How to Not Go Broke at Online Live Dealer Casinos
When you're playing at land-based or online casinos in New Zealand, making money management blunders is pretty common. While it's normal to slip up now and then, the key is to learn from your mistakes. Remember, live casino gambling involves real money, so any slip-ups with your bankroll can have significant consequences.
But don't sweat it! This guide is here to help you steer clear of those common money management traps that many new players in New Zealand fall into. We'll cover everything from picking the right game and understanding the house edge to setting up a sensible bankroll size and managing your time at the casino.
Mistake #1: Not Having a Gambling Bankroll
This is probably the quickest way to find yourself broke when playing at top New Zealand live casino sites. A lot of beginner players will log in to a casino, throw in the minimum deposit, and just start playing without any real financial plan. They don't realise that managing your money is the first step to a solid gambling strategy at the live casino.
The reality is that casino losses can hit hard. So, to protect yourself from the sting of losing, having a bankroll management plan is essential. It's best to gamble with money you can afford to lose. In other words, don't use cash earmarked for bills, rent, or other essentials to fund your casino play.
But how much is enough for gambling? There's no single answer for a New Zealand online gambling bankroll; it really depends on your personal budget. Make sure your bankroll is large enough to sustain hundreds of rounds of play. For instance, if you plan to play 500 rounds of live roulette in a session, your bankroll should comfortably cover the minimum bet for each round.
Mistake #2: Picking the Wrong Games with High House Edges
The house edge is a constant in any online live casino game you play in New Zealand. It's essentially the percentage of each bet that the casino expects to keep over the long run. For example, a slot machine with a 96% RTP (return to player) means the house edge is 4%. So, if you bet $100, the casino expects to pay back $96 on average.
How does the house edge impact your bankroll? A lower house edge means players have a better chance of keeping their winnings. Let's look at an example: if you play 500 rounds per hour at a game with a 4% house edge, and each round costs $1, you can expect to lose around $20 per hour. This loss increases if the house edge is higher.
The good news is that the house edge's impact really becomes noticeable after many, many rounds. So, while it's wise to play smart, don't let it stop you from enjoying your games in New Zealand. However, always aim to pick games with the lowest house edge available in the live casino lobby to give yourself the best odds.
Mistake #3: 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?
Mistake #4: 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 using the winnings from the bonuses like free spins and deposit bonuses.
Mistake #5: Playing Without a Strategy
Playing live dealer 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.
Mistake #6: 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.
However, self-control is an integral part of bankroll management. 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.
Mistake #7: Signing Up at the Wrong Casino
Choosing the right online live casino site 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 be certain 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 LiveCasinoRank. 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.
FAQ
What are the best bankroll management strategies for online live dealer casinos in New Zealand?
Bankroll management in online live dealer casinos involves setting a budget in NZD, betting small percentages of your bankroll (e.g., 1-5%), avoiding chasing losses, and adjusting bet sizes based on your total bankroll. Remember to gamble responsibly.
How can I set a realistic gambling budget for live dealer games in New Zealand?
To set a realistic gambling budget for live dealer games, assess your financial situation, determine an amount in NZD you can afford to lose without impacting your daily life, and stick to this limit. Regularly review and adjust your budget based on your financial changes. Consider using budgeting apps to help you track your spending.
Is it advisable to chase losses in live dealer casino games?
It is not advisable to chase losses in live dealer casino games. This can lead to overspending and increased losses. Instead, accept losses as part of the game, stick to your predetermined budget and strategy, and take a break if needed. Remember, help is available if gambling becomes a problem.
How important is understanding game rules in managing my finances at online live dealer casinos?
Understanding game rules is crucial in managing finances at online live dealer casinos. Knowledge of the game increases your chances of making informed betting decisions, thus protecting your bankroll. Always read the rules and understand the odds before playing any live dealer game.
Can setting win and loss limits help in financial management at live dealer casinos in New Zealand?
Yes, setting win and loss limits helps in financial management at live dealer casinos. It ensures that you lock in profits and prevent excessive losses, helping to maintain a healthy gambling budget. For example, set a limit to stop playing after winning 50% of your initial bankroll or losing 25%.
What role does choosing the right live dealer game play in not going broke?
Choosing the right live dealer game is essential, as games have different house edges. Opting for games with lower house edges increases your chances of winning, thus helping in maintaining your bankroll. For example, Blackjack typically has a lower house edge than some other casino games.
