What Is Money Management and Why It's Important

money management

Do you feel that you need to spice up your routine a little bit? There is a tempting side to all of us, and people always seek ways to bring adrenaline into their boring life. And here comes online betting that can entertain you after a hard work day and cheer you up.

There is only one problem in this case. If you don’t want to see yourself begging for money on the streets, you must learn important tips to keep track of your gambling sessions and take big winnings home.

So, what is money management, and why is it so important?

About Money Management

Every gambling enthusiast has heard at least once in their experience the words: keep track of your money. While it’s always exciting to have fun without thinking about consequences, this can end badly for your future.

Money management is about setting a fixed budget – a fixed bankroll that you can afford to lose without impacting your daily life. Money management is about calculating the risks, anticipating the outcomes, and being rational about every move while playing. But money management doesn’t stop here. Players should keep track of their budget daily and analyze if they can afford to play further or if they should stop and take a break.

Whether you play on a land-based casino or online betting site in Canada – it doesn’t matter. Managing and keeping track of your bankroll will always have advantages.

Why Is Money Management Important?

Managing your money has to be a top priority if you are not Bill Gates, Jeffrey Bezos, or one of the other rich men or women. But even the two mentioned might not have become who they are without proper money management.

If you learn how to handle your bankroll, you avoid losing it in one sitting. But the troubles don’t end here. You can continue depositing more and more money, to the point of borrowing it from relatives or go to the extremes like selling your car, house, and gold jewelry. Your dept can grow so fast that one day you won’t be able to buy even a coffee from Tim Hortons.

Gaming responsibly is easy said than done. While playing online is convenient and easy, it’s hard for every player out there to keep track of their screen time and not become addicted to casino games or sports betting. Every lost dollar will bring you a bigger desire to win it back, which will glue you to the screen even more.

Money management can give you benefits like:

●  Teach you to deposit and play rationally

●  Reduce your screen time

●  Prevent gambling addiction

●  Extend your gaming time

●  Educate you on planning winning strategies

●  Save your budget from melting before your eyes

●  And many more other advantages.

We’ve prepared a list of tips to help Canadian players understand how money management works and guarantee they have an exciting time when betting online. Please take some time to read our recommendations, and remember how important they are for every bettor.

1. Set a Bankroll that You Can Afford to Lose

Let’s be honest. There are a few of us who don’t plan our life budget. We always keep track of our income and how much money we can afford for groceries, trips, and eating out.

Playing casino games online or betting on sports is not any different. If you are a new player and don’t know which games are popular in Canada and can bring you wins, don’t start betting irrationally without having a strategy. The first thing you have to do is to plan how much money you can spend on this type of entertainment. We recommend starting with setting a small bankroll that’s not bigger than 10% of your income.

This way, you won’t have to cut your other daily expenses because you lost too much money online. If you exceed your bankroll, then your job is done. Don’t trick yourself with “I will raise my bankroll only this time” or “I feel I should add more money because I am going to win today.” Maybe it works in movies, but the chance you have extrasensory power in the real world is close to zero.

2. Select the Games with Better Odds

If you type in Google- “the best online casinos in Canada,” you’ll be shocked by the number of online casinos and their selection of games. There are thousands of them – table games, arcade games, slots, video slots, sports betting, jackpots, bingo, etc. And each category has between 50-900+ games for players to choose from. Do you think you understand the rules for all of them? We doubt it.

That’s why placing bets and starting with familiar games is very important. Only after you’ve mastered the skills to win can you switch to more complicated ones or start raising your bets.

One more thing we suggest doing is picking the games where you can control the outcome. A big chunk of casino games is based on pure luck. No one can predict at what number the Roulette will stop or if the reels from a slots game will align for a win. If you win, it’s only a coincidence. The chances of you winning the second or the third time are slim. 

What players can do, is select a game with skills they can learn and improve over time. Blackjack and Poker are the best games for building strategies and increasing your winning odds. We heard about many famous Canadian Poker players who became rich at one point, but we never heard about famous slot players who became rich and won more and more every day.

3. Don’t Wager on Emotions

We all have bad days and good days, and even though we play casinos for fun and entertainment, the casinos’ odds are sometimes against us. If you get upset and angry about losing online, it’s better to take a pause and return later. The games will always be online waiting for you, so don’t rush foolishly into another round.

When we are angry, we ignore the obvious signs and think irrationally. What happens in this case? You start raising your bets, wager more, adding money into your betting account, and losing it in one game.

