Gambling, whether it be casino gaming or sports betting, has become a hugely popular pastime in the United States. Time and time again, we are drawn to the gambling world, ready to test our luck and skill against fate and the game. Having said this, gambling in this way can very quickly go from being an enjoyable hobby and a way to relax to becoming a financially taxing and stressful experience. With that in mind, here is a simple yet highly effective guide on how to manage your bankroll while gambling.
Use Online Platforms
Although the glitz and glamor of a brick-and-mortar casino is certainly enticing, swapping out some traditional casino time for online alternatives is a great way to manage your bankroll. The reasons for this are many. Firstly, online casinos place control back in the players’ hands. It is more casual than traditional casino gaming, and so there is no expectation to spend large amounts of money. Also, modern online casino platforms often have a lot of tools that you can use to help manage your bankroll, including allowing you to set betting and gambling limits.
If all this wasn’t enough, this list delves into some of the further advantages of online casino platforms that can help you manage your bankroll. This includes the many benefits, such as increased security, faster transaction speeds, and lower translation costs, that come with the integration of cryptocurrency into the online gambling scene. On top of this, the majority of these platforms also offer both newbie and more seasoned players multiple impressive bonuses and rewards, all of which can help their bankroll stretch further.
Use a Budgeting Tool to Create Your Bankroll
To manage your bankroll effectively, you’ll need to first create one. In order to do this, it’s a good idea to use a tried and tested budgeting tool to help you put aside the money you’ll spend on gambling, after you’ve taken all your essential purchases into account. For this, we recommend the 50/30/20 rule.
The 50/30/20 rule is a simple yet highly effective budgeting tool that can help ensure you are not putting too much of your income into your gambling hobby. The idea here is that when you receive your monthly paycheck, or whatever else it is that supplements your income, you separate it into three separate pots. The first pot, which represents 50% of your total earnings, is to go towards essentials. These are things that you need to pay for and purchase, such as rent or mortgage, bills, and essential groceries, to continue living happily and safely. Once this is covered, you can then place 30% of your income into non-essential purchases. These are, as the name would suggest, purchases and payments that, although not strictly essential, help to enrich your life. We’re talking about funds for hobbies, meals, and days out, sweet treats, and meeting friends. It is from this pot that you will build your bankroll for gambling, but make sure to keep in mind all the other fun things you want to do over the month, so you do not limit yourself to just the casino or sportsbook. The final pot, which represents 20% of your total income, is for savings, providing you with a safety net, should anything go wrong in the future.
Make Use of Promotions
As mentioned, the majority of online casino platforms and sportsbooks offer several bonuses and rewards to their players. Learning what these are and how they can benefit you is a great way to save some money and manage your bankroll. It’s a good idea to compare and contrast different platforms to see which are offering the best deals and can save you the most cash. Also, why not use multiple different online platforms to make use of several promotions at the same time?
Give Crypto a Try
Cryptocurrency is hugely popular in the US, and with a quick dive into the many uses and benefits of these digital assets, it isn’t hard to see why. Cryptocurrency and gambling go hand in hand for multiple different reasons, and using it as a payment method at online casinos and sportsbooks is a great way to make your bankroll stretch further.
Firstly, crypto can save the gambler money due to the low transaction fees that emerge due to the asset’s decentralized nature. However, what really sets crypto apart from other payment methods in gambling is its volatility. Crypto is often highly volatile, which means its value can either increase or decrease over time depending on several different factors. Because of this, the gambler who uses cryptocurrency often sees their winnings grow later down the line. This being said, just as crypto can increase in value, so too can it decrease, and investors are highly encouraged to never invest more than they can afford to lose.
Conclusion
Alongside keeping a steady frame of mind, not letting yourself become tilted, and not chasing losses, there are several more practical things you can do to manage your bankroll when gambling. The internet is full of finance-related guides and resources that can not only help you craft your bankroll but also update it, stick to it, and manage it in a stress-free manner. Gambling is meant to be enjoyable, but the fun can quickly sour if we feel as if we’ve lost control of our finances. That’s why it’s essential that you always keep your bankroll in mind and never bet or wager beyond your means.
