Before you ever make a bet, you should know that you would be okay if you lost it. Knowing how to take care of your money when playing in online casinos is one of the most important parts of it, otherwise, your online casino playing career could end quite quickly. This is even truer than the huge amount of online casinos since your funds are so easily accessible at all times.
3.1% of gamblers have at some point bet more than they could afford to lose, and estimates suggest that gambling debt is one of the biggest causes of financial troubles.
Today, we’re going to look at some of the top tips for managing your money playing online casinos.
The single most important way to manage your money while playing online casinos is to set a strict budget and stick to it. Again, the one thing you need to do is know exactly how much you can afford to lose, and never, ever bet more than that. No matter how much you might have already lost, do not chase your losses and try to make them up. Stick to your budget.
For online casinos, start out by setting yourself a weekly budget. The important thing is that you are able to stop when you know you’re reaching your limit. If you find it hard to stop even in these circumstances, then you need to rethink your approach to online casinos.
Budgeting is the first and most important thing you should do, and the most important rule for yourself that you should never break.
Withdraw winnings and keep them
One of the most common temptations when you make a big win, or even a cumulation of big wins, is to simply throw that money back in and try and increase it even further. This is a temptation you need to curb—you need to be able to set yourself a limit on how much you will win before you stop betting, too. Otherwise, you will simply keep losing your winnings.
This is all part of the budget, too. You should set these limitations clearly in your budget, and try not to think of winnings as extra money for betting, but as profit, for you to spend on other things, as you won’t owe any tax on it.
Knowing when to stop is one of the most important tips—even when you’re on a winning streak.
- Detach yourself emotionally
If you’re regularly betting in an online casino with an eye to making it a profitable endeavor, then you’re going to need to be able to detach yourself emotionally from the situation. Losses can hit hard and can be devastating, and this is one of the biggest causes of gambling debt in the U.K. Never chase your losses, of course, but the most important way you prevent yourself from doing this is by not getting emotional.
If you get emotional, you will make rash decisions. Studies have shown that 75% of problem gamblers will chase losses, and 59% of all gamblers chased in some way, either wins or losses.
Do not imagine yourself as being non-susceptible to such an emotional response. It can happen to you as well as anyone, and like I say, is one of the biggest causes of gambling debt. If you are able to detach yourself from both positive and negative emotions, your money will be much safer in your online casino betting.