Betting is the process of staking value, normally currency, on the outcome of events. At the beginning, gambling was handled by a local bookmaker who would supply you with potential scenarios you may place your stake on.
Today not only the potential events one could possibly bet on are endless but you have a variety of bookmakers you could bet with. All this combined with betting advertisements being distributed through different sources of media, it is impossible to ignore the betting scene.
I am not against betting, far from it. I gamble quite frequently but all in a responsible manner. Betting is addictive and like many addictions it may greatly reduce one’s quality of life, if not destroy it completely.
The purpose of this article is to offer guidelines in how to bet responsibly and enjoy the thrills that come with it without it affecting your personal life.
Guidelines On How To Bet Responsibly
Although betting responsibly may sound like a paradoxical phrase, there are methods to limit the consequences of betting to the extent that it remains an enjoyable activity for your personal time.
Here’s a checklist of questions one should ask themselves to able to classify their actions as a responsible bet.
Are you in control of your actions?
The two variables you need to analyse when looking at your betting activity is the amounts of money you are betting and how frequent your betting activity is.
In terms of money you are depositing into your betting account, calculate the percentage of your stake on your income and ask yourself ‘What position would I be in if I lose this’?
The frequency of your activity is also a notable factor. Is your bet a one-off action or a regular activity in your week? Once you are thinking of placing a bet regularly, you know you have an addiction.
Is your activity a form of entertainment or form of investment?
Betting on sports is no way to keep a roof over your and possibly your family’s head/s. Bet for the sake of the entertaining thrill. Once that thrill turns into anxiety of losing, you have made the jump from personal enjoyment to relying your future on an uncertain outcome.
This is no way how to bet responsibly or live.
Are you betting on your gut or attractive odds?
Promotional bet offers are now on every source of media, be it on your twitter feed or the halftime advertisements of the football match you are watching.
Do not base your stakes on these offers rather than your own instinct.
Make your prediction, check the odds and accept them for what they are.
Have you set a personal limit?
Do you know the limit to when you tell yourself ‘It is time to stop’?
Betting without an end is a dangerous thing to do and may have serious repercussions. Set one when registering your betting account and enjoy the peace of mind that comes with it.
Are you chasing your losses?
Do not try win back money the way you lost it. You are doing it for fun remember?
There is no reason not to accept a bad day if you do not have an addiction. When you have reached this stage, lock your account for a few weeks and reflect deeply to how you are going to approach your betting activity.
Ways To Cut Down On Your Betting Activity
Set a deposit limit on your account:
All established betting sites have an option to limit your deposits in your settings tab. Use this as an enforced way to control your activity. See it as a way of sticking to your word.
Set a time limit on your account:
Same basis as the deposit limit, use this as an enforced way to keep your activity low and away from spilling onto your personal life.
Do not have multiple accounts:
The previous suggestions are rendered useless if multiple accounts are used. Stick to one. Have multiple accounts on your bank statement could also prove to be harmful for future financial aid.
Use a debit card, not a credit card:
Ideally your personal bank account never hit zero but if it does, don’t use your credit overdraft to bet. If you have a negative balance, your cash is better spent elsewhere.
Set a breaking point:
Personally, when I bet, I make sure I never drop below -50 euro. Once I have, I shut down my betting account for the remained of the football. If you reach a negative outflow on your betting account, it is a clear indication that you’d be better putting effort in other areas of your life for a few months.
Take regular breaks from betting:
Set a regular fixed period when you do not bet. For example, you don’t bet in the first week of every month as you would have just received your paycheck. This will not only reduce losses but may increase your winnings as it gives you time to reflect on your betting strategy, if you have one.
Create annual reports of your betting activity:
Create annual reports to evaluate the effect betting is having on your income and personal life. From time and money spent, to which markets are you making the most money.
This is not only responsible but could also prove to be profitable.
If all this principles and tips are followed, I truly believe that you have learnt how to bet responsibly. Betting in this way could prove to be a thrilling hobby that you keep up for many years to come.
Just remember, it is a form of entertainment and not a form of investment!