Gambling, when enjoyed responsibly, can be a form of entertainment. However, for some, the thrill of the game can lead to problematic behaviors. An obsessive gambling habit can spiral into many things, with the most common one being digging a financial hole.
Developing a responsible gambling strategy is crucial for maintaining control and ensuring that gambling remains a fun and safe activity. This guide will provide you with practical steps and insights to help you build a personalized approach to responsible gambling. That way you can protect both your finances and well-being from common gambling pitfalls.
Understanding Your Gambling Habits
1. Self Assessment
Assessment breeds awareness. Oftentimes, you could take on a subjective view of how much time and money you’re spending on gambling. The reality check usually comes when you track everything. What felt like a few minutes could actually be an hour at the games.
Tracking can be as basic as recording the time at the start and end of a gambling session and the amount you spent each time. You can record these figures in a spreadsheet or dedicated tool like Quicken Simplifi.
Tracking can also be as elaborate as noting down deposits, bets, net loss/gains, and wins. This will provide you with not just the expense but also spending patterns. It will be of further benefit to note down your emotion before and during a gambling session. Many times, gambling serves as a form of relief for unresolved issues. You do not want to fall into that loop.
After about a month of continued tracking, it’s time for review. During a review, look for commonalities and patterns. They are a reflection of your attitude to gambling, they could also be warning signs.
2. Recognizing Warning Signs
Your assessment can reveal signs of problematic gambling:
- If your game time is extensive, and gambling expenses take a significant part of your budget.
- The signs can be behavioral. You may constantly be preoccupied with thoughts of gambling, past gambling experiences, or finding ways to obtain money for gambling.
- Chasing losses. This is a big red flag that shows problematic gambling may be well underway.
- Having a strong, persistent urge to gamble that gets in the way of responsibilities
- Gambling with money needed for essentials.
- Borrowing money to gamble.
As with all things, “a stitch in time saves nine”. If you do have any of these signs, it might be best to take a step back from gambling for a while. You can also seek help from a professional. When you have it under control, you can re-enter the world of gambling.
Setting Limits and Boundaries for a Working Gambling Strategy
3. Establishing a Gambling Budget
Start by assessing your financial situation. Make a list of all your expenses (rent, utilities, groceries, gas, etc.). Then, calculate your disposable income by subtracting your total expenses from your total income. What’s left is your disposable income for discretionary spending.
Before setting up a gambling budget, ensure you’ve met other financial obligations like savings and credit card bill. Now, decide on a specific amount of your disposable income to allocate to gambling. As a rule of thumb, keep this amount relatively low. Gambling, after all, should be entertainment, not an investment.
For easier compliance, you can also set up time frames for your gambling budget. Depending on your gambling frequency, allocate a daily, weekly or monthly budget. Consider putting the funds in a separate account or e-wallet. This makes it easier to track what you actually spend and prevents dipping into essential funds.
4. Setting Time Limits
Treat gambling like a scheduled activity. It should have designated durations. This can be specific times of the day or week. It’s best to put it at the end of a work day or week to avoid interfering with daily activities.
Set a timer at the beginning of a gambling session and stop once it goes off. Sometimes, you may go past the allocated time. That’s okay, just try to stick to the allocated time at the next session.
5. Game Selection
Choose games with lower house edges for better odds (like Blackjack) they offer better chances of long-term winning. Also consider the Return To Player (RTP) of the gaming site. A site like JeffBet is filled with a variety of games that offer favorable RTPs for players. Also, avoid games with high volatility to effectively manage funds.
Utilizing Gambling Tools and Resources
6. Choosing the Right Gaming Site
Not all gaming sites have your best interest at heart. Thankfully a site like JeffBet offers multiple game options to cater to everyone. It also boasts of popular games like Blackjack that offer players the thrill.
As you navigate the JeffBet website, you will find a section detailing FAQs and sufficient answers. The website answers questions about the best online slot games, winning, games with the best payouts, and more. It’s a UK licensed, regulated gaming site worth checking out.
Also read: AI and Gambling: Stacking the Odds in Your Favor
7. Self-Exclusion Programs
If you do have a gambling issue, a temporary self-exclusion program might be the solution. A platform like JeffBet has this feature. The website clearly states that players can place limits on deposits and lock accounts for a timeframe.
This feature ensures you maintain a degree of responsibility when gambling. All you have to do is fill out some information or contact customer support for guidance.
The Bottom Line
Responsible gambling stems from awareness. Once you know your limits and are aware of your gambling habits, it’s easier to achieve your gambling intentions, whether that’s relaxation or a quick buck.
