Bankroll management is a key operation in good personal finance. Whether it’s for a household, a company, or a government, effective bankroll management determines if you stand to lose everything or make something in the short and long-run.
What Is Bankroll Management?
Bankroll management is effectively managing how much cash you have, how much you spend, and how you spend it as well. With an effective bankroll management system or strategy in place, a punter will have enough to pay the bills, rent, food, etc., even if they manage to lose everything they had (and that’s in a worst-case scenario). Bankroll management could apply to single rounds, a single session or games, for a few months, or for perpetuity. And moreover, you could also have a different strategy for each situation and game. While you may not win a lot with each bet, you also stand to lose a little. So your gains and losses are capped to a portion of your bankroll. Think about it like this, if you lose everything you bet at one go, then you don’t have a chance to make up your losses on your next bets. However, if you lose only a little, you still have skin in the game, and the law of averages will soon catch up (depending on the type of bet as well).
Roulette Management Tips
We take a look at some of the best online roulette bankroll management tips that punters use. You can also make modifications to these tips and use them to become a professional punter and successful bankroll manager.
1. Separate personal finance from betting funds
Separating personal finance from betting funds is the most important and often the most overstated management tip. It’s important to create a distinction, or even better, a different account for betting and another account for other personal finances. This way, a punter doesn’t use important funds such as funds for rent to gamble. This strategy also helps create a structure for punters to follow and make successful wagers.
2. Betting a fraction of your bankroll
It’s important to consider how much of your bankroll (from your betting funds) you’re going to spend on a particular bet. Let’s say you have a bankroll of $1000 in your betting funds. Consider not spending more than 5% of your entire bankroll (or $50) on a single wager. Then the only way you’d lose your entire bankroll is if you manage to lose 20 bets consecutively (which is highly improbably).
3. Type of roulette game or variation
Consider what game of roulette or what variation you’d like to play. Some versions, such as the European roulette, offer a better payout to punters in the form of En Prison. Other versions, such as the American roulette, have a higher house edge, which means a lower payout (as compared to European roulette) for punters in the long run.
4. Online bonuses
Online bonuses make online roulette more incentivizing compared to land-based roulette at casinos. Punters who play online gain access to sign-up bonuses, referral bonuses, winning bonuses, in-game bonuses, extra spins, and much more. These bonuses directly contribute to a higher payout and secure bankroll.
5. Lower stakes during a bad run
It’s important to realize when you’re not on a hot streak or, rather, on a losing streak. If you continue to make bets at the upper end of your 5% of your bankroll, you can rack up some serious losses very quickly. Consider lowering your stakes during a bad run until you feel confident upping your stakes once again.
6. Track every expense
Track every expense you make, and this applies to both your betting account and personal finance account. Tracking each expense gives you a better understanding of what you spend on and your outflows in order to better manage it. Saving a penny is better than spending it.
7. Gamblers’ Fallacy
Most gamblers aren’t aware of the gamblers’ fallacy, and while others are aware of it, they still fall prey to it from time to time. A lot of casino games (including roulette) are based on random outcomes. This means each event is independent of the previous one. However, a punter may feel that because something happened in the last round, it may happen (or may not happen) again. You can avoid this bias by treating each spin as a new game.