7 Tips for Managing Your Money when Gaming Online

If you’re into online gaming, you may already know how expensive it can get. If you don’t have a clear strategy when gaming, then it can easily start eating into other parts of your budget. If you’re addicted to gaming, then it’s probably a better idea that you stop completely and wait until you can play responsibly. But if you only have minor issues with your gaming spending, here are a few tips you should follow when gaming online.

Allocate a Weekly Amount to Gambling

The very first thing you have to do is set up a gambling budget. Some people will advise that you get that money from your entertainment budget, but a better idea would be to set up a smaller budget for gambling only. If you want to make sure, this amount shouldn’t be more than 10% of your weekly gross income. So, if you make £580 per week, that would be £58 you can put on gambling only, which is reasonable.

Tips for Managing Your Money when Online gaming

The way you spend that money is up to you. You can decide to divide it if you want to play multiple times in the week or have a set day for playing.

If you think that isn’t enough, another thing you can do is to open a secondary account strictly for gaming. You could put your weekly money in your checking account and put any money that you win into your savings account. This way, you’ll be able to pull money from your previous wins whenever you need more without affecting your overall finances.

Don’t Play Too Fast

Another thing we suggest is that you deliberately slow down your play. This is especially important if you like playing games like slot machines, or table games like roulette and blackjack. Slowing down your play will allow your money to stretch a bit longer, and you’ll get more from your sessions.

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Always Play with a Clear Head

One thing you should never do when gaming online is to play under the influence of alcohol or any other substance. It’s OK to have a martini or a glass of wine from time to time, but once you start feeling drunk, stop. Alcohol makes people more daring when they play and it’s one of the main reasons why casinos love giving alcohol to players. It also makes keeping track of time and your bankroll much tougher. 

Pay attention to your mindset when you’re playing. There is such a thing as a gambler’s high, and it’s easy to lose track when you’re having a good day. But, you have to remember that the house always wins at the end of the day. So, count your winnings and put them away instead of gambling your way back to baseline.

Set Clear Time Limits and Have a Schedule

Put a time limit on all of your sessions. You should consider having a winning limit as well. Once you reach that limit, you can put that money in the account we talked about earlier. 

Another thing you should do is have specific days for gaming. While online gaming is extremely convenient, it can be difficult to manage. Having a strict schedule will prevent you from playing compulsively.

Look for Bonuses and Discounts

You should also look for deals wherever you can. Online gaming sites love giving discounts and bonuses and this is one of the major ways that they attract new players while keeping their current players loyal.

If you’re looking for the best bonuses, we would suggest you check out a GPWA accredited review site like OnlineCasinos. Not only does OnlineCasinos run down the casinos where you can place a bet by phone, but they also look at other things like the quality of their games, the payment options they offer, bonuses on offer, and answer some questions people have about playing online. In addition, you’ll get a clearer idea of how different bonus structures work and things you should look out for.

If you’re more into video gaming, know that most streaming services offer discounts to people on their newsletters, so sign up for as many newsletters as you can. We also suggest that you pick up an app like Honey that will automatically search for discounts and offer cashback on your purchases when you buy games and accessories online.

Look for Payouts First

It’s also very important that you check the odds of winning before you play any game. Some people don’t know this, but you can check which slot machines are most likely to payout. It won’t tell you when a machine is “due” to pay (that’s a myth) but you can tell how much the machine pays out on the money people spend on it.

This is what is referred to as the Return-to-Player, or RTP, percentage. This is one of the most important metrics to look for when playing online and you should be able to find this information easily on any reputable online casino.

If a particular machine has a 95% RTP percentage, then that means that the casino theoretically returns £95 on every £100 people spend on the machine. 95% to 97% is considered to be a high RTP, but the payouts on these machines tend to be modest. So, we would suggest that you look for a machine in the 93% to 95% territory with decent payouts. Anything lower than 93% should be avoided.

Get a Side Gig

The internet opened up a lot of opportunities to earn money online without leaving your home. It would be a good idea to find a side gig online, where you could get some extra cash on the side and appoint it to your gaming budget.

Money-making apps are a good option for those that need an extra couple of bucks but don’t have a lot of time. There are a lot of these apps online, and some of them are more hands-on, where you need to do various things in order to earn money. Others though can offer a more passive approach when earning money.

Remember to Have Fun

We also suggest that you go in intending to have fun first and foremost. Things become much easier when you don’t have the pressure to win. You should concentrate on having a good time. This will allow you to get something from your sessions no matter what and will prevent you from going on tilt.

These are all things that will help you manage your money better when playing online. Remember that it’s a game and apply sound budgeting principles if you want to enjoy your sessions to the fullest.

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