Learning to manage your money is vital no matter what area of your life you’re considering, and it definitely has significant ramifications when it comes to online gambling.
In this brief guide, we’ll give you the basics on keeping your finances in check while still enjoying the latest and greatest casino sites out there.
Assume you’ll lose and budget accordingly
It may seem defeatist, but it’s a good attitude to have, because if you sign up to an online casino knowing that you’ll lose more than you win, you can treat it as you would any other pastime.
You wouldn’t sign up for a gym and get annoyed at having to pay for membership, just as you shouldn’t gamble online and get frustrated when you are left out of pocket.
The odds are stacked against players purposefully. So when making a monthly budget, put online gambling as a luxury, and don’t rely on it as a means of generating income.
Check odds and payout rates
Once you know how much you have to spend when gambling online, the next step is to head over to the best payout online casinos and keep in mind the odds of winning any game you play.
Slots, for example, will have a few ways of signaling their odds, even if they are not explicitly stated in the game. The variance of the machine is relevant here, as low variance slots pay out little and often, while high variance games provide mouth-watering jackpots but will have a tiny likelihood of this being won built into their design.
Use new player bonuses and rewards to make your money go further
Another important aspect of gambling online is understanding that casinos want to keep you as a customer, and they’ll do all they can to ensure you don’t take your business elsewhere.
The first way they’ll do this is with new player incentives that bump up your initial deposit and give you some cash to splash on different games and activities.
This sounds good, and can be worth the equivalent of several hundred dollars, so long as your deposit is big enough. However, these bonuses are rarely withdrawable, and other conditions will determine how you use them, so don’t rush in if you’re not sure of the rules in place.
The second is with loyalty schemes, which will reward you over time so long as you keep gambling with the same site.
You have to decide whether opening accounts with different reputable casino operators, or staying loyal to just one, is right for your preferences and your budget.
Put limits in place if available
Another useful tool offered by a growing number of casino sites is the ability to put a cap on how much you can deposit and spend within a set amount of time.
Making sure that these caps are in place, and even putting your account on pause if you feel like you’re losing control, is a great way to take the management aspect out of your hands and automate it to a degree.
You might have to opt in to activate these measures, so do this as a priority whenever you sign up to a casino service.
Use secure payment methods
Lastly, don’t leave yourself open to the potential of being hit with fraud or any other financial manipulation. Instead, make sure that the means by which you add or remove money from your online casino account are safe and secure.
Sticking to traditional credit card payments is perhaps the best option, because of the automatic consumer protections you’ll receive. There are also other ways to do this, such as via PayPal, so as long as you trust the platform, go ahead.