Gambling is a potentially dangerous form of entertainment, the two main risks are financial insolvency and addiction. However, players can prevent the risks by applying some easy rules when playing.
At Bemybet, one of our missions is to educate our players about gambling. That means teaching the methods to prevent addictions and keep the game as a pleasure, and not an addiction. That’s why here you find 3 tips to follow if you are a gambler:
- Manage your money
- Manage your time
- Play only for fun
First Tip: Manage Your Money
Controlling your cash flow is a great way to avoid problem gambling and reduce the likelihood of your finances suffering as a result of gaming. As explained below, there are several methods for using money management to limit gambling.
1) Create a budget
Consider how much money you’ll need to save first for your life necessities (food, insurance, rent, education…). Determine your risk and loss tolerance when it comes to gambling and sports betting. Set a daily, weekly, and monthly limit for yourself.
2) Define your limits
Set a limit on how much you can bet, spend, or lose on a single bet. It is recommended that you use the limit functionality provided by the majority of operators to help you stay within your limits. As a result, sticking to your plan will be easier for you.
3) Avoid gambling with borrowed money
Your game will be more dangerous if you play with borrowed money. Furthermore, your potential losses may be detrimental to not only you but also those close to you.
4) Take your winnings
It is recommended that you cash out some money if you have a significant victory. Avoid playing more after making a significant profit, as this may increase your risk of gambling harm. Avoid placing large bets because it may increase your desire to engage in riskier activities.
5) Limit your bank withdrawal
Request that your bank limit the amount you can withdraw.
6) Stick to your game plan!
Above all, follow through on your plan! Keep in mind that if you’ve decided to stick to a budget or set limits on each wager, you should stick to it. Periodically review your gambling activities: Are you following the budget you fixed? Are you respecting the time restriction you defined? If you notice that you are occasionally unable to stick to your limits, it is always a good idea to seek guidance to determine what steps can be taken to prevent the development of unsustainable gambling behaviour.
Second Tip: Manage Your Time
Once the budget is defined, players should also set limits on the time they dedicate to the gambling activities.
Why should you track the time?
Sports bettors are generally also sport fans that loves to follow the championship. The adrenaline generated when watching a football game, or any other sport, can alterate the normal vigilance on our activities.
As consequence, it can also be difficult to keep track of time, especially if you are constantly looking for the best odds or placing bets on frantic live betting.
The same behaviour can be observed in a casino or poker player.
Excessive gambling may cause you to neglect other activities of your life (exercise, tasks related to your job, education…). Relationships may also suffer as a result of poor time management.
What is your time management strategy?
Several bookmakers and operators provide tools to help players keep track of how much time they spend wagering, such as stop clocks and time limits. If your preferred operator has one, using it to guide your decisions can be beneficial. They make it simple to track your progress and can help you decide how much time you want to spend betting ahead of time.
However, if your preferred bookmaker does not provide this feature, you can create your own simple setup by setting a timer or using your phone’s stopwatch to keep track of the passage of time while placing bets.
Another useful method is to extimate the time you would like to dedicate to gambling, and then comparing this to the effective time you spent. In order to keep track of the time you can note the time you use over a few weeks. Remember to account for the time spent planning and researching potential wagers. If you notice that you significantly underestimate how much time you spend gambling, you might set limits on this activity.
What is the limit?
It is difficult to say how much time is excessive because it varies so greatly between players. Choose an amount that you would feel comfortable with and ask for an opinion from a friend.
The Lower-Risk Gambling Guidelines published by the Canadian Centre on Substance Use and Addiction, could help you on defining the limits. The Guidelines are the result of a five-year investigation that included gaming statistics, player survey data, and expert opinions. According to the recommendations, you should limit your gambling to no more than four days per month if you want to lower your risk of gambling addiction.
If you gamble more than what the limit suggested, it does not necessarily mean you have a problem, but it does increase your risk exposure.
Third advice: Play only for fun
Gambling, like any other form of entertainment, can be enjoyable in moderation if you feel in control of the situation.
It can be extremely distressing to lose control of your gaming and find yourself attempting to recoup lost money.
Gambling can become a way of life for some people, with a consequence being having trouble focusing on other important things. You should be aware of the signals that show you that this activity it’s no more just entertainment, like psychological stress, anxiety, depression, financial issues and relationship troubles..
What to do in the case of addiction issues or suspects?
If despite the advice you found in this article, gambling becomes a problem, our advice is to get in touch with an organisation that specializes in gambling addiction treatment and prevention.