Mistake #1: Betting too much on a single bet
This applies to every online casino game available but if you are thinking that making large bets increase your chances of winning, then you are in for a nasty surprise. There is no such thing as tricks and tips that could boost your advantage.
Not only will this deplete your bankroll at a superbly fast rate, but you also need to depend on your skills when it comes to table games. If you don’t know the game or just playing randomly, you are risking losing all your money on one bet. That’s madness!
It is for this very reason that we stress time and time again the importance of having a bankroll management system since a) it will make you more careful and b) it will make your bankroll stretch out a little longer. So, our advice here is to keep your bets small.
Mistake #2: Not having win or loss limits
Let’s put this into perspective to give you a better idea of how it works. Let’s imagine you have £100 bankroll. Are you willing to lose it all or have a set limit to know when to call it quits? In general, you should always start your gambling session knowing when to call it quits, whether you’re on a spiralling losing spree or a winning one.
Imagine you are on a losing streak unless you have a loss limit, you might end up chasing your losses by depositing more money and essentially losing it all in one go.
If you don’t give loss/win limits consideration, you are at risk of losing a lot more than you could bargain.
The same tactic applies to when you’re winning. Once you have achieved a generous win, sign out so you don’t blow all the money away on gambling and potentially losing it all.
Mistake #3: Being intoxicated
At land-based casinos, servers are constantly going around the casino offering free drinks to players. Although you might think the casino is rewarding your loyalty, it is also trying to cloud your good judgement.
Similarly, consuming alcohol at home will not only lower your inhibitions but will also hinder you from making the right decisions when needed. You might make big bets or think you are going to win the next bet. Even if you think you are in control or that you’re a smart gambler, you wouldn’t want to risk losing control over your spending.
Not only does alcohol slow down your thinking process but it also has a strong impact on the ability to make rational decisions.
Mistake #4: Losing control of your emotions
Imagine you are on a losing streak and you are getting increasingly frustrated, the worst thing you can do at this point is to get angry as more likely than not, you will continue betting to chase your losses.
When your emotions get the best of you, you are bound to make risky bets, and this does not bode well for you bankroll.
If you are playing games such as poker or blackjack, and are losing repeatedly, just take a break or stop for the day. You can always come back to play the following day with a clear head.
Mistake #5: Lacking a strategy
If you are just feeding the casino, money all the time and not keeping track, then you are in for a horrid surprise at the end of your session. Not only will you feel guilty, but the severe impact it will have on your finances will be alarming.
This ties into our first point, but you need to have a loss limit to have better control of your gambling bankroll. Once you have met that limit, you are free to walk away.