Players must understand that lost money is lost, and that’s already affecting their bankroll. While it’s inciting to win it back, that could never happen.

4. Withdraw Your Wins

We’ve been so pessimistic for the last paragraphs that we forgot the main thing – players do win! Sometimes you can win big, sometimes small, but it’s good to withdraw your money now and then. You can even treat yourself offline and take pride in your gambling abilities.

The best part is that you can start wagering with your wins, and your bankroll will be safe and sound. Whenever you want to withdraw the money or play with it, be sure you follow our tips and don’t get carried away.

Keeping the money to the amount you initially invested is a good long-term strategy. The troubles start when you lose track of your budget and start gambling based on emotions.

5. Take Advantage of Betting Promotions

If we are talking about online bookmakers in Canada, most have a list of promotions and free bets for players. It’s a terrific opportunity for beginners to double their bankroll and start playing with more money. The only downside is that bonuses usually come with wagering requirements, but if you read the rules and follow them accordingly, you can avoid losing your money.

If you keep playing at the same online betting site, you will see they always have promotions on the website. Some offer tournaments with guaranteed prizes, free spins, and sports betting benefits. Others have even more advantages. Our advice is to read through the terms and conditions, and if you feel you understand them well – join the promotion and try your luck.

6. Keep Track of Your Bankroll

That’s similar to paying with your debit or credit card. It’s so easy to swipe it daily that one day when you open your online bank statement, you are shocked. How and where did I spend so much money?

The same goes for an online bookmaker. Managing your money is about setting a fixed budget and keeping track of it. You should always check how much money you have in your account, how much money you lost, and when is the next time to deposit the 10% we’ve talked about. Most online betting sites have a gambling history for players’ accounts. You can access it and see the games you played, losses, wins, and other relevant details.

This information can help you identify a pattern. Maybe you will analyze it and see that you tend to spend more money on casino games on Fridays? or perhaps at work lunchtime, you get so frustrated and bored that you keep losing playing on your phone?

Always keep track of your bankroll so you won’t wake up one day with unwelcome surprises.

7. Take Advantage of Responsible Gambling Tools

While we believe in the power of your confidence, things don’t always turn up the way we like. We all like to brag, “I’ll have just one more game, and that’s it for today,” or “I’ll deposit this time, and next week won’t even come close to these games.” Today you keep losing money, and tomorrow you search for places to borrow more and try your luck again.

Years ago, land-based casinos had just one purpose- how to allure more players and make them addicted to gambling. Today, Canada and other countries worldwide have rules and regulations for controlling the online gambling industry.

Every casino and betting site must have rules and tools for responsible gambling. The most popular ones allow you to take time off, restrict your wager amount, limit your time playing online, and many more. If you feel like your online experience is not positive, pay close attention to these tools. They will surely help to protect your bankroll and teach you how to manage your money better.

Our Last Thoughts

We know players don’t want to overthink their money. Sometimes the only thing you want to do is go online, open your favourite casino game and start playing. You don’t want to stress counting every cent or dollar in your bank account or thinking about other problems. The only thought in your mind is to detach yourself and have fun.

It sounds nice, and maybe it feels even better, but you can’t run away from life. Tomorrow you still need to face reality and start thinking about your budget. So why go through all these troubles when you can have a working and harmless strategy?

The world of online gambling is not that complicated. You can trick the system and have regular wins with a set of rules for managing your money. Remember that bookmakers thrive on foolish people who dive into the games without thinking about the outcomes. Be smarter, and never forget our tips.

Set a fixed bankroll, always choose games with better winning odds, detach from your emotions, withdraw your wins once in a while, take advantage of promotions and bonuses, keep track of your bankroll and use responsible gambling tools. Whenever you go online, look through this list and check the boxes for managing your money.

We are fully aware that money doesn’t come easy to anyone. So why should you spend every hard-earned dollar on one match? Even better advice would be to go offline whenever you feel depressed or are in a bad mood. Meet with friends, plan a barbeque party, and leave the phone aside. The gambling sites will still be waiting for you whenever you feel like playing, but your money will be safe and sound. Make your online experience thrilling, and don’t forget that you’ve come to have fun!

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Author Stefan has been a member of Betting.ca for several years now, helping people all over Canada find worthwhile casino sites and online sportsbooks. Whether you’re looking for the most valuable welcome bonus, a sportsbook that has a quality mobile app, or a top casino that accepts a specific payment method, Stefan’s pieces are here to...