Tips for playing at an online casino often focus on increasing your chances of winning. While this is definitely possible – have a look at our online game guides – online casinos exist to make a profit, which is why it’s still likely that you’ll end up losing to the house in the long run. That’s why it’s advisable not only to focus on making a profit but also to pay attention to minimizing your losses. We’ll explain how to do this below.
What you can find in this article
Below is a summary of what will be discussed in this article:
- Money management
- Don’t be tempted by high prices
- Play slower games
- Use tactics
- See an online casino as entertainment
Money management
A topic that crops up time and time again in many articles is money management. You should never underestimate how important it is to manage your money well. Online casino games are a lot of fun, but they can also be addictive. Especially because humans have a tendency to keep playing until we win again. Unfortunately, this often causes us to be saddled with even more losses. However, this can be completely avoided using money management. It’s perhaps the most effective way to minimize losses.
Set a limit
Everybody has a natural limit that is set by the amount of money they have access to. While you could drain all of your bank accounts, keeping playing until you have no money left isn’t recommended. Which is why you should set a limit. There are several ways to do this.
First, you can choose an amount of money that you are willing to spend. If you only spend this amount, you won’t keep on playing forever. Second, you can opt for a profit limit. Once you’ve made a certain amount of profit, you quit. Finally, you can set a loss limit. For example, you could set a loss limit of 75 euros. This doesn’t necessarily mean that your balance at the end of a session will be -75 euros, but rather that you can lose a maximum of 75 euros in a session. If you win 100 euros but lose 75 euros you will make a profit of 25 euros, but you will still need to end your session.
Assume loss
Online casinos have a house edge with every game. There are some games where this advantage is lower than others, but the house still maintains an advantage over the players. Understanding that the most likely outcome is that you’re going to lose out to the online casino, whether in the long or short term, will make you also less inclined to keep spending money. This outlook has the added benefit of making you happier when you do make a profit. Assuming loss can also encourage you to withdraw less money to help you minimize your losses.
Don’t be tempted by high prices
It’s always tempting to go for a high price when the opportunity is presented to us – no matter how small the chance that we will win. That’s why lotteries are still so popular; we imagine hitting that million-euro jackpot even if the chance of that actually happening is minimal to nil. The same is true for high prices. These prices can only be promised because many people who only have a tiny chance of winning are participating and spending money, yet people continue to take part in these kinds of lotteries. It’s the excitement of the potential win that draws people in.
Slots with a high variance
The same is true for online slots with a high variance. If you win, you win a huge cash prize. However, this chance is minimal and you’re at high risk. This risk is especially high with progressive jackpot slots, because a portion of your bet goes to the jackpot. Although that portion of your bet – often around 8% – can be recouped by winning the jackpot, the chances are minimal. While there are also other prizes that you can win, these are generally low in value because they can’t detract from the big jackpot.
Online casinos often mislead players when it comes to these types of online jackpot slots. They might make out that the jackpot is about to be paid out when, in reality, the chance of this is just as minimal as before. Participating in online slots games that have a high variance is often a waste of your money. To minimize your losses, you should avoid taking part in these games or play them sparingly.
Play slower games
It might seem a bit obvious, but if you want to reduce your losses per hour, you should opt for the slower running online casino games. Fast-paced games like slots are exciting, but they can lose you money at the speed of an express train ride. Online casino games like Blackjack or Punto Banco have a much slower pace, which means you lose less per hour when playing them (in case of equal bets). If you find that you are losing too much, playing slower games is a clever way around the problem. You can continue to play online casino games, but the slower pace means that you can minimize your losses per hour.
Use tactics
Luck is always a factor with online casino games. However, luck is a bigger determining factor in some games than others. While you aren’t able to use many strategies with an online slot machine, things are quite different with online Blackjack. By continuously applying the right tactics in a game of online Blackjack, you can reduce the house advantage to a meagre 0.5%. That’s a payout rate of 99.5%. Although this is great, it highlights the fact that an online casino always retains an advantage. After all, the main goal of the casino is to make a profit and without this advantage they wouldn’t be able to earn anything from you.
These strategies can help you to make more profit, but you shouldn’t see this as the only goal. Tactics and strategies are also an excellent way to limit your losses. If you want to know what the best online Blackjack strategies are, take a look at our online Blackjack game guide.
See an online casino as entertainment
Although we have several online gaming guides to increase your odds of winning, it’s extremely important that you continue to think of online casinos as a form of entertainment. You’re always at a disadvantage to an online casino, where the games are made so that you’ll lose in the long run. It’s unrealistic to think that it’s possible to make a profit from playing the games. And we certainly don’t recommend becoming a professional gambler. You can increase your chances of winning and minimize your losses, but the system is simply unbeatable.
Look at online casinos as a form of entertainment. When you go to the cinema, you spend about 10 euros on a ticket. You won’t get this money back, but you’ll get an hour or two of entertainment in return. The same goes for an online casino. Think of it as a nice way to spend your time, but not something that will bring you profits. What’s more, by simply treating it as innocent entertainment, you also minimize the chance of developing a gambling addiction. If you keep treating online casinos as innocent entertainment, you won’t lose too much money, which is another way to minimize your losses.
Conclusion
There are several tactics that can be used to minimize losses when playing online casino games. First, it’s advisable to have a good money management strategy. Set a limit, a maximum amount that you are willing to lose, and stop as soon as you reach this limit. This doesn’t have to mean you end up at a loss. If you have set a maximum loss of 50 euros and you have won 100 euros in total, you will still walk away with 50 euros.
Online casinos try to attract customers in multiple ways. Which one of us isn’t going to salivate at the thought of winning a big jackpot? However, the chances of winning these high prizes are small. You can further minimize your losses per hour by playing games at a slower pace and using tactics. These approaches at least minimize your losses, especially in games like online Blackjack. They can bring you profits too. Finally, don’t forget to think of online casino games as entertainment. An online casino wants to make a profit and you’re always at a disadvantage, so don’t take it too seriously and don’t see it as a way to make quick money. Just enjoy the games. By approaching it this way, you won’t spend too much money.
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