Unlike blackjack and poker where gamblers can increase their odds of winning with a proper strategy, slots are games of pure chance and one of the most important things a slots player can learn is good bankroll management. It is the only skill that would enable them to avoid losing their money and, sometimes, even end up at a profit. This may not be the most ambitious goal when starting to play but it is the most reasonable one when we realize that slots are, after all, a negative expectation game.
Bankroll management typically has many aspects, including determining a set budget, setting up some limits on the loss and win amount, etc. Many gambling experts online would also argue that discipline is crucial unless players want to lose all their money. Controlling your emotions, however, does not always work when gambling online, especially when playing slots. The reason for this is simple, yet not so obvious – slots are popular among casino players for their entertainment value, not their favorable rules or good odds, and it is the emotional response every slots fan is eager to experience when playing them. The sooner players understand that, the better.
Still, good bankroll management skills could help slots players make their money last and make the most of even the smallest budget. This article explains in short why bankroll management is so important when playing online slots. It also outlines the few most crucial steps in developing money management skills – what to do and what to avoid when playing slot games.
Bankroll and Game Sessions
The first thing players need to know is what a gambling bankroll is. This is money specifically intended for wagering on casino games, whether that would be slots, blackjack, or roulette. The bankroll should not include funds one would spend for food, rent, bills, or for living expenses, in general. There are also a few more basic questions players should ask themselves before entering a casino – what percentage of their entire bankroll should they spend per game session and how much they should bet on each spin based on their fixed budget.
General Guidelines for Setting up a Bankroll
To set up a proper gambling bankroll, players need to determine the amount of money they can afford to gamble away for a specified period – a month, a week, or a day. This is the money they are comfortable risking on slots. In other words, the money they are willing to lose without feeling that the loss would be devastating in any way. For many people, this would not be more than $200 per month, for instance, although some slots players would be able to set aside $1,000 for slots play.
So, the size of one’s bankroll would depend on their personal finances but also their tolerance for risk. Once players determine an amount they are comfortable with, they should divide it into several smaller portions for each game session they plan to have. For instance, if they have a monthly bankroll of $200 and plan to visit their favorite online or land-based casino four times during the month, they would divide their entire budget by four to determine the budget per visit. One trip to the casino could then include a single game session with a bankroll of $50 or two sessions of $25 each.
Experienced gamblers would commonly recommend having a session budget that is between 5% and 10% of the entire bankroll. However, this tactic would not be effective with small bankrolls of $200, for example, since players would have to play with only $10 or $20 per session. Another strategy is to simply set up a session bankroll without planning a long-term budget for slots play. This is, of course, much easier than sticking to a monthly bankroll, especially for novices who are just starting to implement bankroll management in their gambling routine.
Game Sessions and Betting Units
The next important step in setting up one’s bankroll is to determine how much to bet on each spin. Novices should stick to fixed stakes amounts, while experienced players may come up with a betting range that would fit their budget. Typically, the minimum amount they are willing to play with would be considered their basic betting unit. This could be $0.02, $0.10, $0.25, $1.00, etc. The general rule here is to have a session bankroll that is at least 100 times the betting unit.
Most slots players prefer playing with a bankroll that is 200 or 300 times the betting unit. This is the only way to ensure that they can get 200 or 300 spins on the slot game with the money they have even if they lose every single round, which is, of course, highly unlikely, yet entirely possible. Assume we choose to bet $0.25 per spin – this means our session bankroll should be $50 (200x the betting unit) or $75 (300x the betting unit). If we increase the bet size to $1.00, however, we will need at least $200 for the game session.
Loss Limits and Win Goals
It is also crucial to know when to walk away when playing slots. This rule applies to all types of casino games and all forms of gambling. Some gamblers believe it is best to set aside their winnings and play only with the money they started the session with. However, this is not the most practical piece of advice. Instead, slots players should set up specific loss limits and win goals for their game sessions. Once they reach them, they should stop playing and walk away with the funds they have left.
A good starting point is to have a loss limit of 30% to 50% of your session bankroll. This conservative, safe approach is suitable to novices and it makes sure that they will not lose more than half of their budget even if they are on a long losing streak. The same applies to the win goal – after they turn a profit of 30% or 50%, they should stop playing and preserve their winnings.
How to Get the Most of a Game Session
Following the aforementioned bankroll management tips would be effective but there are other important things casino patrons need to consider before starting to play slots for real money. To make the most of any game session, they should take into account several factors that would be unique to them and the game they choose to play.
Watch How to Get Most of a Game Session Video
Consider the RTP of the Slot
Unlike land-based casinos, most online casinos typically display the average return of the games they offer. It is expressed as a percentage and is usually referred to as RTP or Return to Player, ranging between 92% and 97% for most slot games. If a game has an RTP of 95%, this means that players can expect to win back $95 of every $100 wager they make on average.
