Bingo Banking

Although online bingo is a game of luck rather than skill, we can still benefit from adopting the same kind of money management principles that online poker players use to make sure they don't run out of cash. These principles aren't complicated or difficult to apply, but they can help to make your online bingo more enjoyable simply because you know you're playing sensibly.

1 - Have A Bingo Bank
Start by setting aside a specific amount of money that you want to use to buy your online bingo tickets. We will call this a "Bingo Bank", and it should only include money that you can afford to lose if you are unfortunate enough to miss out on your fair share of lucky dust. This means that you shouldn't play with money you might need for household bills or mortgage payments. We know this sounds obvious, but some people do just that and get themselves into all sorts of trouble, so make sure you aren't one of them by only playing with genuinely "spare" money.

2 - Decide On A Maximum Top-Up
Because online bingo is a game of chance, it won't always be possible to make a profit every month, and you will probably want to top up your account from time to time. It's a good idea to decide on a maximum amount you will allow yourself to deposit into your bingo account each week or month. You can set any limit you like, according to what you can afford. The important thing is that you stick to your limit and never deposit a penny more than you decide unless your circumstances change (for example, if you happen to win a progressive bingo jackpot!)

3 - Set A Daily Limit
Unless you want to risk spending all of your Bingo Bank in a couple of days, you should set yourself a daily limit on how much you will allow yourself to spend on bingo tickets and any other games at the sites you visit (such as slot machines). Your limit could be a fixed amount of money, such as £10 per day, or it could be expressed as a percentage of your Bingo Bank. For example, if you have a £300 Bingo Bank, you could decide to use 5% per day, though never less than the original 5% (in this case £15). The advantage of this approach is that it allows you to buy more tickets if your bank increases in size thanks to a win or two.

We know that there aren't many online bingo players who think about money management in any great detail, but the above principles don't take much trouble, and they could help ensure that you always play within your means without getting carried away. Good luck!
 

30th January 2008