Gambling is a form of entertainment that is not without risks. The most common risks are addiction and financial ruin. There are ways to minimise these risks, such as only gambling with money you can afford to lose and also gambling responsibly.
Here at OddsNinja.com we want to help our bettors become smart bettors. That’s why you’ll find here 3 tips to play smart and keep gambling as a pleasure and not an addiction:
- Manage your money.
- Manage your time.
- Play only for entertainment.
💵 Money Management
Controlling your cash flow is a good approach to avoid problem gambling and lower your chance of suffering financially as a result of gaming. As outlined below, there are a variety of approaches to using money management to restrict gambling.
1. Create a budget.
First, think about how much cash you’ll need to set away for necessities like food, insurance, and rent. Decide how much you are willing to risk or lose on gambling and sports betting over a specified time frame. That could be a certain sum for the day, the week, or the month.
2. Set limitations
Limit the amount of money you can deposit, lose, or use on a single wager. It is advised that you take advantage of the limit functionality provided by the majority of operators to assist you in staying within your restrictions. You will find it simpler to stick to your plan as a result.
3. Avoid borrowing money to gamble.
Avoid taking out loans from family, friends, or other sources of credit. The risk of your game will grow if you play with borrowed money. Additionally, your possible losses could hurt not just you but also those around you.
4. Withdraw your winnings.
It is advised to withdraw some cash if you have a sizable victory. After a significant gain, refrain from playing more because this could increase your risk of gambling-related damages. Avoid betting with huge quantities of money because the temptation to play riskier games may increase.
5. Track your profits and losses.
You may determine if sports betting and gambling are truly a sustainable source of income for you by keeping track of your past performance; for the majority, they are not.
6. Restrictions on cash withdrawals
Request that your bank imposes limits on the amount you can withdraw.
7. Adhere to your strategy!
Above all, follow through with your plan! If you’ve made the decision to stick to a budget or place restrictions on each wager, keep that in mind. It is always a good idea to seek assistance to determine steps that may be made to prevent the development of unsustainable gambling behaviour if you find that you are occasionally unable to adhere to your limitations.
⏱️ Management of time
- A wise bettor keeps track of their time, makes sure they take days off from betting, and also enjoys sports without betting.
- According to Canadian Lower-Risk Gambling recommendations, you should limit your gambling to no more than 4 days a month to keep your risk exposure to a minimum.
- Establish boundaries for yourself that you are comfortable with, and regularly assess your compliance with them.
- Live betting that is fast-paced and continuous can make it easier to lose track of time.
Why should I care about how much time I spend?
When they like watching a football game, tennis match, or other sporting events, many participants wager to get an extra rush. Although this rush can be enjoyable, it can also cause one to loose track of time, especially if you frequently search for the best odds or wager on fast-paced live betting.
Advice on how to gamble sensibly frequently has to do with spending money, as making a budget for your gambling expenses. While monitoring financial expenditure is undoubtedly crucial, astute gamblers also monitor their time management.
Spending an excessive amount of time gambling might, in extreme situations, result in neglecting other activities like exercise or tasks relating to your job or studies. It may also result in the breaking down of relationships.
How do you keep track of the time?
To help players keep track of how much time they spend gambling, several bookmakers and operators provide tools like stop clocks and time limits. If your chosen bookmaker or operator has such a tool, using it to make decisions can be beneficial. They can assist you in determining in advance how much time you want to spend betting and make it simple to track your progress. If your favourite bookmaker doesn’t provide such a feature, you may design your own straightforward arrangement by setting a timer or using your phone’s stopwatch to keep track of the passing of time when placing bets.
Another way is to record how much time you estimate you spend betting over the course of a week and then systematically track your time use over a few weeks. Do not forget to account for the time spent organizing and researching potential wagers. If you significantly underestimate how much time you spend gambling, it may be a hint that you may benefit from setting time limitations for yourself or paying more attention to the clock when you place bets.
How much is excessive?
Since this varies considerably from player to player, it is quite challenging to determine just how much time is too much. One suggestion is to decide on a sum that you would feel at ease discussing with a close friend or family member.
The Lower-Risk Gambling Guidelines were released by the Canadian Centre on Substance Use and Addiction last month. They are the result of five years of research that included gambling data, player survey data, and expert comments. According to the recommendations, if you wish to lower your risk of gambling-related damages, you should limit your gambling to no more than four days per month (in addition to following the other guidelines).
If you wager more than four days, this does not imply that you have a problem, but it will raise your risk exposure.
🕹️ Play only for entertainment.
When you feel like you have control over the activity, gambling, like any other type of entertainment, may be enjoyable in moderation.
It can be really frustrating when you start to lose control of your gaming and find yourself attempting to recover lost funds.
Gambling can turn into a way of life for some people, preventing them from concentrating on other things that are significant to them. It can be useful to keep a careful eye on whether this qualifies as entertainment or not.
🙋 What to do in the case of addiction problems?
If, despite this advice, gambling becomes a problem, we advise you to contact an organisation specialising in prevention and help for gambling addicts.
Here is a helpful link: