The numbers of casino visitors is exploding as veteran gamers continue to enjoy their hobby and new players discover the exciting world of gambling fun. Internet penetration, new laws allowing online sports betting and the increasing use of mobile devices are the primary causes of the phenomenal growth of Internet gambling worldwide.
Internet gambling sites’ growth accounts for a Compound Annual Growth Rate (CAGR) of 9.6% for the worldwide online gambling market and a recent report found that the popularity of the online casino market accounts for a positive impact on revenue at land-based casinos.
If you’ve started to explore table games or play slots for real money, either online or at a retail casino establishment, it’s a good idea to review some of the basic parameters of responsible gambling so that you can more fully enjoy the excitement and satisfaction of the gaming activities while you mitigate the risks that are associated with it.
Check out key strategies and tips to ensure that your gambling adventure remains enjoyable, safe and within your control.
Hints and Tips for Responsible Gaming
These strategies for creating an environment of responsible gaming won’t be as successful if you don’t implement them before you start playing real money games. Of course, you can always correct bad habits later on but for maximum effect, create an atmosphere of safe gambling before you start placing wagers.
Set a Budget
Before you begin playing real money games, set a realistic budget. Everyone hopes for wins but you must be realistic – gambling involves losses as well as wins. You need to determine how much money you can afford to lose without the losses affecting your financial situation.
Start by assessing your financial situation. Review your monthly income and compare that to your monthly expenses (rent/mortgage payments, utilities, transportation, groceries, health insurance, etc). then, identify the amount of money you have left after you cover your necessary expenses. You can consider that your “entertainment budget” and use it for any entertainment expenses, including casino deposits.
Once you’ve determined the amount of money that you have at your disposal, set a monthly limit. How much money can you afford to gamble with each day/week/month without it affecting your financial stability? Put that money to the side so that it won’t mix in with your daily expenses.
You might consider using an evoucher or ewallet card which limits you to the funds that you’ve loaded onto the card, as opposed to a credit card where you can apply credit to your expenses. This will help you constrict your gambling expenses to the amount that you’ve pre-planned to spend.
Track your spending with records where you keep track of your wins, losses and overall spending. There are apps that can help you track your gambling expenses.
Be honest with yourself. Are you sticking to your limit? If you’re not, you’re risking your financial stability. Adjust accordingly. If you see that you are gambling more than your budget allows, take a break and reassess your behavior.
Set Time Limits
Set a specific amount of time for your gambling activities. Setting time limits help you avoid long, drawn out gaming sessions that can lead to more significant losses. Studies have shown that the longer you gamble, the more likely your decisions are to be emotion-based rather than based on reason and clear-headed thinking.
You can set time limits on the overall gaming session or establish set times when you’ll take a break – such breaks help you evaluate where you stand and gain perspective on your decisions and outcomes which, in turn, can prevent you from making impulsive decisions.
Time limits is an effective strategy for budget management. The time limits, combined with budget limits, are helpful in giving you the time and perspective to allocate your gambling funds and time more effectively. You can set alarms or timer apps which will remind you when you need to take a break or end your gaming session all-together.
Avoid Chasing Losses
It may feel logical to assume that, after losses, you’re “sure to” experience some wins but in truth, much of gambling is based on random results where one outcome has absolutely no connection to the events that proceeded it. For that reason, you should be careful that you don’t get sucked into “betting systems” that promote the idea that you’ll see better results if you base your wagers on what has already happened.
Betting systems such as the Martingale system, the D’Alembert system, the Oscar’s Grind system and the Labouchere System are built on the idea that, after losses you multiply your bets because a win is “just around the corner.” Such reasoning is a fallacy and the farther away you stay from such a system, the more successful you’ll be.
Odds
Do some research to better understand the games that you’re playing and the odds associated with them. Choose games with high RTP (Return to Player) percentages in order to make sure that you’re getting the most out of your gaming budget.
Alcohol
Don’t gamble when you’ve been drinking. Alcohol can impair judgement and lead you to make decisions that you wouldn’t otherwise make.
Gambling is a form of entertainment but, if you don’t exercise good judgement, participating in gambling activities can put your finances at risk. Follow our tips for responsible gambling to enjoy a more satisfying and rewarding gaming event.