Sports betting and casino gaming is easier than ever through online betting. Bettors are able to bet on their favorite teams in a few clicks, watch live betting odds, and even early cash out. The thrill and the ease is hard to deny, but one should keep in mind that gambling can never be risk free. New entrants, in particular, should learn how to be a responsible gambler as it is the most important factor in ensuring that one enjoys the process without getting sucked into negative habits.
This guide will show you the responsible methods of gambling that every novice bettor should be aware of before making the first bet.
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What is Responsible Gambling?
Responsible gambling is concerned with making wise decisions, limits and also making sure that betting becomes a form of entertainment and not a stress. It is not about not taking risk- just because it is always in the gambling house, the odds are always against you, right?- but it is about controlling that risk in a way that it does not impact adversely on your financial, psychological, or social life.
By playing responsibly, you don’t take betting as a source of livelihood but a leisure like watching a movie or a game.
Set a Budget and Stick to It
The golden rule of safe gambling is not complicated, and it is never to put money into a bet that you cannot afford to lose. You should have a fixed budget before you begin the gambling, which is comfortable to your disposable income. This is money that is not allocated to rent, bills, savings and other necessities.
Example: when you have 2000 on the weekend entertainment fund, you could spend 500 on betting and then you can quit when that money is over.
Set utilities: A number of sportsbook websites provide the option to limit a deposit, daily loss, or to self-exclude. Use these features in order to prevent excessive spending.
Keep in mind that the budget is not a guideline. Once you hit it, walk away.
Understand the Odds
New entrants commit the most common error of betting blindly without the proper knowledge of odds. Odds are simply a means of showing the probability of a particular event occurring by the bookmaker. The more you know them, the more realistic you will be.
Decimal Odds (2.00): With this one, your bet is multiplied twofold in case of a wager.
Fractional odds (3/1): Each unit of bet wins 3 in case of success.
Moneyline odds +200 or -150: Indicate profit of bet based on a bet amount of 100 dollars.
Understanding the dynamics of odds will make you aware that the huge payoffs are very unlikely to materialize, and more stable but lower payoffs are possible on the safe bets.
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Avoid Chasing Losses
The first pitfall when new bettors first start betting is to attempt to recover the money right after a loss. This is referred to as chasing losses- and seldom does it turn out well. Rather than retrieve your bankroll, you tend to dig a deeper grave.
Instead:
Learn to embrace losses as a game.
Rest after a losing streak to get your head straight.
You keep to your initial budget and plan.
It is important to keep in mind that the results of gambling are mainly hereditary. Even pros bettors lose and that is no big deal.
Make Gambling Pleasurable and Not Pressurizing.
It is when gambling no longer is fun, but begins to feel like pressure that you have entered a dangerous area. A mature gambler views gambling as an amusement and not a problem solver.
Ask yourself:
Am I scared or irritated when I lose?
Am I taking up more time and money on betting than I intended to?
Would gambling be interfering with my work, studies or relationships?
When the answer to all these questions is in the affirmative, maybe it is time to retreat.
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Strike a Balance between gambling and other hobbies.
Betting can be quite easy to lose with and mostly during the major sporting events or casino promotions. Yet responsible gambling is to make sure that it only remains a single-part aspect of your life.
Restrict your gambling periods and fix them with other activities.
Have friend and family time out of gambling.
Participate in non-gambling leisure activities, such as fitness, traveling, or playing.
This equilibrium will make sure that gambling will not take over your free time and mentality.
Play with Responsible Gambling Tools.
This is because most sportsbooks and casinos on the internet now include built-in features to assist bettors to control themselves. Get used to such features:
Maximum deposit: Set a limit on the amount of money that you can deposit per day, week or month.
Time-outs: This is a temporary block of your site access.
Self-exclusion: No longer bet on sites.
Reality checks: Instant notifications that indicate how much time you have spent playing.
There is nothing weak about using these tools, it is a smart decision that will keep your wallet and peace of mind safe.
Stop Counting on Gambling to make a Living.
Among the most harmful myths, there is the idea that gambling is the means of a constant income. The reality is that gambling is set in such a way that house has an advantage. Even the professional gamblers are exposed to high risks and volatility.
As a new bettor:
The winnings should be treated as bonuses, but not as income.
One should never gamble when it comes to paying bills or financial problems.
Extra-risky moves such as doubling down with losses should be avoided.
When a gambler is responsible, he or she views the act as entertainment and not a budget.
Know When to Seek Help
Gambling may get out of hand sometimes even with the best of intentions. Early identification of the red flags and early help seeking is the most responsible thing you can do.
Warning signs include:
Telling lies about the amount of money you had bet or lost.
Borrowing money to gamble.
Betting time than time with loved ones.
Unless gambling, feeling irritable.
In case these words sound familiar, then it is time to turn to professional help like Gamblers Anonymous, online counseling services, or local helplines.
Final Thoughts
Sports and entertainment can be thrilling when betting, and there are actual dangers to it. Being a first-time punter, responsible gambling is the only choice you can make early in your career.
Limit gambling so that it does not supplant other life areas, do not gamble out of desperation, and you can be in control using available tools. Most and most important, please remember that gambling should be a part of your fun and not a deduction.
Having these safe practices in mind, you will be able to have fun betting wisely and at the same time, save your money, your family, and your sanity.
Courtesy: //www.pennlive.com/betting/guides/odds/, https://www.investopedia.com/, https://www.covers.com/guides/, https://www.oddstrader.com/, https://www.thesportsgeek.com/
