Those who are new to online gambling may not know the importance of setting themselves a gambling budget. Ask any seasoned online casino player – a budget can help prevent you from falling off the cliff and into financial trouble. Gambling can quickly become an addictive past time and have a tremendously negative impact on your finances.
This is why we’ve created a how-to guide on setting up the all-important gambling budget for South Africans.
Why You Should Set Up a Gambling Budget
A gambling budget allows you to remain focussed and in control. It helps you remain in control of how you play and how much you spend. Having a gambling budget keeps track of your financial situation. This gives you room to make necessary changes to how much you spend at online casinos so that it doesn’t affect your way of life. Online gambling should be a fun hobby and not something that gets in the way of living your life.
How to Set a Gambling Budget
- Make Sure All Your Accounts are Paid Off
The convenience of online gambling means that it’s easy to spend more than you should. First off, pay all your important debts and accounts like rent and medial aid. Secondly, set aside money for regular expenses like groceries. Finally, set aside the money you can afford to spend on your favourite gambling sites.
- Create a Separate Gambling Account
Because you are at home and, ultimately you have unlimited access to cash, gambling online poses more risks than the traditional land-based casino. Creating a separate bank account for your gambling budget is a very good idea. Not only will you be able to monitor your gambling habits better, it also won’t eat into your day-to-day funds. Keep the balance a bit lower than you want and stick to it. Don’t top it up randomly.
- Set Limits and Stick to Them
This refers to both your precious Randelas and your time. Time spent at an online casino means less time spent on other hobbies and with your family. Not monitoring how much time you spend gambling online may lead you to developing an addiction. Set a time frame based off hours. Sticking to your bankroll may be difficult for some, after all winning is thrilling. If you think you’ll have trouble controlling how much you spend, use the limit setting on your casino account. Most online casino now have this option when you create your account. Alternatively, call customer service and ask them to set up one for you.
- Don’t Borrow More Money to Gamble With
This is never a good idea, especially if you’re loaning money from loan sharks. If you lose, and more often than not you will, you’ll end up deeper in debt.
- Pick Games that Suit Your Budget
To make your gambling budget stretch farther, pick your games wisely. Unless you are a high-roller, avoid playing at these tables. You risk losing all your money in one round. Much rather play games that have free spins on offer, slot machines, games with lower house edges like blackjack, or other games where small bets can get you far.
- Don’t Cloud Your Judgement
Finally, play when you’re under the influence. It may be fun at a land-based casino, but at home is a different experience. Controlling how much you spend at a casino is much easier than at an online gambling site. Drinking lowers your inhibitions and leads you to making rash decisions.
Gambling Budget Conclusion
Creating a gambling budget not only prevents you from landing yourself in financial ruin. It also helps you become a better player because you play smartly. Start with setting a small budget for the week or month. The better you become at your favourite games, the more you can add to it. But never ever play beyond your means, no matter how tempting it may be.
If you or anyone you know has a problem with gambling addiction, read our page on problem gambling.