Online gambling has been around for some time.
However, the COVID-19 crisis has made it even more popular, with most people forced to stay home and seek entertainment online.
That said, online casinos are promoting responsible gambling so that people won’t gamble with more money than they can afford to lose.
Whether you’re new to online gambling or not, there are some things you can do to manage your funds effectively and protect your money from going down the drain.
Check out these tips and suggestions:
Set a budget
Start by setting a budget for your online gambling. Doing so will put you more in control of your gambling hobby and makes it easier to keep track of your financial situation. Only allocate a percentage of your income that you would for entertainment. Don’t add them up, rather deduct your gambling funds from your leisure funds, or make a trade-in!
How much money should you allocate for entertainment? According to financial experts, the magic number is 10 percent of your monthly net income, or what is left after you’ve paid your bills, taxes, and other financial obligations. Do your best to stick to this figure. With so many online casinos, it’s easy to find games that don’t require larger bets.
Remember that responsible gambling is all about playing for fun and entertainment. Anything beyond this becomes problematic. If it helps, create a separate bank account for gambling to ensure that you don’t touch the rest of your budget.
Don’t wager your bets all at once
After creating a budget, the next thing to do is to set a wager limit that should be representative of your overall budget. So, for example, if you plan to wager $30, stick to $1 per wager at the most or no more than one percent of your money. This allows you to place more bets and spend more time on gambling without losing your entire budget at once.
Lastly, while it may be tempting to increase the size of your bets after a win or two, it can greatly whack your budget. Remember that when you win, it isn’t the casino’s money anymore. It’s your money. Therefore, the more you bet, the higher your risk of losing money.
Take advantage of welcome bonuses
Reputable online casinos such as Slots.Ag offer generous welcome bonuses to new players which you can use to place bets, although they often come with a deposit requirement. For example, online casinos can match your deposit with a certain percentage, up to 100%. However, before you grab the offer, make sure to read the terms and conditions first.
Learning how to manage your online gambling budget is the best way to make the most of it and protect your finances from suffering.
Stay in control, particularly of your emotions!
As mentioned earlier, you want to be in control of your gambling habits. This involves keeping your emotions in check and NOT placing bets out of desperation!
Many gamblers tend to recuperate their lost bets by placing more and larger ones. Unfortunately, doing so will not only sabotage your budget but will also cause you to lose more.
Chasing losses isn’t a good habit when you’re playing an online casino game because you’re not going to win.
If you find yourself losing in a game, let it be. If you’ve used up your max wager amount for the day, quit and start fresh the next time.
Keep track of your spending, wins, and losses
The only way to know how much you’re spending and earning is by religiously keeping track of your gambling expenses. However, it can be a tedious task especially when you’re caught up in a game. In that case, keep a pen and paper nearby or make use of an app to track your wins and losses.
Tracking your results helps you stay within your budget limits and decide when it is time to take a break or change your strategy.
After winning, consider withdrawing your money so you won’t be tempted to add it to your gambling fund. That said, keep your earnings in a separate account if needed. If you really want to increase your wagering, stick to half of your winnings, at most.