Money management is perhaps the most important thing that you can possibly learn if you are going to be playing regularly at online casinos. This is because all of the online casino games that you will encounter actually have negative expected values in terms of the money you win and this is of course because of the house edge that is built into every single game that the casino has. Therefore, a good money management strategy is one that allows your money to extend all the way to the period of when you are next going to be replenishing your bankroll because this will ensure that you will always be able to play when you log into your online casino account.
Most of the articles that cover money management strategy will speak in general terms and only use numbers in general terms as well. While this is certainly useful for the beginner, if you happen to be a player that is past your first few months of playing at an online casino, then you really need to get serious about having a perfect bankroll management strategy. This is because you do not want to waste money in the casino account.
The best way to think about your strategy is in mathematics. Mathematics will tell you what your bankroll should be. For example, let us suppose that you want to play 100 hands of blackjack a day and you want to know what bankroll you need to have if you want the hands to be played at $1 a hand and you will replenish your bankroll when you get your pay-cheque each month.
The first step is to figure out what the house edge in the particular game of blackjack that interests you is. The house edge will allow you to do the math you need to know the right answer. For sake of continuity with the example, let us suppose a house edge of 2%.
That means that you are going to wager $100 every single day that you play the game and on average you will end the day by getting $98 of that $100 back. That is a $2 loss per day, which multiplied out by 30 days is a total loss of $60. That means that at a bare minimum from a mathematical perspective, you need to put $60 into your online casino account each month in order to play through that month and get to the next.
Of course, this is an idealized version of the mathematics when in reality you could have an extremely good streak of luck or an extremely bad streak of luck. This means that you would want your bankroll to account for big negative swings and the only way to do that is to imagine a larger house edge, say 5% for the sake of this exercise. A 5% house edge will require you to play with a bankroll of $150 instead of $60 and that larger bankroll will ensure that you will very rarely end up going broke before the end of the month. And, at the end of the month, all you have to do is top your account up to $150, which will usually not cost nearly that much to do.