Online gambling in casinos or on sporting events is big business – and enjoyed by millions of global gamblers (both casual and pro). However, whether you're a serious gambler or even if you essentially gamble with small sums of cash and for entertainment, it makes sense to take your gambling for real and avoid the pitfalls that many gamblers find themselves in when playing in casinos or gambling on sports.
Gambling budget planning
Almost all successful gamblers (and that includes casual gambling) use sensible budgets. Fundamentally, a good budget is a level of loss that you should be happy to spend having fun (in essence gambling can never get out of hand or become a problem). What's more, good gamblers know that it's possible to turn a small bankroll into big money (so earn the right to bet big!).
There are endless ways to approach gambling when it comes to staking – with many progressive staking strategies and weird and wonderful methods. However, level staking with a low bet liability is the mark of highest class gamblers – in addition to giving casual gamblers more control and potentially success gambling sessions. The keys are setting up a betting max that equates to around 0.5-1% of your bankroll; for example, bets of 0.50 with 100.00 or 5.00 with a 1000.00 bank. This strategy ensures a low relative risk to y our gambling bank, even during terrible sessions.
There are no guarantees with online gambling, and even for skilled gamblers it can make sense to play it safe by setting up some simple profit targets. For example, let's say you're a casual gambler who decides to play with a bankroll of 100.00, and thinks that reaching 200.00 by then end of the month would be an excellent target (not bad when you're essentially gambling for entertainment value!). However - many gambling regulars fall into the trap of reaching their target and thinking 'hmm, perhaps I'll set a new target of 500 before banking'. Now, while this is all very well, it can potentially be risky. Why? Well, simply put, gambling can be a psychological challenge, and when you build up tasty bankrolls, losing hurts – and the risk of chasing losses and eventually blowing your profit is a possibility. In contrast, by opting to bank and re-start with a small bankroll and setting a new modest profit level is frequently successful for recreational gamblers. There is no right or wrong way to enjoy gambling in a web casino or sportsbook – but this is something to think about!
Split gambling banks
There's also another interesting way to boost your chances of gambling success in online casinos or when betting on sports; 'split banks'. This simple idea simply means you take your budget and split it into at least two bankrolls (for example, 2 x 50.00 or 4 x 25.00). The key advantage is down to several factors:
- The law of averages suggests at least one bank will hit good luck
- It's impossible to blow your whole budget at once
- You can build up multiple successful gambling banks
- It's psychologically easier thanks to lower relative stake levels in each casino/sportsbook