Slots Money Management - How to Manage your Bankroll
While many people would prefer to believe that winning at slots is all down to smiling at Lady Luck the right way, the reality is that slots money management is an important feature of effective gambling and your luck will be in for a much smoother and easier ride if it comes with a plan and a purpose that you unflinchingly stick to. The reality is a deceptively simple one – slots players do not make and indeed retain money on luck alone. In fact, if your slots money management skills are up to scratch your slots strategy should still aid you in getting the maximum amount of play possible while keeping your losses to a manageable level.
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Right, so we’ve established that you have the money and you’re ready to win big, but is that truly enough to get the job done? If you’re nodding your head and thinking it is, go to your fridge, open the door, fetch a drink and come and sit back down because we need to talk. The first step in slots money management is to understand how much money you need in your bankroll for an enjoyable slots experience and when you discover precisely this, come hell, high water or the second coming, YOU DON’T BUDGE. This means that once you’ve established how much you’re going to spend on a particular session, whether or not you make money or indeed spend it all in one go, you need to walk away once you spend the allotted amount in your pocket, nothing less and definitely nothing more. A common mistake which many people make is expecting their luck to suddenly turn after they’ve had a really bad streak, but let’s face it, this very rarely happens and what’s more, it’s decisions like this which are destined to make you very, very, very broke. Ultimately, slots money management while gambling is all about maintaining emotional control of yourself and your actions and you should avoid being the one who allows the excitement (or despair) of winning or losing overwhelm his decision making processes. Like that boy your mum warned you about a few years ago, when you start making decisions based solely on your emotions, bad things tend to happen. Your goal should always be to have as good a time as possible while retaining full control of your actions and finally and maybe most importantly, never gamble money that you are not willing or able to lose (this latter point should go without saying).
After you’ve established the amount you’re willing to gamble, the all-important part of choosing your machine comes into play. Now, slot machines have varying payback rates which usually range from 75 percent at the low end to 99 percent at the high. Clearly, what you’re after is as high a payback as possible and the average payback is around 90 percent. This means that you can expect to lose ten cents for every dollar you put in a slot machine, or ten dollars for every hundred dollars you wager. However, this is not an exact account – it is simply what you can expect over time. All this said, it is of tantamount importance that you check out each and every machine and what kind of payback it offers as each one is different. It goes without saying that you should always check the fine print because in gambling and casino in particular, it is truly this aspect more than any other which will make or break you and your bankroll.
Now that you’ve decided on your amount and the machine you want to play at, the next part of being a slots money management king or queen involves you figuring out how much you are willing to wager in an hour. Why an hour? Well, mostly because an hour is long enough for you to be able to get a good grasp of the machine, as well as the fact that it’s easier to keep track of time and how much you’ve won and lost if you stop every hour or so. If you wager an average of $100 an hour, a bankroll of $200 should keep you in play for five or ten hours, even if you hit a streak of bad luck. However, if you wager $2,000 an hour, you will need considerably more.
There are numerous studies which have been conducted on the fact that people who eat whilst watching television tend to eat more without even fully realising it due to the fact that they are not concentrating on what it is that they are doing. So what does this have to do with gambling? Well, everything. When it comes to spending your earnings, just don’t. If you do finally manage to make a tidy sum at the slots, then do yourself a favour and don’t put all of it straight back into the machine again. Try to keep a percentage of what you have won separate from what you plan to play with and don’t touch it, otherwise, like those people who eat in front of the telly, you’ll have finished a whole box of biscuits (or dollars) before you know it without even being conscious of doing so. It also makes sense to keep your winnings separate so you know just how much you’ve played and won simultaneously so that if a machine isn’t living up to your expectations, you’ll realise soon enough. If you decide beforehand how much you’re willing to hold onto and how much you’d be willing to feed back into the machine then you’ll seldom be led astray or go home with empty pockets. One of the greatest mistakes that even seasoned gamblers do again and again with regards to slots money management is to make a fabulous win and follow it up by simply continuing to play what they have won in a misguided effort to recover what they previously lost with the result of also losing the winnings they worked so hard for. An example of what you could do if you were to win $1000 is play 10% of that which would amount to $100 and then if you win again, play a further 10% of that. If you win nothing after you play that first $100 then at the very least, you’ll leave with $900 which you can save for another day.
It’s not only playing in a distracted almost half-hearted way that can lose you the big bucks, but if you play too quickly you’ll probably get bankroll indigestion. The reality is no matter which slot machine you play at, the casino will probably always have the edge anyway. This means that the faster and longer you play, the more money you will lose in the long run. You can slow down the rate at which you lose if you player slower. In addition to this, if you decide to make a habit of playing slower at all casinos, chances are you will be able to make better decisions about your next move because it would have been more thoroughly thought out.
So how are players meant to do this? One way to get this done is to play one coin at a time instead of three per play, but that said, you should only do this on machines that pay proportionally. You should obviously refrain from playing one coin in machines that have a higher proportion payout, especially for the maximum coin jackpot. If a slot machine has a 100 coin payout for one coin, 200 coins for two coins but 500 coins rather than 300 coins for three coins, you would be penalized with a lower overall return by playing less than max coins in these specific machines. Another method you can employ is pausing between each play. On average, players who press the spin button at a rapid pace can easily get 600 or more plays per hour, however, if you slow down to 400 plays per hour, you will inevitably cut your losses by 33%. Thus, you’ll be getting more playing time for the same bankroll.
Slots Money Management: It should be for everyone!
Hopefully, if this page has achieved anything you should now know that it isn't necessary to expect to lose the entire portion of your slots bankroll. If you take our advice and follow it to the letter, you’ll not only increase your chances of winning hundredfold, but even if you don’t completely empty the slots machine coffers into your own pockets, if you practice our slots money management tips you will at least provide yourself with enough money to keep you entertained and playing until you have the opportunity to replenish your bankroll.