Casino bankroll management: The win and loss limits most players never set

Casino bankroll management is an oft-overlooked but critical piece of legal online casino gambling. Understanding that online casinos are a form of entertainment and not a reliable source of income, setting a budget and sticking to it and learning how to know when to stop gambling are all important aspects that every user should keep in mind when playing casino games online.

How many times have we heard someone discuss a run of bad luck while gambling? "The cards have gone cold" or "the dice aren't rolling my way," for example. Users playing online casino games for real money may have experienced this, too, believing that a slot is "due to pay out" or that they can turn around a dry stretch.

That is where many players fall into a hole: They attempt to "chase losses," or try to recoup their losses by continuing to gamble rather than walking away.

This is essentially the heart of practicing responsible gambling and casino bankroll management. Users need to remember that legal online casinos are supposed to be fun. They need to know when to put the games away and avoid risking any further losses.

Sure, one could argue it's simply bad luck or poor bets. But it can all be avoided by setting certain limits and restrictions and knowing when to stop gambling – when to walk away.

All of the best online casinos that are licensed to operate in the U.S. are required to offer an array of responsible gambling tools that customers can use to ensure they are only gambling what they can afford to lose and staying within their financial means. These are great tools to help stay disciplined and practice casino bankroll management. 

Among those tools is setting a loss limit, which, of course, users can do on their own if they choose. With this tool, customers can predetermine how much they are affording to lose during a set session, whether it be daily, weekly or monthly. If they hit that number, the online casino operator will alert them and end their gambling session.

Obviously, loss limits vary from person to person, so there's no true rule of thumb that all users can follow. It is common, however, for customers to set a loss limit equal to 50% of their bankroll. For example, someone may begin a gameplay session with $200 and decide that they will walk away if that total gets down to $100.

One of the more difficult things for players to do is know how to stop gambling when you're winning. They want to continue that hot streak and see how much they can end up winning.

Even when a loss or a string of losses occur, users want to ride them out. After all, they were already making a profit, right? Oftentimes, though, those cold stretches occur. That profit turns into a net loss. Then, players begin chasing those losses.

Walking away while ahead – no matter the total – is always easier said than done. But there is an approach known as "take-profit" that many users can follow. Think of it as the inverse to setting a loss limit: Players predetermine an amount that is enough for that session and walk away.

For example, consider that same user with a $200 budget playing their favorite $5 deposit casino. They have the loss limit but may decide that they will end their session once they reach 50% more than that bankroll, so they end their gameplay once they exceed $300.

Again, remember, playing legal online casinos is for entertainment. Take the win for that day and maybe return the next to see how things go.

This is one of the responsible gambling tools that many users overlook. Time can quickly get away from players when they are enjoying casino games online, however, which is why setting gambling session limits is important.

While understandably focused on, the money side of gambling – how much is spent and lost – is not the only factor experts take into account when determining if someone may suffer from problem gambling. One variable is that playing online casino games cuts into individuals' personal or work lives; they're spending too much time gambling and not enough time with their family or on work.

Fortunately, there is also a responsible gambling tool with every licensed operator to assist. Just visit the responsible gaming section of your account the next time you log into your go-to $10 deposit Casino. There, users will see a time limit option.

With it, players can input how much time they want to gamble, and once it runs out, the app will alert players as a reminder that time has run out. With that notification, users can return to the real world and not let those games suck up too much time out of their day.

Let's take all of this information and put it into practice, because practicing responsible gambling is no laughing matter. In fact, the National Council on Problem Gambling estimates that 3%-4% of American adults suffer from mild to severe problem gambling, which can be prevented by using these methods.

First, set a loss limit. Before even opening that first real money online slot, determine the threshold that is considered enough to lose for one day. Next, prepare yourself to walk away with a profit. Obviously winning is great and enjoyable, but understand that it's OK to take the wins where you can get them, no matter how much.

Finally, set an end time to be done gambling. Maybe it's during a lunch break or quiet time before heading to bed. Regardless, set a time limit so as not to let it get away from you.

Doing these three things will help make playing legal casino games online all the more enjoyable.

Bettors must be 21 years or older and otherwise eligible to register and place wagers at online casinos. If you or someone you know has a gambling problem, please seek assistance from trained professionals such as the Problem Gambling Help Network. Call or text 1-800-MY-RESET.

Grant Lucas