Deposit Tips to Maximise Your Live Casino Finances – Avoid wasting your money!

Valuable tips few iGaming portals offer! Avoid choosing the wrong deposit and withdrawal options that reduce your winning potential. Now you can maximise your winnings by choosing casinos that suit your financial situation. (Photo by Towfiqu barbhuiya on Unsplash)

Did you know the methods you choose to deposit and withdraw can affect your theoretical RTP and house edge?

This guide gives you some basic tips on improving the value you get for your money when playing live dealer games.

It does this by helping you understand the unseen pitfalls of certain deposit and withdrawal strategies you use to fund your casino bankroll.

This includes the currency you choose to play in and the deposit option you use to make your deposits and withdrawals.

If you are new to the live dealer scene, this guide is a great way to bump start your gaming experience.

For those of you who have played live dealer games for a while, hopefully, some of the tips below will help. You never know. Maybe you missed something in your overall strategy.

Now we have the WWW: Thanks to the World Wide Web, we have almost limitless information. And here at Livecasinocentral, we take full advantage of our ability to provide you with accurate guides for live casino gameplay.

The Backstory to Maximising Your Live Casino Finances

We have table games like blackjack, roulette, baccarat, poker, Andar Bahar, and Teen Patti. Then there’s roulette, craps, and sic bo. After this, there is an ever-growing number of game shows and odd games like Fan Tan and Back Bo. Then don’t get me started with bingo and lotto! Each niche game has strategies that apply to their gameplay to ensure you maximise the RTP and house edge. However, these RTP and house edge percentages can be severely reduced if you make the wrong deposit and withdrawal decisions.

• What is RTP? This is the theoretical amount you can win playing a casino game. For example, roulette single-zero has an RTP of 97.3%. That means on average over time, you should win back 97.3% of all money bet. You could even win more!
• What is House Edge? This is the opposite of RTP. Is is the average percentage of wins the casino expect to make back from a player. Therefore, over time playing single-zero roulette with an RTP of 97.3%, the casino expect to make a profit of 2.7%.

As for each game’s RTP and House Edge, I won’t get into the individual strategies and payout percentages. We already have a Livecasiocentral page for live games where you will find tips and tricks for each under the relevant game. The aim is to avoid two key mistakes both outlines below.

Play at Casinos Using Your Domestic Currency

I know many casinos accept USD or other currencies as a replacement for your domestic money. However, here lies the issue. If you use an eWallet, you are likely already paying withdrawal fees. If you use bank transfer, most banks charge double fees despite offering an exchange rate closer to the current FX market rates.

• eWallets: The biggest issue with eWallets is their currency exchange rates. From my experience of playing in USD, it has been appalling when I want to play a casino where CAD or GBP (depending on where I was living) was unavailable. You’ll look at the actual currency exchange rate (FX rate) on Google, and then the eWallet exchange rate, and the difference would be at least 3% or more. That’s fees to receive money from the casino of around 3% to 5%, plus more than 3% loss on the exchange rate.
• Bank Transfers: Banks’ FX exchange rates are generally more on par with the actual FX exchange rates. However, the kink in the armour here is the fees banks charge for the conversion. A minimum of 5% of the total transaction, plus a fee for the conversion, could set you back as much as 10%.

Still want to play using a currency other than your domestic currency? Look for deposit and withdrawal methods with reasonable exchange rates closer to the currency FX markets- Wise.com is one suggestion as it is known for its fair exchange rates and low cost currency conversion rates. Or consider using cryptocurrency, which has much lower charges, but you’ll still need to watch out for volatile price fluctuations. Our crypto guide to live casinos gives you a decent overview of Bitcoin and crypto casinos.

Avoid Playing Using Your Credit Card Unless You Can Pay It Off Monthly

The trick to owning a credit card is to pay it off at the end of the month to avoid interest. Without stating the obvious, you’ll pay interest on your casino balance, negating the return to player (RTP) or house edge of your game.

• RTP: The return to play is the theoretical amount you can win playing a particular casino game. For example, single-zero roulette games have a theoretical RTP of 97.3%. Over time, let’s say 6 months, you could end up 2.7% down on your entire roulette gameplay. Funnily enough, the 2.7% percentage is the house edge.
• Credit Debt Harms Your RTP: If you look at the accompanying table to this section, I pulled some stats on the average interest rates for credit cards in the 7 geos we cover here on the Livecasinocentral best live dealer sites guide.

Let’s take the best-case scenario and worst-case scenario and compare

I will use basic sums to simplify the use of credit cards versus RTP and house edge. The actual calculations are far more complex, but you’ll get the gist of the point I am trying to make. I.e., take it with a pinch of salt and use your common sense to see the obvious.

• 12% APR is the lowest: Therefore, 1% interest per month. Effectively, win or lose, 1% of your monthly deposit is forfeited to interest. The roulette RTP mentioned above is now 96,3%. The house edge is 3.7%. Although the casino is not making that 1%, you lose it if you do not pay the credit card off monthly.
• 42% APR is the highest: This is a huge APR. 3.5% per month. Now that Roulette RTP of 97.3% just lowered itself to 93.8%. The house edge is currently 6.2%.
• Other Fees: Using a credit card for live casino gaming might involve not only paying interest but also potential cash advance fees or other related charges that could further negatively impact your finances used for gambling.

What are your alternatives? Only play with money you already have. That means use debit cards. Another point to consider here is imagine you are using a credit card and playing in another currency where exchange rate fluctuations and fees reduce your RTP even further. It’s just not a logical way to gamble online.