How to Set An Online Gambling Budget
We’ve discussed managing your online casino bankroll, but few places discuss setting a budget for gambling. By setting a budget for gambling and sticking to it, you can avoid many of the pitfalls experienced by problem gamblers. Today, we will discuss how you should set a gambling budget.
What Games Do You Play?
The first question you need to answer is what type of casino games do you play? Do you stick primarily to online slots or do you play table games like Blackjack or Roulette? This question is important because the minimum bet for games can vary greatly. Online slots start around .25 per spin and go up from there. Table games start at $1 per bet and some table minimum start at $5 per bet.
Also, are you playing games that allow for multiple hands per session? If you play multi-hand blackjack or bingo games, you have to consider the extra hands in your per-hand spend.
How Much Do You Spend Per Session?
Once you know which limits you’re playing, you have to decide how much you spend per session. Some players just play until they get tired of playing. Often, this results in someone blowing through their entire deposit on the first session.
Take the time to decide how much you’re willing to spend per session and then determine whether your bankroll can support it. If your bankroll is $100 and you want to gamble $50 per session, your bankroll will not last long. However, if you plan to spend $20 per session, you can play five sessions on the same deposit.
How Many Times Per Week Do You Play?
Some people play at real money online casinos once a day while others may only play once a week. The more frequently you play, the more money you will need to gamble online. If you have a limit of $25 and play four times a week, then you need $100 a week to gamble. However, if you only play on Sundays and stick to a $25 limit, you only need $100 for the entire month.
Can You Afford to Spend This Money On Gambling?
The biggest sign that you may be developing a gambling problem is that you’re using money to gamble that should be used elsewhere. Some players will take their rent money, gas money, or even grocery money to try and gamble. This puts many players in debt and can result in other financial and personal hardships.
Even if you aren’t using money from necessities for gambling, make sure that you don’t need that money for something else. Is there a school trip for your kids coming up? Or maybe your wife’s birthday is later this month. Make sure that the money that you’re using cannot be earmarked for another purpose.
Consider Setting Gambling Expenses As Part of Your Overall Budget
Finally, the smartest way to approach a gambling budget is to incorporate it into part of your overall budget. Many people include entertainment as part of their budget. You can classify gambling as part of your monthly entertainment expense or make it its own category. If you have a family or partake in other forms of entertainment, setting it as a separate expense is likely the better solution.
Also, if you can’t afford to deposit enough to make a viable gambling budget, consider putting back a few bucks each month towards a goal. Maybe put back $10 to $20 until you have your desired budget. That’s better than using money that’s needed elsewhere. Ultimately, when you make a plan and set a budget for gambling, you prevent from falling into the pitfalls experienced by many gamblers. Keep gambling fun and set a budget so you can stay in the game.