Gambling online offers excitement and opportunities to win big. However, the speed and accessibility of internet betting make it all too easy to get carried away in the heat of the moment. Without proper money management, your bankroll can quickly spiral out of control.
The key is having a plan in place to allocate funds responsibly, set rules, and track your wins and losses. Approaching online gambling with discipline and level-headedness helps ensure it remains an enjoyable hobby rather than a detrimental financial burden. Read on for Let’s Lucky pro tips to take control of your bankroll.
Set a Gambling Budget Based On Affordability
The foundation of responsible online gambling is only risking an amount of money you can comfortably afford to lose. Set a specific dollar limit for your bankroll based on your financial situation and disposable income. As a general rule of thumb:
- Low income: 1-2% disposable income
- Moderate income: 2-5% disposable income
- High income: 5-10% disposable income
Be ruthless in sticking to your predetermined bankroll limit. Logging into your betting account drunk or on tilt and making rash, emotional decisions is often what gets gamblers into trouble.
Automate Deposits to Avoid Temptation
Rather than depositing ad hoc when the urge strikes, set up weekly or monthly auto-deposits into your gambling account. This allows you to stick to your gambling budget by removing the temptation of spontaneously adding more funds.
Consider allocating your bankroll into separate daily, weekly or monthly amounts. This stops you from placing too many bets at once due to having your entire allotted gambling money readily available.
Withdraw Winnings & Avoid Chasing Losses
When you get lucky and win big, withdraw a portion of your payout immediately rather than leaving it in your account. This way at least some of your good fortune goes directly into your pocket rather than being at risk of losing it all back to the house.
It can be tempting to use your winnings to try to win even more. But chasing losses by continually upping your bets often leads to digging yourself into a deeper hole. Know when to walk away to protect your profits.
Take Breaks and Track Your Gambling Activity
Periodically taking time off from betting helps provide perspective and clarity. Use gambling tracker tools to monitor your activity including deposits, withdrawals, bets placed, outcomes, time spent, and P&L.
Review your tracked data to identify any problematic patterns in your betting behavior, such as repeatedly betting more after losses. The transparency and accountability of seeing your actual figures in black and white makes it harder to harbor any illusions about whether your gambling is under control.
Table 1: Example Gambling Tracker
| Date | Bet Details | Wager | Result | P/L | Time Spent |
| 1/1 | Football spread | $50 | Win | +$47 | 45 min |
| 1/2 | Blackjack | $25 | Loss | -$25 | 1 hr 20 min |
| 1/4 | Roulette | $100 | Loss | -$100 | 30 min |
| 1/5 | No bets placed | $0 | n/a | $0 | 0 min |
Set Stop Losses and Win Limits
Predetermine thresholds where you must stop gambling for the day, both when you are winning and when you are losing. Hitting these triggers requires you walk away from the virtual tables and slots no matter how badly you want to keep playing.
Some suggested stop win and loss limits based on your afforded bankroll include:
- Stop loss limit: 50% of your daily/weekly/monthly allocated funds
- Stop win limit: 200% of the amount you initially sat down to gamble with
So if you begin a session with $100, quit if you are down $50 or up $200. This prevents short term winning streaks going to your head and protects you from disastrous losing slides.
List of Pro Bankroll Tips
- Set an affordable gambling budget based on income
- Auto-deposit funds to avoid temptation
- Withdraw a portion of winnings
- Avoid chasing losses to win back money
- Track gambling activity and look for problematic patterns
- Take periodic time off from betting
- Establish stop loss and win limits for any session
Thrill of the Game
Approaching online gambling armed with a proper bankroll strategy, discipline and self-awareness allows you to enjoy betting responsibly. There will invariably be swings and roundabouts when it comes to luck and beating the odds. But by managing your money wisely, the thrill of the game can stay just that, rather than becoming a source of financial and mental anguish. Gamble within your means, play the long game, and most importantly, have fun!
Conclusion
Managing your bankroll wisely is fundamental to ensuring online gambling remains a recreational hobby that adds excitement to your life. By budgeting smartly, tracking activity, taking breaks, and setting stop limits, you can avoid many pitfalls which snare less disciplined bettors. Stay in control and gamble responsibly so you can keep playing the game for years to come without jeopardizing your financial stability.
