How to Go Broke at Online Live Casinos: Avoid These Money Management Mistakes!

Casino Types

2023-01-31

Benard Maumo

Players are always bound to make money management mistakes, whether playing in a land-based or online casino. But although it's okay to make gambling mistakes once or twice, learning from experience is critical. Note that live casino gambling entails using real money. So, any bankroll management mistake you make can lead to dire implications. 

How to Go Broke at Online Live Casinos: Avoid These Money Management Mistakes!

But don't fret because this guidepost will help you avoid common money management goofs that rookie players make. You'll learn everything from choosing a suitable game and house edge to creating the right bankroll size and time management. Get your notebook ready!

Not Playing with a Bankroll

Here is the most obvious way to go broke playing at top live casino sites. Many beginner players will fire up the casino site, make a minimum deposit, and start playing without planning their finances. These players don't know that managing their money at the live casino is the first part of an effective gambling strategy. 

The thing is that losses could be overwhelming at the casino. So, to cushion yourself from the pains of losing, practicing bankroll management is a must. It's advisable to gamble with money that you're comfortable losing. In other words, don't gamble with cash on sorting out utility bills, medical insurance, gym membership, and more. 

But how much money is enough for gambling? There's no one-size-fits-all online gambling bankroll, as it all depends on the size of your pocket. Ensure the budget is big enough to fund hundreds of rounds. For example, if you play 500 live roulette rounds per day, your bankroll size should depend on the minimum bet limit of the game. 

Choosing the Wrong High Edge

The house edge is a common denominator in any online casino game you play. It simply refers to the percentage rate that goes back to the house. For instance, a poker machine with a 96% RTP (return to player) means 4% is the house edge. Therefore, if you place a $100 bet, the maximum amount players can win back is $96.

So, how does the house edge affect bankroll management? A lower house edge automatically means bigger wins for the players. Here is a practical example; you can play 500 rounds per hour in a poker game with a 4% house edge. If each round costs $1, your expected loss per hour is $20. This amount increases with a higher house edge.

But the good news is that the house edge only affects your gameplay after a thousand rounds or so. Therefore, play early and aggressively, regardless of the house's mathematical advantage. Nonetheless, choose a game with the lowest house edge on the live casino lobby. 

Playing the Wrong Game

Technology allows live casino players to play hundreds of game variants for blackjack, craps, poker, roulette, baccarat, and Sic Bo. Gamers can also enjoy TV-like live game shows from Evolution Gaming. Games such as Football Studio, Monopoly Live, Crazy Time, and Gonzo's Treasure Hunt are big hits among live casino players.

But all live games are not the same. A good example is live roulette variants, including the French, European, and American versions. French roulette has the friendliest house edge at 1.35%, thanks to the La Portage and En Prison rules. On the other hand, the European version uses the same rules as French roulette, albeit with a slightly higher house edge of 2.70%. The American roulette maxes out at 5.24%.

In the meantime, play poker and blackjack if you want more control over the house edge. That's because players can use skills in these games to reduce the house edge to less than 0.50%. Poker games such as Double Bonus and Deuces Wild allow skilled players to reduce the house edge to less than 0%. And you know what this means for bankroll management, don't you?

Overlooking the Live Casino Bonus Perks

Nowadays, every online casino allows gamers to play using bonuses and promotions. With casino incentives like no deposit bonuses, deposit bonuses, and cashback, gamers can sample the game library without risking their precious money. And if you're lucky or use a strategy, you can win a bonus payout.

Speaking of bonus winnings, always read the terms to know the wagering requirements. In a nutshell, this is the number of times players must wager using the bonus money before cashing out. So, a higher playthrough rate means you'll use more money before withdrawing the bonus winnings. 

Remember also to check the win limit from the bonus money. For example, a casino bonus can have a $500-win limit, meaning the maximum you can withdraw from the prize is $500 even if you win $10,000. A higher limit is always better. 

Sadly, you cannot play live casino games using bonus money, and that's why some live casino players can ignore the bonus packages altogether. But avoid this gambling ignorance, because you can still play live games using the winnings from the bonuses like free spins and deposit bonuses. Don't skip any bonus!

Playing Without a Strategy

Playing live casino games without a strategy is like giving the casino your money without a fight. Although no approach guarantees you a win, they can help you increase your winning chances and practice proper bankroll management.

Now consider this; you're playing live blackjack, and you happen to have a soft/hard 17. What do live casino players do in such a scenario? Logic calls for players to stand because they can bust with an additional card. So, don't hit at all costs. In poker, keeping low pairs has been a working strategy since time immemorial. 

But all hope isn't lost if you're a fan of luck-based live casino games like baccarat, roulette, and craps. Use betting strategies like Martingale, Fibonacci, and Paroli on even-money wagers like come/don't come, pass/don't pass, odd/even, red/black, and player/banker. These bets have almost a 50% chance of winning, precisely what you need with the betting systems above. 

Chasing Losses and Looking for Bigger Wins

Congratulations if you're yet to make these typical money management mistakes discussed above. But one thing is sure; all gamblers chase losses and crave bigger wins after scoring a hit at the casino. In gambling, losses can be painful, and victories can be more tempting to go for even bigger payouts. These mistakes are also prevalent in sports betting.

For example, after losing your $200 bankroll, you may be tempted to dip into your credit card to play with another $200. Or, after winning $200, many players are tempted to stake the entire amount in a single bet hoping to recoup double or even triple.

But self-control is an integral part of bankroll management. Call it a day if you have a stop loss or win limit of $200, because nothing is cast in stone in gambling. Note that the house edge becomes even more active with more game rounds. So, if you add a sizeable sum to your bankroll, it's always good to quit while winning. All in all, learn to control your winning appetite at the casino. 

Signing Up at the Wrong Casino

Choosing the right online casino is a trick that you have to master. For a novice player, the best live casino should be legal in Malta, the UK, the US, Canada, etc. But the casino's payout rates are equally important if you're an intelligent gamer. That's because some casinos have higher payout rates for live casino games, slots, and table games. 

So, how do you know the payout rates of the casino? It's simple; scroll down the home page and find the game-testing logo. Typically, an eCOGRA certificate is the most detailed, although certificates from bodies like Gaming Associates and iTech Labs are also reliable. These independent companies run millions of tests per game to ascertain that the results are random and fair. 

It's also advisable to confirm the live casino's background before signing up. There are many licensed casinos out there that have slow payouts, unfriendly bonus terms, ugly legal brawls, and more. So, to be safe, read reviews on Trustpilot, AskGamblers, and other platforms to find out how players rate the casino. A star rating of at least 4/5 is good to go. 

The Last Words

Up to this point, you should be ready to play more responsibly and practice proper money management at the live casino. The short of it all is creating a big bankroll and splitting it into smaller session/daily units. Respect the budget by not playing after depleting the amount. And yes, quit while the 'gods of gambling' still favor you.

Best gambling quote: “Successful gamblers always have two things on their lips: Silence and a smile”

Favorite Casino Game: Blackjack

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