What can you do to always manage your bankroll?

Picture this: you’re sitting in your favorite chair in the living room, you’ve got your laptop all set up, and you’ve been playing for a couple of hours. Your favorite games are giving you some particular joy tonight and you feel like you’re about to hit it hot. WAIT!

Have you taken a moment to look at your budget before betting it all?

It’s a difficult balance to achieve: you want to have fun and you want that rush of betting big, but you also have to keep the long-term in mind: what’s the best way to make sure you don’t end up in the red?

Strategies will vary drastically because everyone’s bankroll is different and play styles change with the players. However, there are a couple rules of thumb that we can all follow to make sure we’re on top of our cash flow.

Are You Tracking Every Move You Make?

Our first tip is one of the most basic in the business, and for good reason: a gambler’s best friend is their data sheet. You’re likely already putting attention to detail into understanding trends, strategy, and statistics: now it’s time to turn that eye for the prize onto your own bankroll.

If you’re comfortable using spreadsheets, this is a great time to put that to its best advantage. Keep track of all the details you can: wins, losses, cash in, cash out, bonuses, and even fees charged for withdrawal.

This way, you’ll be able to see not only your strengths and weakness, but also data across the different platforms you use. This will go a long way to making sure that you’re using the best platform to suit your needs.

You can (and should) also track the different types of bets that you’re making as individual processes. Tracking your overall wins and losses will only get you so far: tracking them by bet type is a much better bet (pardon the pun). This ensures that you’re really getting the most bang for your buck in the long-term, making your hobby sustainable for the future.

Do You Know What Unit Size to Stick to?

The top betters in the country know this tip: figure out a unit percentage of your bankroll and stick to it when placing your bets. A good way to start is to bet no more than 1% of your bankroll at one time.

This helps you stay disciplined and allows you 100 bets on that budget alone, not counting winnings.

For example, if you’re just starting out and you only have a thousand dollars for a set amount of time (a month, a season, a year, etc), make sure that you’re not betting more than $10 at a time. If you’ve progressed a little and you have five thousand dollars for that amount of time, you can place up to $50 per bet.

Smaller units are the best choice for long-term, sustainable success, for a couple of reasons: you’re only risking a tiny amount and it’s a really easy amount to track on your spreadsheet. This will help you keep track of your wins, losses, and budget.

This is made even easier by the advent of online and e-wallets. Using cryptocurrency, such as Bitcoin enhances your casino experience while giving you a quick and easy way to check your budget. Open the app and see where you are: it’s as simple as that.

As you get used to it, you can think of your budget in terms of units instead of dollars to give yourself an immediate overview of your financial situation on any given night: “Okay, after this win I’m 3.5 units up.” Or, “Ugh, this loss took up 2.5 units. I have 60 left to play.”

Don’t Bet Too Much, Too Often

This last one is a doozy: easy advice to give, tough advice to follow. However, it’s vital: you need to lay down a foundation of self-discipline to really succeed on a long timeline.

Much as we explained about setting up your bankroll in terms of units, set up the number of times you’re able and willing to bet, too. This will keep you in the green longer and longer because you’ll also think a little more about the bets you make.

It’s like using a film camera instead of a digital one: you know that there’s a limited number of pictures you can take, so you value each shot more highly than you would if it was limitless, as it is with digital photography.

Simply put, if you’re planning to only place 10 bets per week, you’re going to focus on making those bets the highest-quality bets you can. You’ll do all the research available to you and make sure that you’ve found a secure opportunity so you don’t “waste” your bet.

When you stick to this system, there’s another, hidden advantage: you’ll be protecting your data by keeping the number of bets, and thus platforms, limited.

The biggest pitfall here is also a happy part of online casinos: excitement. We tend to fall into that cycle of winning, excitement, and cockiness: we think luck’s on our side and we can do no wrong. Suddenly, our bets become sloppy and careless, our bankrolls shrink, and we barely notice because the next one’s a “sure thing.” Bye bye, winnings. See you later, budget.

You’re going to have to keep this under control if you’re going to be successful in this hobby. We have faith that you can do it: by following all of the tips we’ve given in this article, you’ll be well on your way from Joe Schmoe to Pro Player.