Online casinos are now getting increasingly mainstream. The COVID-19 pandemic might play a part in it, but it’s mostly because online casinos are above par with land-based casinos in many ways. For one, online casinos boast thousands of game content with graphics that give an immersive experience to players, a factor that many land-based casinos often lose out on.
However, when it comes to gambling, you’re bound to lose, whether you’re playing at a virtual or physical casino. It’s completely normal, though, considering the casinos’ house edge. Still, it can be worsened if you’re scratching your gambling itch in the wrong way, causing you to lose a lot of money.
Here are some common mistakes in online casinos that’ll likely put you in financial trouble.
Play at Unregulated Sites
One of the easiest ways to lose money in one fell swoop is to fall for the tricks of offshore and unregulated online casinos. They typically make you believe that you can hit the jackpot, then rig the games even further against you. Even worse, if they blatantly steal your funds after you connect your account to it, you can’t have any legal recourse since you’re doing something illegal.
That doesn’t mean all virtual casinos are like that, though. You can always check and verify online casino legal states on the web. You can also immediately tell if a site is licensed if they only have a two-phase registration process. It mainly involves registration and payment, all processed through the casino’s encrypted site.
On the other hand, sketchy illegal sites typically keep asking for a lot of your personal information unrelated to gambling. They also require you to transfer or send sensitive files to unsafe and unencrypted places. If you’re asked this way, run the other way right away!
Rely on Martingale System
If you believe no one can lose all the time in gambling, you’re probably already doing the martingale system. It’s when you double your losing bets and reduce your winning bets by half, so you can win a bit ahead and progressively improve your bankroll if you keep winning.
The martingale system is a betting strategy for a reason. First, its betting pattern lets you gain the same profits as your first bet, so essentially, you’re losing nothing. Second, the strategy can help you recoup your lost bets quickly since increasing the bet size means gaining higher rewards. However, these perks can also be enjoyed if you keep winning.
The thing is, your odds of winning will unlikely improve the longer you play. In other words, doing the martingale system is just another way to chase your losses. Since you’re less likely to win, doing the martingale can deplete your funds faster. It’s better off done by gamblers with a rather big bankroll.
Not Managing Your Bankroll
Discounting a lack of skill, one of the common reasons why gamblers go broke, is due to poor bankroll management or, worse, having none. Overall, managing your bankroll is one key to gambling responsibly.
Bankroll management keeps you betting within your means and from risking money that you can’t afford to lose. As a result, it vastly reduces the likelihood of you taking a beating and even going broke. When applied properly, it can also keep you in games and at stakes in which you’re profitable.
The problem is that many players find it hard to manage their bankroll when playing casino games online. Specifically, they don’t need to head home, their bank accounts are within one reach, and playing at home—their comfort zones—makes them want to play even more are just a few reasons for this. The good news is that there’s always a way!
Setting limits is one of the easiest ways to ensure you effectively manage your bankroll while playing games online. For example, if you keep losing track of time, a time limit can prevent you from spending and losing more. You can do so by setting the alarm or asking someone to remind or call you when to stop playing. However, disregard a time limit if you’re a winning player. A time limit will only cost you money if you’re gambling with an edge.
When it comes to money limits, have self-imposed stop-win and stop-loss limits. Win limits prevent you from playing more once you reach a certain win goal, which helps you keep your gains and away from the house edge. Similarly, lost limits are set to put excessive gambling behavior, like loss-chasing, under control. With this, you can’t play any longer when you already reach your net loss limit for a certain period.
Choose Low-%RTP Games
Percentage Return to player (%RTP) is the expected percentage you can get from casinos over a long period of time. You may think of it as part of the money you paid to play a game or machine that’s then given back to you as a prize. It comes in handy when determining the odds of a game and how much money it’ll pay out.
Games with lower RTPs are often associated with high-jackpot payouts. That’s why many people play them and apply the martingale system, believing that they can eventually win. However, a jackpot rarely happens. What’s common is losing in these games. If you want higher payouts, opt for high RTP games. They can also increase your chances of winning and getting a payout.
Final Thoughts
Losing in casino games, whether online or land-based, is normal. Casinos will always have a house edge. While they’re meant for fun, all casino games have a statistical probability against you winning. Nonetheless, you don’t want to lose a lot of money and be in a financial crisis. Hence, avoid the mistakes mentioned above and play responsibly.
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