Online casino mistakes that can cost you money
Want to make the most out of your online gambling experience so it doesn’t cost you money? Then keep an eye on your bankroll. Because even if you’re a seasoned player, certain rookie mistakes can eat into your account balance like lightning. To stay ahead of the game, make sure you avoid these potentially costly pitfalls:
Ignoring bonus terms and conditions can cost you money
No one likes reading lengthy terms and conditions, but skipping this step could land you in hot water where casino bonuses are concerned. While free spins and deposit matches are always thrilling, it’s important to remember that they come with certain conditions attached, like wagering requirements, game restrictions, and withdrawal limits too. So if you want your bonus to be as rewarding as possible, make sure you read the fine print first.
Chasing your losses will also cost you
This is one of the biggest mistakes you can make as an online casino player, and it’s one of the biggest bankroll killers too. If you ever find yourself on a losing streak, fight the urge to keep on playing in an effort to recoup your losses. This is exactly the kind of mindset that can lead to reckless betting and even bigger losses down the line. Instead, set yourself a loss limit and walk away as soon as you reach it. Sound financial management is the name of the game.
Betting too much too soon will cost
We get it – there’s always a temptation to go big with your bets, especially if you’re new to the game. The only way to win big is to bet big too, right? Well, yes – but placing huge bets with no strategy or thought involved will only result in your bankroll being wiped out in minutes. Rather than risking your casino funds in a flurry of high-stakes bets, start small at first. Once you understand the game mechanics and gain more experience and confidence, then you’ll be able to gradually increase your bets – and hopefully your bankroll too!
Playing without a bankroll strategy
We’re not letting the idea of strategy go! Especially as blowing your entire budget in just one gambling session is such a rookie error. Don’t fall into this trap. Guard your bankroll with your life (metaphorically speaking) and make sure you go into every gaming session with a specific budget in mind. Stick to the limits you’ve set for yourself and never play with more than you can afford to spend. That’s a winning mindset right there.
Choosing games without knowing the rules
Yikes, this one’s a real no-no that will cost you. Jumping into a game without understanding the rules is like diving into a pool without knowing how to swim. 10 out of 10 would not recommend. No matter how well you think you know the rules of Blackjack, Roulette, slots, or any other casino game, things always look different when you’re playing online for the first time. And even if you’re an expert, you could have picked up some bad (and expensive) habits along the way.
Before you place a single bet, make sure you’re fully familiar with all the basic gaming strategies available for the game you’re about to play. You can even go the extra mile and try a demo version first, without risking any of your own money. Once you’re sure you’ve got the hang of it, that’s when you can start placing real money bets. Trust us, a little caution goes a long way, particularly when it’s your own money on the line!
Ignoring RTP (Return to Player)
What in the what now? Don’t worry – while the acronym RTP might sound intimidatingly complex it’s actually super simple to understand, and super important too.
Also known as Return to Player, RTP is the theoretical percentage of the money that a particular game will return to you over time. So if you’re playing a game that has an RTP of 96% (which is a good RTP) you can expect approximately 96c of every $1 you wager to be returned to you eventually. A cost benefit analysis.
As you can see, this means that games with a high RTP (usually 95% or more) give you a better chance of winning than others. So before you place a bet on a game. You’ll need to check what the RTP is first. To make sure it can give you the best possible return over time. Ignoring a game’s RTP could lead to you losing more than you’d like. Which is obviously less than optimal. Make sure you pay attention to the RTP at all times. As putting this knowledge into action could soon pay off.
Falling for gambling myths
There are a lot of gambling myths out there and a lot of players that unfortunately fall for them. To the detriment of their bankrolls. Don’t make the same mistakes. The most common myth out there is the gambler’s fallacy. The belief that future events are influenced by past outcomes. Like flipping heads on a coin 5 times in a row and thinking that the next flip MUST be tails. Which is a myth that will cost you, because the chances are always 50/50, no matter what the previous outcomes were.
Believing that a slot machine is ‘due’ to hit simply because it hasn’t paid out for a while, or that lucky numbers can guarantee wins will only lead to bad betting decisions and inevitable losses down the line. Remember that thanks to the casino’s Random Number Generator. All game outcomes are fair, random, and completely independent of each other. Because luck doesn’t work on a schedule.
Play it safe, play it smart
As you can see, there’s more to online gambling than simply placing bets and watching reels roll or cards be dealt. There’s thought and strategy too, all of which can help you manage your finances more effectively. And prevent you from making risky decisions and expensive mistakes. So keep your head about you and keep an eye on your bankroll at all times. That’s the way you stay in the game!