This theoretical return is calculated based on the odds for each possible winning combination and its respective payout. Generally, games with higher RTP rates are more profitable, so players should always look for slot machines with returns of at least 95%. They should know, however, that real-time sessions usually end up with an outcome that is much different than the theoretical expectation. After betting a total of $100 on a slot with 95% RTP, they can end up losing $25. In other cases, they can score a profit of $12. These are short-term results, while the RTP should be considered a more general indication of the profitability of a game.
Penny Slots or High-Roller Games
One of the most important things to consider before betting real money is the type of slot you intend to play and, more precisely, the coin denomination. Usually, the RTP percentage of these games increases with the denomination due to the higher payouts when playing with maximum coins, the max coin size, and all possible paylines.
There are slots where the maximum bet per spin is $1.00 or $2.00, for instance, and they are often called penny slots since spins are available from as little as a penny ($0.01). Other slot games work with stakes from $1.25 to $50 per spin and are more suitable for high-rollers and players whose goal is to hit the jackpot of the game. It is important to choose the proper game and adjust the size of your bet to ensure you have at least 50 or 100 spins on this particular slot.
Usually, you do not need to have a session bankroll of 300x your bet if your stake is $5 per spin – this could require having $1,500 in your pocket for a single game session. It would be more reasonable to set up a bankroll of 50x to 100x your bet.
Low and High Variance Games
Variance is another term in gambling theory that many casino players tend to pay no attention to. It is associated with the risk and it indicates how a game would pay out over time – whether it will bring frequent, yet small rewards, or it will pay less frequently but when it does, these would be big wins. Low variance slots tend to pay frequently, while when playing games with higher variance, players may experience longer losing streaks followed by big wins or even a jackpot hit.
The variance is important in money management simply because high-variance slots typically require larger bets to be made and more spins to be played until the player can turn a profit. This could cost a lot, which is why players should set up a larger session bankroll if they plan to play such games. Betting on low-variance slots, on the other hand, would not lead to such dramatic fluctuations in the bankroll. These games are more suited to players with smaller budgets – they cannot expect larger wins of 300x or 500x their stake, however.
The next step is a bit trickier – to find the variance of a given slot game. Some game developers would publish it but there is also a way to determine roughly the variance even if we do not have access to this information. We need to look at the paytable of the game and see if the payouts for 3 and 4-symbol combinations differ significantly from the payout for a 5-symbol combo. If the 5-symbol combination offers 10x the payout for getting 4 symbols in a row, then we are most probably looking at a high-variance game. If the gaps between the payouts are not so large, the slot probably has low variance.
Playing Slots Slowly
One of the best ways to control your spending while playing slot games is simply to play slowly. This way you are risking less money per hour. Many players would spin the reels around 500 or 600 times per hour, which at a $1 machine, means they are risking $600 within just an hour. The Autospin function only intensifies this effect and could lead to losing one’s bankroll very quickly. By slowing down and playing 200 or 300 spins per hour, for instance, players would be able to cut their losses in half.
Bonuses and Comp Points
Bonuses, special promotions, and comp point programs may have a huge impact on players’ slot bankroll if they are used properly. There are various types of bonuses offered online, including welcome bonuses, free spins, reload bonuses, cashback, while comp or loyalty points are typically given for betting on different games. What players should pay extra attention to before claiming a bonus, besides its amount, of course, is the long list of Bonus Terms and Conditions that comes with it.
Often, some conditions are simply not possible to meet. A good example would be the huge welcome bonuses, which are given when players make their first deposit into the casino. Let’s say the bonus is 100% match on the deposit and it is worth $200 but it has a wagering requirement of 50 times. This means that players would not be able to withdraw even $5 from their balance before gambling $10,000 ($200×50) away in the casino. There are, on the other hand, small free bonuses, which are cashable and do not include such restrictive conditions.
Online Slots Dos and Don'ts
1Consider Slots as a Form of Entertainment
As we have established in the beginning, slots are a negative expectation game, in which players will sooner or later lose. This is why it is important for slots players to view this type of game as a form of entertainment rather than expect to make some huge profits from it. Unlike skill games such as poker or blackjack, slots are based on chance and probabilities, so no strategy can increase your odds of winning. So, the best you can do is manage your bankroll carefully while having fun at your favorite online slots.
2Don’t Use Credit and Debit Cards for Gambling
When setting up a fixed bankroll for playing slots, players should set aside a specific amount of money and use only it in the casino. Many players would often make the mistake of using a credit or a debit card when visiting an online casino. This way they will have instant access to their bank account balance or worse, to their credit card, which would allow them to gamble with borrowed funds.
Rather than having a virtual slot bankroll that is not physically separated from the rest of your money, you may try setting aside a specific amount of money and placing it in a different bank card or an e-wallet. This will be a completely separate source of money that will help you avoid overspending in the casino.
