Online gambling is a booming sector that pulls in annual revenues of £49 billion, and that should grow at a rate of £6 billion per year until 2027. Increased smartphone adoption and internet penetration are the main culprits for this industry’s rise. Nonetheless, the popularity of online slots is also a contributing factor.
Reel-spinners constitute up to 80% of casino gambling revenues, both at land-based and digital establishments. The percentage depends on the venue’s targeted demographics and how much emphasis they put on promoting these games. The main reason for their popularity is that they are simple to play and that the right symbol combos can lead to a prize worth millions. All they require is that you press a button. Mega Moolah, the industry’s jackpot monster, has made dozens of internet millionaires since its 2006 release, including cashing out a record-setting reward of £15.8 million in 2018.
Seeing as it is easy to get engrossed in the reel-spinning experience, practicing proper bankroll management should always be of paramount importance.
What Is a Bankroll?
A slot bankroll is the funds you have set aside for playing at an online casino. It is your gambling budget. Naturally, this differs from player to player. Depending on their means and what they hope to get out of their gambling adventure.
Remember, a bankroll is not all the money you have in your pocket or bank account but a fixed amount intended for entertainment. Only budget a sum that you can afford to lose, and right it off before playing. Your slot machine bankroll should consist of spare change, not funds intended for paying the bills or essentials.
Bankroll Strategy Applied to Online Slots
Never bet at any operator without first doing proper research. The best course of action is to read real money slots reviews and those regarding the gambling platforms that host them. Ensure that the sites you are considering are trustworthy, boasting the appropriate gaming license and that the games you wish to play feature specifications that align with your ambitions.
All slots feature two crucial characteristics, a payback percentage known as return-to-player (RTP) and a variance level. The first determines how much of the overall bet funds the slot payback over time, and the second defines how frequently wins occur. Thus, if a game has an RTP of 96%, which is the industry standard, it will pay back 96% of all bets made on it. If it has a high variance, it will payout large wins rarely, and if this spec is low, it will provide smaller wins frequently.
You have to pay attention to these specs, as they will determine your approach to a given game. If you want to earn millions, you’ll have to play jackpot slots that feature a high variance and low RTP. Meaning, your chances of landing a combination that leads to a massive prize are astronomical. However, if you are looking to earn a little extra change, you can stick to low variance titles with a high RTP. Variance makes a game exciting, but it also impacts your bankroll.
Proper bankroll management should consist of the following steps:
1. Decide how much you are willing to lose.
2. Divide your budget into multiple gaming sessions.
3. Stick to your allocated funds.
4. Keep a record of all your wins and losses.
5. Set max betting limits per spin.
6. Take advantage of promo deals to maximize your playing funds.
7. Sign up for a loyalty program to get added perks.
8. Choose a slot that best fits your goals.
9. Do not fall prey to superstitions.
10. Do not let wins or losses affect your pre-determined betting patterns.
11. Be aware that fast profits rarely happen.
12. If you do win, safeguard your deposit and only pay with your winnings.
Casinos have a built-in advantage, so it is up to you to do what you can and not give them an even larger edge. Unlike with blackjack, decision-making plays no factor when spinning reels, so you have to find other ways to make smart gambling investments.
Should You Target the Jackpot?
By definition, a jackpot is a top prize that a game can payout. Laypeople believe that a jackpot amount must be in the millions of pounds. However, this is not always so. Online slots that feature such prizes mostly come from iGaming juggernauts such as NetEnt, Microgaming, and RealTime Gaming. Such titles from these providers are progressive games, meaning the prize pool grows until a lucky winner takes it all via a single spin.
Note that to qualify for a million-pound prize, you have to make a qualifying bet. Often, this is the max bet on a particular slot. Since your chances of landing any top prize are slim, it is best to focus on progressive titles. Understand that you cannot make ten or twenty pence wagers if you choose to do so. As max prizes usually ask for max bets.
Thus, if you choose to go for a jackpot win, you should have a sufficient bankroll to support you on this endeavor or limit your session to a few dozen spins. Going after such big wins, you risk swiftly depleting your budget. Yes, the prize at the end of the road may be alluring, but you should be realistic and right off your allocated funds if you choose to go after it.
When to Quit
You quit in one of the following two instances. When you have no more playing funds, or when you have won a substantial amount.
One of the most common mistakes that players make is not knowing when to walk away, believing that they can get on a winning streak and recoup their losses. Never go beyond your budget. If you have exhausted your funds, call it a day, and wait until you have accumulated enough money for your next gambling session.
Online slots are random games of chance. A computer algorithm indiscriminately spits out the symbol combinations that form on the reels, and no one in no way can affect this software. It is an erroneous belief that since you have been losing that you are due for a win. All slot results are random and are statistically independent of previous outcomes during the amount of time a human can spend playing them. So, because you have been losing all night, that doesn’t mean that you’ll eventually win. The chances of you continuing to lose are equal to the opposite occurring.
If you do land a substantial win, it’s also time to step away. Repeating a similar success in a short window is highly unlikely. Thus, it is better to recognize your luck and enjoy your winnings instead of risking it all for more.
To Wrap Up
Online slots are negative-expectation games. Meaning, the odds are in the casino’s favor, and you cannot win in the long term, as the gaming platform will always have the long-haul advantage. That said, in the short-term, anything is possible, and that’s where the excitement lies with these games.
There is no such thing as a slot bankroll calculator. So, always budget what you can afford to lose, and do not let other player’s gameplay affect your behavior. A healthy mindset is that online gambling is a fun pastime and that any winnings are a byproduct of having a good time. Look at a title’s specs before spinning, paying close attention to its variance, RTP, max win, and bet sizes. Make sure that these fit what you hope to get out of the game, and if you do strike it lucky, call it a day and bask in your win.
Always play responsibly. Remember, exercising fiscal prudence can go a long way in eliminating many gambling pitfalls.