How to Manage your Slots Bankroll
Online slots are games of chance, not skill. You may find from time to time that certain sites or individuals suggest that there are strategies to help you win money or even to earn a big payout through an online slot. These are most likely to be scams. An online slot, even one with the best RTP percentage around, will always have a house edge, so in the long term, you will lose.
hat doesn’t mean, however, that you can’t increase the level of enjoyment you receive from playing online slots while keeping yourself safe and protected. Bankroll management is the key.
Playing online slots can be frustrating if you go into it with no plan. Good bankroll management can help you to stay in the game for longer, extend your online slots gaming session and have more fun playing your favourite slot. At Online-Slots, we can’t offer guarantees. You will always lose in the long term, but our bankroll management tips may help you get more out of your slots gaming sessions.
Bankroll Size
The starting point for good bankroll management is to ensure that your bankroll is the right size. So how do you calculate this? The first step is to work out how much money you can afford to lose. This means taking into account your earnings and your costs. This may be a sobering prospect, but it is sensible. Only bet with money you can afford to lose.
One way to look at this is to consider playing an online slot as a leisure activity like going to the movies, having a meal at a restaurant or watching a soccer game. In all those activities, you don’t expect a profit! You pay a certain amount of money in exchange for a certain level of enjoyment.
This is how you should approach playing online slots. Essentially, you should accept that you are playing with money that you are not going to get back. If the prospect of losing all of your bankroll is a frightening or worrying one, then reduce it to a size that you are comfortable with.
Spread your Bankroll
Let’s say you are a regular slots player and you follow the previous tip, ensuring that you set aside money that you can afford to lose each month to play on your favourite slots. This is a good start, but some slots players make the mistake of spending that money all at once in their first slots session, leaving them with nothing to spend on their slots play for the rest of the month.
This is a less than ideal situation as you may then be tempted to play with money that you hadn’t planned to spend, which is a dangerous road to travel.
Instead, divide your slots bankroll into separate pots. If you play slots twice a week, then divide your monthly bankroll into eight or nine separate pots. Each pot can be used during one slot session, and when the money is gone, you stop playing. That way, you will be less tempted to exceed your spending limit and will be able to play safely.
Withdraw your Winnings
In the long term, you will lose money on any slot game, but in the short term, you may have some wins. After all, this is a big part of the appeal of playing slots in the first place. If you do get a win, or even finish a slot session in profit, which can happen from time to time, it is a good idea to withdraw the money. The same idea applies if your slot session is cut short. Take out the money from your online slot site account, and put it aside so you have a fresh budget.
This has an important psychological effect, in reminding you that you are playing with real money. It also helps to ensure that you don’t immediately wager your winnings again.
Never Chase Losses
Aside from the advice that you should never bet with money you can’t afford to lose, this is the most important tip for all slots players, indeed, for all gamblers.
Loss chasing can get the better of even the most experienced gamblers. It is particularly dangerous in cases where slots players have bet money that they can’t afford to lose. A combination of feeling foolish and guilt can lead you to seek to get the money back. This is the danger of playing irresponsibly and not managing your bankroll and your expectations.
To help you to avoid the loss-chasing trap, it is important to remember the essential truth of slots play. Online slots are not games of skill, so losing is no reflection on your ability or judgement, just as winning doesn’t make you a gambling genius! If you treat a slots gaming session like going for a meal at a restaurant, you will be less likely to chase your losses. After all, if you don’t like a restaurant dish, you don’t order another one, and another one after that, in search of a better experience!
When to Increase your Stake
Generally speaking, the advice is: never! Betting with a standard stake, based on the size of your bankroll, the game you are playing and the length of time that you want to play for, is the best approach to slots gaming. In some forms of sports betting, there is a case for increasing your stake when your ‘edge’ is bigger. That does not apply to games of random chance such as slots.
On increasing stake size, we would say that it is never a good idea when you are losing with a slot, but it may occasionally be acceptable when you are on a winning run, as long as you bear in mind that this could mean your slot session ends earlier than you had planned, and that you stick to your pre-determined limit, never betting with more than you had planned.
Research your Slots
This may seem like unwelcome advice. Playing slots is supposed to be fun, right? So why should you spend time doing homework? Why not just find a slot you like the look of and get started?
Well, go back to the example of the restaurant. Would you just go for a meal at a random restaurant or would you do a little research, maybe seek out recommendations or online advice sites?
Playing slots is about entertainment, so treat it as such. Check out the various facts associated with a slot, including the paytable, the minimum and maximum stakes, and the associated bonuses and features. Read up on the slot through our advice and review pages, and where possible, try playing the slot for free before you decide to use real money.
Know your Limits
Knowing your limits is a crucial part of slots gaming. If you have set aside a bankroll and determined how long you will play for and how much you are prepared to lose, then stick to those limits.
It can be tempting to want to continue to play past your limits. Indeed, many slots games are designed to get you to want to carry on playing. This is where using payment options such as Neteller instead of credit cards can help you. The extra time involved in arranging a Neteller deposit can give you vital breathing space to rethink.
Above all, know your psychological limits. If you are finding it hard to stop playing slots or feel that you may be getting addicted, that is the time to seek help. There is no shame in it at all. Gambling addiction is a real and genuine health issue and you should be honest with yourself if you have a problem. Seek help, from friends and family, or ideally from the gambling support charities, helplines and health services that are available in your region.
Stay Calm, Stay Rational
Slots gaming should be about fun, but if you find you are starting to become too emotional, either positively or negatively, that is the time to take a break. Go for a walk, have a non-alcoholic drink or something to eat until you calm down. If you find that you are regularly experiencing negative emotions while playing slots, it is time to cut down or even stop playing. Remember, slots are supposed to be fun. If you’re not having fun, then stop.
Get the Right Bonus
Online slots sites offer a bewildering array of bonuses to attract new customers and many of them seem to be too good to be true. Are casinos really giving away all that money for free?
Well no, they aren’t. For one thing, online casinos know that even if they lose a little money on bonuses initially, in the long run they will make a profit from every customer. In most cases, they also manage to make their bonuses sound more attractive than they really are.
That’s why it is vital to check out a bonus thoroughly before you accept it. Look carefully at the terms and conditions, including wagering requirements, time limits, forfeit rules and allowed games. Check the Online-Slots site regularly for details of the best bonus deals and promotions, including all of the important terms and conditions and the relevant bonus codes.
Play Safe and Manage your Bankroll
Slots play can be a fun pastime, but the key to this is bankroll management. By following the tips on this page, you can help to avoid some of the obvious slots player pitfalls and get the most out of playing your favourite slots game online.