blackjack and you plan to lose 25 times that amount, you’ll run the risk of going broke before you even start. Second, large bankrolls help ensure you won’t get tired of playing. If you have $500 to play blackjack and plan to play 400 hands, you’ll get tired of playing after a while. You’ll get bored after playing so many hands, even if you win every hand.
When Should I Create a New Bankroll?
You should create a new bankroll whenever you’re playing a different game or if you’re playing at a different casino. Different games have different odds, which means some games are better for bankroll management than others. Plan to play multiple hands of blackjack, for example. You’ll have a better bankroll management strategy playing single-deck blackjack than multi-hand video poker.
How Much Do I Need to Play?
The best way to figure out how much you need to play is to figure out how much you can lose. Then, divide that number by the game odds to figure out how many hands you should play. For example, if you have $500 and want to play blackjack while the odds of the game are 98 per cent in your favour. Dividing $500 by 2% equals 2,000 hands. You’d play 2 500-hand sessions, losing $10 per hand.
What is a casino bankroll?
A casino bankroll is money you set aside specifically for gambling at the casino. Most players should have a casino bankroll between 20% and 33% of their monthly gambling budget.