Live Casino Money Management Guide

Smart casino money management can ensure that you will walk away from each live casino gaming session with dignity and be ready for that next game night.

It is well known in the live casino gaming world that you cannot win them all. Sometimes you have to take a loss. But by using these casino money management strategies below you can definitely make sure that those losses are not substantial. Let us take a look at how to manage our bankroll for maximum winnings and minimum losses.

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Table of Contents

Creating a Budget and Managing Wagers

Let us begin with the quintessential advice that you will hear from any experienced casino enthusiast. Gambler bankroll management is based on a gambling budget. Separate a gambling hobby amount on the side from your hard-earned resources and never bet more than this. This is the first step toward casino money management that will help you not lose more money than you are willing to.

You can rest easy knowing that you can spend this amount however you like without going into your real-life savings. Furthermore, always have this gambling budget in mind so that if you have a bad day and lose it all, you know when to stop playing.

Additionally, something that goes hand in hand with this casino money management strategy is limiting your wagers. Generally, you should not wager on single bets more than you need to. Newer players sometimes have a problem with this as they do not understand casino money management risks. If you are placing wild wagers without thinking ahead you will surely on average lose your gambling budget faster.

For example, let us say that your budget is $100 and you deposit it. If you limit your single bets to a stable amount, let us say 5% of your deposit, then your single bets will always equal $5 dollars. This way, you will have a much more stable gambling experience and sessions that last longer. If you are a casino enthusiast, better to play 20 stable games ($5) than lose your budget in 10 minutes with 2 crazy bets (50$) that you were so sure were going to payout.

Bookkeeping and Knowing When to Cashout

Since you are assumingly playing live casino games from the comfort of your own home, let us see what we can do with the nearest notepad on your desk. Any notepad apps also work if you are on the go. While playing live casino games it is easy to lose track of your spending and earnings. Losing track of your progress can result in some bitter moments when you do not recognize how much money you have burned.

Therefore, let us use that notepad to record each win and loss when playing online casino games. You will have a much easier time tracking whether you are on the upswing or downswing. The crucial thing about casino money management is keeping track of your session. In this break where you record your gameplay, you can have a moment to think about future decisions and see where you actually stand for the night.

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Kelly Criterion

Furthermore, seeing as we have our win/loss ratio recorded we can use ideas like the Kelly Criterion to help us out a bit. The Kelly Criterion is a mathematical formula sometimes used by gamblers as one of the most popular casino money management strategies. You can use the various Kelly Criterion calculators online to determine the optimal sizes of your bests and the expected returns. However, keep in mind that while this is a mathematically proven formula, you should simply use it used as a general guide rather than strictly following its numbers.

Lastly when it comes to bookkeeping, you should always track your winnings if you are doing well. When you notice that you have reached a sizeable winning pile, you should withdraw your original budget amount. Let us say that you have deposited $100 and won 50% or even doubled your original wager. Now you have $150 or $200 in total. It is best to withdraw that original $100 budget as now you can continue gambling with the casino’s money as your budget. This way, even if you lose your new budget you still have not lost any of your own money, just the casino’s. This is a great way to break even, or in positive circumstances win even more without risking your personal resources.

Personalized Spending

Our money management tips can give you some good ideas, but we can't tell you exactly how to spend your money. Remember to fit these guidelines to your budget, game choice, and style of play.

Managing Emotions and Walking Away

Seeing as we are all human, our impulses can sometimes get the best of us, especially in high-stakes games. That is why it is important to manage expectations and somewhat detach from our emotions when we are playing online casino games.

Losing your gambling budget for the night with no profit is rough, everyone would feel bitter. But though it may be tempting to play a few more hands with your bankroll and win some back, it is not a good idea. Do not let your emotions get in the way of responsible gambling decisions.

To prevent this, set stopping limits, both for loss and winnings. This is very beneficial as you can just walk away when you have reached your designated loss amount. You will protect yourself and the earnings you worked hard for.

This goes both ways, set winning limits as well. We all know the high of a win streak is captivating and you simply want to play more. People think the streak will last forever. That the $200 win can double to 400$ with just one more double-down bet. However, professional gambler bankroll management will tell us that live casino game odds are generally stacked against the player. It is sometimes better to just pick up your win and walk away. Set an objective and if you reach it, leave the table with your win. You earned it. Do not risk losing it for that next tempting game.

Essentially, this means that we need to control both our negative and positive emotions in live casino games. Whether you are winning or losing, sometimes the best casino money management is to call it a day and walk away.

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Casino Money Management Quick Tips

We have extensively covered some of the most important ideas for casino money management. Even though casinos usually have an edge over the player, there are still some things we can do to keep ourselves in the positive zone. Managing your gambling budget is one of the first things you should consider before playing in live casinos. Let us take a look at these quick money management strategy tips as an overview.

Create a Budget – Feel safe and secure while gambling knowing that you will not spend more money than you want
Smaller Single Bets – Play more games in a stable way by splitting your budget into smaller single bets for different games
Stick to Your Plan – Create a winning goal for the night so that if you achieve it you can withdraw your winnings for the day and play again tomorrow.
Kelly Criterion – Use helpful money management strategies like the Kelly Criterion to help guide you how much you should spend based on your gaming needs.
Do Not Play When Distressed – Negative emotions can lead to a lack of judgment and therefore irresponsible gambling. Always play with a clear head and know when to quit.

Conclusion

There are many differences between an experienced live casino enthusiast and a beginner one. Taking aside the skill level for a moment, the most important difference is how they manage their money. One of the first things you should do before playing live casino games is to learn bankroll management. If you need help with other aspects of playing live casino games, check out our how-to and strategy section as well as our Live Casinos guides.

If you have a plan and the amount you want to spend for the night, your gambling experience will be much smoother and less stressful. It will take patience, but by learning proper casino money management you will become a veteran who can play live casino games more often. So grab that notebook, have fun out there and gamble responsibly.

A last bit of advice before we wrap up – don’t underestimate the importance of a good casino. Good venues have built-in tools that can help you keep an eye on spending and losses. Here are a few suggestions to try right now!

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