7 Ways to Protect Yourself from Going Broke Gambling

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Gambling

When stepping into the world of gambling, people mainly focus on the excitement and the potential of winning big. However, before you notice, a few hours have passed since you’ve arrived at the casino or started an online game on your phone, and your wallet is considerably lighter. Gambling is risky, but it’s the accompanying adrenaline rush that makes the game so attractive. Still, you have to keep yourself in check, so the whole experience doesn’t turn sour.

Though you can’t wholly avoid losing, you need to create a strategy to protect yourself from going broke. You should start with setting a strict gambling budget for yourself, set stop-loss limits, and choose games with a low house edge. Additionally, you have to avoid borrowing money, drinking alcohol when playing, and chasing losses.

It’s easy to lose yourself in the thrill of gambling, but it can have a disastrous effect on your livelihood. Here are some tips that can help you maintain your composure and manage your gambling finances.

Choose Your Gambling Venues Carefully

Where you decide to gamble is important because it can hugely affect your bankroll. If you’re playing online, make sure you’re going to a reputable site with a license. Sites that are licensed and regulated by a third party are much safer than those that are not. The best way to check out an online betting app’s reputation is to read its reviews on reputable betting app review platforms, such as Betsquare.

Set a Budget and Stick to It

One of the reasons why people lose their money while gambling is that they set no limit for themselves, and they play more than they can afford. The best thing you can do to avoid going broke is to set aside a budget for gambling activities. Allocate a certain amount of money for gambling each month, and don’t exceed it.

How much you should spend is up to you, but keep in mind that you need to prioritize money for your daily expenses, such as food, school, bills, and so on. You also should set something aside for savings. A good rule to follow is the 50-30-20 rule, where 50% of your income goes to needs, 30% to wants, and 20% to savings. Your gambling expenses should be among that 30%.

Avoid Chasing Losses

One of the most common mistakes gamblers make is chasing losses. If you lose money while gambling, your first reaction should be to stop playing immediately and reassess your finances. Don’t try to recuperate losses by playing more and more. This is where gamblers find themselves going broke.

The best thing you can do is to leave the casino or stop playing on your phone and take some time to clear your mind. Then, analyze your strategy – maybe you don’t know the rules as well as you thought, or you need to change the game for something with a lower house edge. After you know what to improve, you can try to conquer the casino again.

Don’t Drink Alcohol

Gambling is fun when you’re sober, but it takes on a whole different meaning when alcohol is involved. Many people drink to ease the tension and anxiety associated with losing, which makes them even more prone to making poor decisions while they are gambling.

You should avoid drinking while gambling because this can lead to reckless decisions that can wipe out your bankroll. Even if you’re confident that you can control yourself, you’re not 100% in a sober state of mind. Alcohol also lowers your inhibitions, so you might end up spending money that you don’t have.

Don’t Play When You’re Tired or Stressed Out

If you come home after a long day at work and all you want is to sit back and relax, it might seem like a good idea to head over to the casino or launch your favorite app and play a few rounds of poker or slots. In the end, table games don’t require much effort from you, and you can always earn a quick buck.

But don’t do it! Your judgment might be clouded, and it will be harder for you to make smart decisions about your money. Wait until the evening when you get some rest so that you can enter the game fresh and focused.

Play Games with Low House Edge

When choosing what games to play, consider ones that have lower house edges. The house edge is the amount of money that the casino makes on each bet placed by the player. The lower it is, the better the odds are in your favor. A great example of this is Blackjack, where the house edge is around 1.5%. Baccarat has an edge of between 1% and 14%, depending on various factors. Slots have higher house edges, so it might be better to stay away from them if you want to avoid sinking your money into a game that may not give you that much profit.

Never Borrow Money for Gambling

It’s common sense that borrowing money is risky. However, people still manage to get themselves into debt by doing exactly that. It may seem harmless at first, but it can quickly spiral out of control. Borrowed money increases the likelihood of going broke because it encourages you to invest more than you can afford to lose. Not only will you have to pay back what you borrowed, but you also will have to pay interest, which will make the debt even larger into a mountainous sum.

In Conclusion

Gambling can be a fun and exciting way to pass the time. However, the potential for going broke is high, so you have to keep yourself in check. Set a budget, don’t take on debt, and play games with low house edges. Also, never drink when you gamble, as it can lower your inhibitions and make you lose track of how much money you are betting. By taking these steps, you’ll be able to enjoy the game without worrying about how your bankroll is doing.

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Riley McCullough is Casino Players Report's resident website designer, gambling news blogger, and head of our graphics department. A man of many talents and very appreciated here at CPR.

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