5 Mistakes That Drain Your Online Casino Bankroll
Bankroll management is an essential skill all real money online casino players must have. The size of your bankroll is not quite as important as how well you manage it. Often, players mismanage their bankrolls and either find themselves having to deposit regularly or not being able to play.
Today, we will cover 5 mistakes that will drain your bankroll. These tips apply for most every situation and all online casinos.
Playing Stakes Too Large For Your Bankroll
A rookie mistake that many players make is playing at stakes that their bankroll cannot support. For example, if you deposit $50 onto Ignition Casino, you don’t want to start playing blackjack for $5 a hand. That’s because you will not enough of a bankroll to survive any form of variance.
A good rule of thumb is to play games where you have 100 bets in your bankroll. If you deposit $50, that would mean that you play bets no higher than .50. Many table games have limits starting at $1, so a $50 bankroll will still give you 50 bets. That’s still somewhat reasonable.
Look at the stakes that you intend to play and fund your bankroll appropriately. Otherwise, consider moving down in stakes to allow for variance at the tables.
Making Bets With a High House Edge
The house edge is inescapable in almost all online casino games. Even video poker games that pay 100% or more require that you play perfectly every hand. As such, your best option to play games where you can reduce the house edge. Many players make the mistake of playing games or making bets that have an insane house edge.
For example, craps have multiple bets (Any Seven, Any Craps) with a house edge up to 16.67%. Games like Big Six Wheel have a house edge starting at 11.11%. Then you have various side bets in games. For blackjack games, the house edge for side bets starts around 10% and goes up from there.
By playing games or making side bets with a high house edge, you’re giving extra money to the casino guaranteed. Even at a slow drain, you will find your bankroll draining much faster than playing lower house edge games.
Chasing Progressive Jackpots
If you’re looking to manage your casino bankroll, you need to stay away from most any game with a progressive jackpot, especially progressive jackpot slot games. Progressive slots have the highest variance of any game at the casino. In many cases, players are donating money to the casino and to the progressive jackpot with little return on investment.
Progressive jackpots are for players that don’t mind variance and are willing to spend more money to hit a huge score. Note that if a game offers a progressive jackpot side bet, such as Caribbean Stud, you can still play the base game without chasing the jackpot. In these cases, the progressive jackpot doesn’t impact the base odds of the game or your expected variance.
Failing to Take Advantage of Comps
Many online casinos give you reward points for playing online casino games. At some point, you can take those points and exchange them for cash, free spins, or other prizes. If you’re playing at a casino that offers a rewards program, check your points periodically to see if you can exchange points for cash.
The amount of cash you get will not be massive, but it can give you a few more bets to play at the casino without having to make another deposit.
Playing Without a Strategy
Finally, the biggest mistake that some online casino players still make is playing online casino games without a strategy. Whether you’re playing roulette, blackjack, craps, or video poker, you’re giving up house edge to the casino by playing without a proper strategy.
In many cases, you’re almost doubling the house edge to the casino. For example, you might lower your house edge in Jacks or Better video poker from around 99% down to about 97.5 to 98%. While that doesn’t sound like a ton, that’s basically doubling your house edge.
Even a basic strategy for many online casino games will help to reduce house edge and give you a better chance of winning. If anything, it will help reduce the rate that you lose money to the casino and allow you to gamble longer with your bankroll.