Online slots are one of biggest revenue sources for online gaming providers. In fact, the UK Gambling Commission reports that in 2017, the online casino sector — including slots — has been larger than its land-based equivalent. Online slots have 1.3 million consumers per year, who spend $1300 on average.
Many gaming enthusiasts prefer playing online slots because it’s an enjoyable way to gamble anytime — especially in the comfort of your own home. However, key findings of the UK Gambling Commission suggest that of 1.25 million slots accounts, 84.5% had a net loss per month and only 14% had a net win.
Data also shows that there’s a higher percentage of heavy player losses in online slots versus other casino games. The majority of online slots plays are at relatively small stakes, with 93% costing $2 or less.
Every slot player should have a sound money management system because, when it comes to gambling, managing your money is essential. Compared to other casino games, slots have no secret systems or strategies that you can use to move the odds in the players’ favor. Fortunately, a solid money management system can help maximize wins and minimize losses.
Money Management System: First Things First
What is money management? It’s all about controlling your emotions whenever you’re playing online slots or any other type of online gaming. When you control your emotions, you don’t allow the excitement or frustration of the game to control or overwhelm your decision-making ability. This is based on the well-known fact that when you start making decisions based on your emotions, you often find yourself in regrettable situations. Money management allows you to follow a plan that you should unflinchingly stick to.
Keep in mind that you should never gamble money that you can’t afford to lose. It’s also important to choose a money management plan in advance. Here are some key bankroll management guidelines:
Set Your Gaming Bankroll
Your gaming bankroll is the total amount of money that you can afford to lose; this should be determined beforehand and never exceeded. Many avid players open a separate credit or debit card only for online casino gaming. Having a separate account will spare you from being tempted to extend your game by using up funds that are not originally intended for playing slots.
Determine Your Session Bankroll
After figuring out your gaming bankroll, you should plan your session bankroll; a session bankroll is a set amount from the gaming bankroll that you’ll use for a pre-determined period of time. This means that you should also plan every day and week that you’ll play online slots. Most seasoned players usually break their total bankroll into equal parts and set them aside for every game. Your session bankroll will serve as your loss limit for each gaming session; pick a limit and stick with it. If you lose all the money in your session bankroll, you must stop until the next pre-determined session. If you win, it’s highly advisable to put aside the money. Do not include your winnings in the session bankroll.
You have to remember that the online casino will always have an edge, no matter which type of slots you play. Slots can be played at a rapid pace, but it’s a good idea to play at a deliberate pace because you’ll slow down your loss rate.
Set Win and Loss Limits
One essential aspect of bankroll management is learning to accept small wins. Experienced slots players set a win limit way in advance, which helps in ending their betting session with their winnings still intact. It’s highly recommended that you set your win limit to 60% of your session bankroll. It’s just as important to set a loss limit; this should be set between 50% and 60% of your session bankroll.
Remember that online slots are a game of chance — so always maintain your discipline and remain emotionally stable.
When playing online slots, it’s important to know its rules and guidelines. One of the most crucial issues while playing online slots — or any game of chance, for that matter — is the amount of money you spend. Even if coin denominations of slots are typically smaller versus other online casino games, controlling your money is still key to prevent a reckless waste of funds.
If you manage your money well and play responsibly, the slots won’t be able to control you. Best of all, you’ll enjoy the game more too.
About the Author: Riely Cooper is a freelance writer. “To me the crypto world is fascinating and revolutionary; I feel fortunate to be able to observe this groundbreaking financial roller-coaster.”
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