3Gamble Only Money You Can Afford to Lose
No bankroll management plan can guarantee that you will end your game session at a profit. This applies to all casino games but is especially true for slots where the outcome of each spin is completely random and independent of the past or future spins. Although they cannot be predicted or avoided, losing streaks can always occur and deplete the entire bankroll. That’s why players should gamble only money they can afford to lose.
4Don’t Look for “Loose” Slot Games
Patrons in land-based casinos would usually search for the so-called “loose” machines – games that tend to pay out more often. To determine whether a slot is loose or not, they would observe other players or try out different machines themselves. In online casinos, however, they have easy access to the paytables and the RTP percentages of the games, and sometimes, casinos even display the variance.
Players do not need to bet real money on a game to see all this information – instead, they can open their chosen slots in fun play mode and see how the games perform. If they prefer playing a loose slot, they simply need to look out for a low to a medium-variance game with a relatively high RTP and a good variety of special symbols, free spins, and other special features.
5Adjust Your Bet Size Properly
Another important step in bankroll management is adjusting the bet according to the personal gambling budget and the type of game. Determining a proper basic betting unit is crucial but players also need to consider the type of slot they are playing. Certain games, for example, offer a higher RTP percentage if played at the maximum bet level. Such games include slots with progressive jackpots, where the jackpot is unlocked only when betting the maximum number of coins.
Players should know that the size of their bet depends on several things – the number of paylines they choose to activate, the number of coins they bet on each line, and the coin denomination. The best strategy is to activate the maximum lines in order to have more chances to win but keep the size of the coins at the minimum. When it comes to the number of coins risked per line, players should bet as many as they can afford based on their bankroll.
Let’s take a 25-line video slot where players can bet up to 10 coins on each payline, while the possible coin denominations range from $0.01 to $2.00. Those who are on a tight budget should start by activating all 25 lines and sticking to the minimum coin size. If they choose to play with 10 coins on each line, they will need to bet $2.50 on each spin, which is quite high considering they have a session bankroll of $50 or even less. That’s why they can start with betting 2 coins of $0.01 on all 25 lines – this would cost them only $0.50. If they play with only 1 coin, they will spend $0.25 on each spin
6Don’t Expect to Improve Your Odds
One of the most common myths about playing slots is that you can somehow improve your odds of winning by incorporating bankroll management tactics or use progressive betting systems into your play. In reality, slots odds that depend on a range of factors such as the number of reels and rows, the number of symbols that can appear on each reel, the number of paylines, or sometimes, the size of the bet.
Much of this information remains hidden and players simply cannot calculate the odds of winning or losing. In contrast, it is relatively easy to calculate how likely it is to win or lose with each type of bet when playing games such as roulette or craps. So, even the best money management tips cannot help you improve the odds.
7Take Advantage of Online Bonuses
As mentioned above, online casinos offer many different bonuses and loyalty programs to their patrons. Usually, the sign-up bonuses are particularly good since casinos compete against each other to attract new players. Free spins and no-deposit bonuses are also quite attractive although they usually feature tough requirements and conditions that are hard to meet. There are, on the other hand, bonuses with no wagering requirements, no maximum cashout, and no restrictions.
8Don’t Claim All Bonuses You Can Find
In fact, the majority of online casino bonuses seem very appealing but are, in fact, very restrictive and feature conditions that are almost impossible to meet. The reason for this is very simple – their purpose is not to give players some free cash to play with but to make players as much as possible on the casino website. They may be great for trying out new games but the winnings from them can rarely be withdrawn.
That’s why players should try looking for bonuses with favorable rules and take advantage of only the best offers. Rather than claiming all the bonuses they can find, it would be better if they get such special offers only occasionally.
Ask a Question. Get an Answer.
Have a question about this topic? Ask an expert at info@supercasinosites.com
Find the answers of questions people asked so far:
Are there any betting systems that can help me last longer with my current bankroll?
Most slot players prefer to enjoy slots without following any particular betting patterns. That said, if you want to ensure that you last longer with the bankroll you have set aside for your slot sessions, you can try some betting systems. While the Martingale progressive betting system is popular among some slot fans, it is quite risky and can quickly exhaust your bankroll.
Instead of the Martingale betting system, you can try the 1-3-6-2 betting pattern as it is less risky and can help you play longer with the budget you had prepared for your casino session. You start your slot play with a single-unit bet and as long as you are winning, you follow this system by increasing your bet to three units, then six, then reducing to two units. Then, you go back to betting one unit and continue the pattern as long as you win. If you lose, your next bet must be reduced to one unit yet again. There are also other systems that suggest slowly increasing your bet size to a certain point and then gradually decreasing the bet size to reduce the risk and ensure that you can last longer with the money you have designated for your slot sessions.