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Here at Everygame Casino, we always urge gamers to manage their money wisely. Here we would like to expand on the idea of sound money management since it touches every aspect of our lives. There are many similarities between good money management in general and sound money management at an online casino.
Good Money Management Requires Total Honesty
When we talk about money management for investment, we are talking about setting aside a percentage of your income after taxes for investment. The term “after taxes” means a lot here. There are some states and countries where the tax rates are very high. This makes it a lot harder for people to grow their money through good investments since they have relatively less money after taxes.
In casino terms, good money management means knowing exactly how much you can earmark for gaming. You should never exceed this amount of money. That means that sound money management requires gamers to accept some losses along with the gains.
Make a Chart of All of Your Expenses
This is a major part of the total honesty you need to manage your money well at the casino and in general. You should never spend money that you need for necessary expenses on casino games. You should also never spend money on food, restaurants, shows, concerts, streaming services, car payments, rent or mortgage and many other costs before you have set aside enough money to cover your most important expenses.
Play Games with High Return to Player Rates
Now, slots are the most popular game at any casino be it an online casino such as Everygame Casino or a land-based casino. But the return to player rate in slots is lower than the return to player rate in games like blackjack and video poker.
So, good money management means playing more blackjack and video poker and fewer slots.
While the return to player rate in slots here at Everygame Casino is about 97%, gamers also have to take into account the volatility of the game. Volatility is the term that describes how winnings are distributed. In short, a high-volatility slot will have relatively few winning spins and each winning spin will pay out relatively more than in a slot with low volatility. These slots have many winning spins with relatively small payouts.
Good money management often means playing slots with low volatility.
Good Money Management Often Means Playing Online
Since we are talking about money management, we should include the cost of getting to a casino. Unless you live within walking distance of a land-based casino, it will cost you money just to get there. If you want to be at a land-based casino for a few days such as a long weekend, you will have to book a room in the hotel.
In many other areas of entertainment, people have to decide whether the cover charge is worth it. A cover charge at a pub serves to keep the number of people who come to the pub somewhat lower as others go somewhere else where the cover charge is lower or there is no cover charge at all.
You can look at the cost of travel and accommodations at a land-based casino as a form of cover charge, and a very high one at that! There is never a cover charge to play at Everygame Casino!
Lower Return to Player Rates at Land-based Casinos
Continuing our discussion of why gaming at an online casino such as Everygame is better from the money management point of view than playing at a land-based casino, we arrive at the unhappy fact that the return to player rates in many if not most land-based casinos are lower than these rates at Everygame Casino.
We spoke a bit about slots. The return to player rate here at Everygame is about 97%. The return-to-player rate in slots at most land-based casinos is lower than 90%. This is because the random number generator determines every outcome in slots at both online casinos and land-based casinos and in slots the random number generator can be calibrated.
So, land-based casinos have their game providers calibrate the return to player rate in slots to be much lower than the rate here at Everygame.
There Are Also Lower Rates in Video Poker and Blackjack
Land-based casinos have begun to pay only 6-5 for a blackjack. they also pay only 8-5 or 7-5 for a full house and a flush in video poker.
We pay 3-2 for a blackjack and 9-6 for a full house and a flush. This makes the return to player rate in these games of skill at Everygame Casino about 99.5%. It is a lot lower at casinos that pay less for good hands.
American Land-based Casinos Have an Edge in Roulette
It is far more common at an American land-based casino to offer only American Roulette. We here at Everygame also offer European Roulette. As you may have guessed already, the house edge is a lot higher in American Roulette than it is in European Roulette by a factor of two.
Everygame Casino Offers Fantastic Deposit Bonuses
This fits into the discussion on money management perfectly. We offer deposit bonuses with high bonus rates, high maximum bonuses, and often free spins.
The key element in deposit bonuses is that land-based casinos cannot offer them. A deposit bonus is almost the same as free money. A land-based casino cannot give players free money since the players will cash out when they leave the casino.
A deposit bonus at Everygame and at all other online casinos has a wagering requirement attached to the bonus. This is a factor of the bonus that a gamer has to bet before he or she can withdraw winnings. The wagering requirement was instituted soon after online casinos began operation as some gamers received a deposit bonus and cashed out right away.
The wagering requirement protects the casino and makes deposit bonuses possible.
Never Follow a Betting System
We mean by the term a “betting system” a formula by which gamers feel that they can’t lose if they follow the system. These systems do not work! If they did, all casinos would soon be bankrupt and out of business.
The key weakness in betting systems is that they do not take short losing streaks into account. If you are budgeting responsibly and try to win money using a betting system, one short losing streak will compel you to make a very large bet in order to win a very small amount of money.
A Last Word about Online Casinos and Money Management
A lot of gamers want to continue playing after the time limit on their gaming has expired. When the time limit expires, a gamer should stop making bets since the two are intertwined. So, a gamer who wants to continue gaming for a while can play at Everygame Casino in free play mode.
Land-based casinos cannot offer free play.
Some gamers also use the free play mode to play a game they have never played before. Free play gives them the chance to learn the game before making a bet on it.
Everygame Casino Offers Great Gaming
We have over 300 games on offer. We offer great bonuses. We also publish many articles like this one that help put gamers on the right track to have great fun gaming.