Sound Money Management is a Key to Happy Gaming

One of the most important aspects of online casino gaming is proper and realistic money management.  However, this remains a bit of a cliché to many gamers so, in this article, we will go into some depth as to what we mean by sound money management.

Set a Budget

Clearly, all gamers need to set a financial limit to their gaming. Online casino gaming is simple and fun entertainment - and should be treated, and budgeted that way.  And stick to this budget.  If you've hit your limit for the day, stop and come back tomorrow with tomorrow's budget.

It is just as important to set a time limit to your gaming as well.  As the saying goes, “time is money” so you need to have a budget of time as well as a budget of money.

We set budgets for ourselves all the time.  The reason the first class section on an airplane is so much smaller than the coach section is because hundreds of passengers budgeted a given amount for tickets and the cost of a first class ticket was too steep.

We budget hotel accommodations, restaurant meals, clothes and accessories, cable television costs and hundreds of other categories of goods and services we use every day.  Budgeting for gaming is no different.  One great way to understand your gaming budget is to see gaming as another form of entertainment.

We repeat this piece of advice in many contexts because it is so important to your overall money management.

Play Online

Online casinos such as Everygame Casino have fewer operating costs than land based casinos have.  Therefore, the return to player rate is higher at online casinos - around the 97% mark as opposed to 50-60% at land casinos.  Online casinos have more games, as well, since we have unlimited space.

Take Cash Bonuses

Another advantage online casinos have that relates to money management is that we can offer more deposit bonuses than land based casinos can offer.  There is a simple reason for this.  Every bonus comes with a wagering requirement.  This means that every gamer has to bet a factor of the bonus before they can withdraw winnings.

At an online casino, you can take as much time as you want to work off the wagering requirement for a bonus while if you get a bonus from a land based casino, you’ll have just a day or two to work off the wagering requirement.

Gaming for such long periods of time is a major aspect of poor money management.

When Should You Not Play?

In the previous paragraph, we spoke about the need to work off the wagering requirement quickly at land based casinos.  This means that you’ll inevitably continue to play even when you are too tired to make good decisions.

Since land based casinos also give free alcohol to gamers, you might find yourself a bit inebriated while still playing - NOT a good idea.

You might also continue playing even though you are hungry.  These are not issues at our online casino - hungry?  Take a break - go in the kitchen and fix a meal or pop out for a meal.

Don't Cash Out

In any gaming session, if you have finished with a profit, we advise you to leave your winnings in your casino account.  Then your casino entertainment budget is there for you when you want to pop in and spin a few later on, tomorrow or the next day. 

Follow the Best Gaming Strategy

In games like video poker and blackjack, there are solid strategy moves that you need to make to bring your odds of winning close to 100%.  If you play these games on hunches alone, you’ll lose more money and good money management means conserving your bankroll enough that you can win in the end.

Following the best strategy is hard for most players since some aspects of top strategy seem do counter-intuitive.  For example, some blackjack players always stand with 12 or more points.  However, there are very solid statistical reasons to hit with 12 or more points depending on the card the dealer has showing. 

Check in with our video poker and blackjack tips to be on top of your game with the best gaming strategies.

Pay Yourself

Finish your gaming session in the plus? Had a good winning day?  Celebrate!  Take out a bit of your winnings from the day and go out for dinner, buy that cologne you've been thinking about, or continue the evening at a movie.

When you pay yourself, you feel that this money is for purposes other than gaming.  Your gaming budget should reflect your ability to play casino games for real money.  Paying yourself sets up a reward system for good gaming in all aspects.