How to Not Go Broke at Online Live Dealer Casinos

Whether you're playing at a land-based casino or an online gambling site in Canada, making money management mistakes is pretty common. While it's okay to slip up now and then, learning from your experiences is key. Remember, live casino action involves real money, so any slip-ups in bankroll management can have serious consequences.

Don't sweat it, though! This guide is here to help you dodge the common money management blunders that many new players fall into. We'll cover everything from picking the right games and understanding the house edge to setting up a proper bankroll and managing your time at the tables.

Mistake #1: Skipping the Bankroll Budget

This is the most straightforward way to go broke playing at top live casino sites in Canada. Many beginner players just jump onto a casino site, make a minimal deposit, and start playing without any financial plan. They don't realize that managing your money is the foundational step for any successful live casino strategy.

Casino games, especially live dealer ones, can churn through your funds quickly. To protect yourself from the sting of losses, proper bankroll management is essential. It's wise to only gamble with money you can afford to lose. In other words, steer clear of using funds meant for rent, bills, or essential living expenses.

But how much is enough for gambling? There's no one-size-fits-all bankroll for online gambling in Canada; it really depends on your personal finances. Ensure your budget is large enough to sustain hundreds of betting rounds. For instance, if you plan to play 500 rounds of live roulette in a day, your bankroll should comfortably cover the minimum bet for each round.

Mistake #2: Picking Games with a High House Edge

The house edge is a constant factor in every online live casino game you play in Canada. It's simply the percentage of each bet that the casino keeps over the long run. For example, a slot machine with a 96% RTP (return to player) means that 4% is the house edge. So, for every $100 you bet, the casino expects to keep $4, with $96 returned to players on average over time.

How does the house edge impact your bankroll? A lower house edge means better odds for you, the player. Let's look at it this way: if you play 500 rounds of a game with a 4% house edge, and each round costs $1, your expected loss per hour is around $20. This loss amount will grow if you choose games with a higher house edge.

The good news is that the house edge's impact is most noticeable after many rounds. So, while it's always smart to choose games with the lowest house edge available in the live casino lobby, you can still enjoy your play. It's about finding that sweet spot between enjoyable games and favourable odds for you in Canada.

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?

Blackjack

Craps

Poker

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.

No Deposit Bonus

Cashback Bonus

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.