Tips on Managing Your Gambling Budget

If the above title compels you to ask, ‘What’s a gambling budget?’, then you might want to pull up a chair. Every day, thousands of players, both online and off, wade into their favourite gambling game without setting any kind of budget and eventually many find themselves out of pocket. So to help you avoid some of the many pitfalls that accompany indiscriminate gambling, we’ve put together a few tips on how to manage your gambling budget.

Take Stock of Your Gambling Spend

Before you even set up a budget, try to be honest with yourself about how much you spend each month. Should your gambling habit be such that it’s getting in the way of paying bills or, you know, actually buying food, then we’d suggest that it’s time to quit altogether. Chances are that you’ve got a problem that needs professional attention.

But if you’re able to set aside money each month without compromising your living situation, put in place a strict limit on your spend that you know you won’t exceed.

Set a Budget for Individual Sessions

Once you’ve got a budget in place, set betting limits for each individual session. The amount you decide to allocate depends entirely on your gambling proclivities. If low-volatility online slots are your thing, then you may be able to stretch your budget for longer. But if you’re a jackpot hunter then be prepared for a shorter session – unless of course you strike it lucky. It’s the same with table games too. Some variants offer low deposit buy-ins while others are aimed squarely at high-rollers. So do the math beforehand and make sure you stop when you’ve reached your session limit (sometimes easier said than done).

Let go of False Thinking

Then try to forget about ‘winning streaks’ and never, ever assume you’re ‘due some luck’. This kind of flawed thinking will eventually destroy your gambling budget for the simple fact that our brains are incapable of comprehending the law of big numbers. As a result, we’re extremely poor judges of randomness and to some extent probability. Shorter number sequences are more our thing which isn’t that helpful when gambling. Being realistic and taking a more pragmatic approach will serve you far better.

Cherish Your Winnings

In other words, protect your gains by withdrawing them. Should you hit a bad patch (and you will) you may be tempted to use up all your prize money in pursuit of that elusive win. Stop!! Instead, take a break, breathe deeply and try again later…preferably with the help of your actual budget.

Don’t Play When You’re Juiced

When you’ve had one too many cool ones, maybe try to avoid gambling altogether. Sadly, booze breeds impulsivity which can drain your budget like a bullet in a beer can. Consequently, if Miller time has become a Miller marathon, you may want to put away the poker chips and go do something else. Anyway, that’s about it for this post. Good luck!