There’s a reason why online gambling is on the rise. Not only is it more convenient than making the trek to an in-person casino, but it also offers a level of excitement and customization that is hard to match. Even the largest traditional casinos have a difficult time competing with the wealth of options online casinos have to offer.
With so many options at their fingertips, online gamblers must find ways to enjoy their fun in a sustainable and responsible way. Blowing all of your savings online is a rookie mistake and one that will ensure that any gambler will be out of luck. Gamblers, therefore, must find ways to control their spending so that they can keep enjoying their favorite games.
Doing so isn’t always easy. The temptation is everywhere online, and new gamblers can often find themselves out of a great deal of money quickly. Stretching each dollar as far as it can go is part of being a talented and responsible gambler.
That’s why we’re breaking down the five best ways to make each dollar count when gambling online. That way, you can make your money last, and keep having fun.
- Understand the Odds
When you’re gambling, it’s important to understand the Math behind the game you’re playing. Whether you’re playing poker, Blackjack, or slots, understanding the odds will give you realistic expectations of what you can win so that you can limit your losses.
Understanding which games have better odds and which are more likely to have you lose money will also help you select which games it makes sense to play, given your skill set. Expert gamblers are strategic and tactical. They not only understand the rules of the game they’re playing but also how they can maximize their winning chances.
This is a simple step that many gamblers ignore. In fact, research shows that the average American slot player can’t identify house edges. While this isn’t entirely surprising, since casinos make it purposely difficult to determine their edge to keep profits high, it does indicate a common oversight of gamblers.
House edges on slot machines are casinos’ biggest cash cow, delivering them their highest grossing revenue. A key fact, when we consider that they are also a very prominent game in online casinos.
When playing slots, or any other game in an online casino, understanding your chances of winning is the cornerstone of getting to know how to hedge your bet.
- Be Strategic
Now that you understand the odds of your game of choice, it’s time to make a plan. An effective strategy will help to capitalize on your knowledge of the mathematical odds of winning. Obviously, strategies vary depending on the game, but famous gamblers have developed an array of strategies for each game at an online casino, so do the research and learn from the best.
Perhaps as important as understanding winning strategies is getting to know which ones are ineffective. In Roulette, for example, many players use progression betting strategies that have the odds stacked against them.
In contrast, per GamblersDailyDiggest, winning Roulette strategies include using Roulette computers, employing visual ballistics, and learning the Dealer’s signature. Discerning the winning strategies from the losing ones takes understanding how the odds stack up in the game. Progression betting in Roulette is a bad strategy because the adds are in the casino’s favor.
These key strategic differences in Roulette are key to understand because it shows how many winning strategies for the game are, in fact, difficult to utilize when playing online. Knowing the right venue for a given game is also very important. To get the most bang for your buck, you must know which strategies make sense to learn, and which losing strategies to avoid.
- Learn from the Best
The next logical question to address is how to determine winning strategies from losing ones. Research is key when acquiring any new skill, and the best way to get better is to learn from the best. Reading about the strategies and tactics from expert gamblers in your game of choice is a great way to make sure you’re having enough fun to justify every dollar you spend gambling.
By studying expert gamblers, you can determine how much of their success is due to luck and how much of it is due to skill. The answer can depend on which game they are playing. When analyzing poker, for example, skill was shown to outweigh luck in a famous court case.
Staten Island poker room runner Lawrence DiChristina was convicted of running an illegal gambling business. DiChristina introduced a motion to dismiss the case on the grounds that poker was a game of skill, not luck.
To this end, he called economist Randal Heeb as an expert witness. Heeb made the point that in poker, players exercise control over events. Placing a bet, therefore, is not just a wager. It’s an act that likely influences the actions of other players at the table.
Despite strong testimony from another economist to the contrary, a judge was eventually convinced by Heeb and ruled that poker is, indeed, a game of skill.
Analyzing the performance of expert gamblers can help you to understand how much each game is a matter of skill versus luck, and to study the specific skills to develop in order to win.
- Get to Know the Psychology of Gambling
While understanding the odds, developing great strategies, and studying the best will get you far, there’s still more to stretch every dollar as far as it can go at an online casino. Understanding the psychology of gambling is key to maximizing your returns.
Understanding the psychology of gambling addiction as a pathology, according to GamblingNewsMagazine, will allow you to recognize the signs and ensure that your relationship with gambling is a healthy one. Making sure that you don’t have any sort of gambling addiction problem will allow you to prevent losing too much at an online casino.
- Choose the Right Online Casino
According to Adrian Sireca at OnlineCasinoGems, there is no shortage of online casinos to choose from when finding the perfect game to place your next bet. When choosing a casino, make sure you consider the relevant regulations of your country and state to avoid any legal complications. Researching the policies of the casino can also give you insight into the house edges that exist and which ones might be most advantageous.
Reading reviews, articles, and infographics can be a helpful way to get an idea of how to pick an online casino that is well-suited to you and your specific goals. In addition, be sure to hunt down a place where you can find great bonuses to enroll in online casino games.
We wish you the best on your gambling adventures and hope that these tips will help you to stretch a dollar as far as it will go at an online casino of your choice.
