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* modified on 2016-02-03 18:29:34
This isn't a financial "site", rather, it is a guide that has to do with finances so I figured this would be the best category to post it in....
Because online casinos and poker rooms are so accessible, it makes it trickier to walk away like you can at a Land Based casinos. It's especially difficult if you work from home or have long periods with little to do or where you get bored. So if you are anything like me and tend to milk things you enjoy way too much, it's important to set up some controls that help you to limit your spending.
It is a good idea to implement a maximum daily deposit limits and stick by it! I for one, have maximum daily limits set up at the 2 casinos I play most often on. I contacted Support at both casinos and after a few emails they implemented a daily deposit limit for me. I found that requesting a daily (or weekly) deposit limit was not something players ask casinos to do for them very often (if ever) so explain things clearly and be patient with them as in some cases the casino may not even have the ability to set limits as it may never have been done before. Keep in mind that Even with DEPOSIT limits it is still possible to gamble more then you intended to in a given time period by losing your winnings (if your lucky enough to win).
**Wagerworks casinos (like Virgin, Blue Square, Paddy Power or Get Minted) allow players to set limits no there own without contacting support. These limits can not be changed for the next 7 day. Great Idea, more casinos should adopt this ability.**
One other thing that is a killer to a lot of players and is EXTREMELY important to me is "Reverse Withdrawal" period. Reverse Withdrawals means that you can still access your money for X hours after you cashout. I hate this with a passion as it is simply there to entice you to lose your winnings once you run out of money. So I only play at casinos which either do not have this or at casinos which are prepared to remove the Reverse Withdrawal facility altogether or reduce it to one hour max. Any casino that will not do this does not get my business PERIOD. This is a non factor with most Bitcoin Casinos and is one of the biggest reasons that I choose to use bitcoin as often as I possibly can.
Another small thing I have learned to do is set up targets and stick by them. For example, I might start with $100 and set a target of $200. If/when I hit that, I'll cash out $50 plus anything extra above the $200, leaving me $150 to continue playing and the rest to come back for another blast on another day.
Finally if you are playing slots, it's important to understand the concept of "variance". The lower the variance, the lower the risk, but additionally you will hit less of the "big" wins and more of the smaller ones. You'll need to set your cash out sights lower, perhaps at 50%. The more you increase the variance, the faster your money goes, but obviously you could hit bigger wins if you are lucky. You are increasing the risk. If you want entertainment and are happy to aim at smaller profits, stick low. If you have money to burn, aim higher and cross your fingers. But stick with the other strategies outlined on this post or you could burn up all your funds quickly. Variance also comes into play when you are playing variants of video poker.
This isn't a financial "site", rather, it is a guide that has to do with finances so I figured this would be the best category to post it in....
Because online casinos and poker rooms are so accessible, it makes it trickier to walk away like you can at a Land Based casinos. It's especially difficult if you work from home or have long periods with little to do or where you get bored. So if you are anything like me and tend to milk things you enjoy way too much, it's important to set up some controls that help you to limit your spending.
It is a good idea to implement a maximum daily deposit limits and stick by it! I for one, have maximum daily limits set up at the 2 casinos I play most often on. I contacted Support at both casinos and after a few emails they implemented a daily deposit limit for me. I found that requesting a daily (or weekly) deposit limit was not something players ask casinos to do for them very often (if ever) so explain things clearly and be patient with them as in some cases the casino may not even have the ability to set limits as it may never have been done before. Keep in mind that Even with DEPOSIT limits it is still possible to gamble more then you intended to in a given time period by losing your winnings (if your lucky enough to win).
**Wagerworks casinos (like Virgin, Blue Square, Paddy Power or Get Minted) allow players to set limits no there own without contacting support. These limits can not be changed for the next 7 day. Great Idea, more casinos should adopt this ability.**
One other thing that is a killer to a lot of players and is EXTREMELY important to me is "Reverse Withdrawal" period. Reverse Withdrawals means that you can still access your money for X hours after you cashout. I hate this with a passion as it is simply there to entice you to lose your winnings once you run out of money. So I only play at casinos which either do not have this or at casinos which are prepared to remove the Reverse Withdrawal facility altogether or reduce it to one hour max. Any casino that will not do this does not get my business PERIOD. This is a non factor with most Bitcoin Casinos and is one of the biggest reasons that I choose to use bitcoin as often as I possibly can.
Another small thing I have learned to do is set up targets and stick by them. For example, I might start with $100 and set a target of $200. If/when I hit that, I'll cash out $50 plus anything extra above the $200, leaving me $150 to continue playing and the rest to come back for another blast on another day.
Finally if you are playing slots, it's important to understand the concept of "variance". The lower the variance, the lower the risk, but additionally you will hit less of the "big" wins and more of the smaller ones. You'll need to set your cash out sights lower, perhaps at 50%. The more you increase the variance, the faster your money goes, but obviously you could hit bigger wins if you are lucky. You are increasing the risk. If you want entertainment and are happy to aim at smaller profits, stick low. If you have money to burn, aim higher and cross your fingers. But stick with the other strategies outlined on this post or you could burn up all your funds quickly. Variance also comes into play when you are playing variants of video poker.
I will be posting details on which slots are low/medium/high variance in the very near future, so check back!
I am the first to admit that I have, on many occasions, spent and lost more then I intended to. Setting limits and following a few simple rules has truly helped me as a player and I am happy to say that I haven't spent more then I could afford in a long long time. Not because I have self control but simply because the limits I set simply do not allow me too. If you have EVER spent more then you wanted to, I suggest trying the above tips, it could save your butt in the future!
I am the first to admit that I have, on many occasions, spent and lost more then I intended to. Setting limits and following a few simple rules has truly helped me as a player and I am happy to say that I haven't spent more then I could afford in a long long time. Not because I have self control but simply because the limits I set simply do not allow me too. If you have EVER spent more then you wanted to, I suggest trying the above tips, it could save your butt in the future!
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On 2016-06-09 22:23:53
They use reverse withdraw on purpose :(
You right about budgeting. If you can't stick to a strict budget then you probably shouldn't gamble really. Although its hard to stop.
They use reverse withdraw on purpose :(
You right about budgeting. If you can't stick to a strict budget then you probably shouldn't gamble really. Although its hard to stop.
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On 2017-02-27 05:07:09
Your post here perfectly describes the bankroll management strategy that I created a few months ago, and still have not implemented. Not even once. I need to just make this a rule and actually do it. Thanks so much for posting. I'll let you know how it works!
Your post here perfectly describes the bankroll management strategy that I created a few months ago, and still have not implemented. Not even once. I need to just make this a rule and actually do it. Thanks so much for posting. I'll let you know how it works!
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On 2017-04-12 05:57:42
You are totally right about budgeting!
You are totally right about budgeting!