Many fastest payout online casinos lure existing and new punters with no deposit bonus codes and similar promotional packages. But while gambling can be highly rewarding and fun simultaneously, it can also be a thing of great concern, especially to your finances.
Most online casinos give customers a gentle warning with a message of ‘Gamble Responsibly’, but what may be responsible gambling to a punter may be deemed as highly irresponsible or risky gambling to another.
It is important to understand that while your gambling urge may seem insatiable, the finances available to you are often limited.
Therefore all punters need to manage their need to gamble and personal finance. This guide reveals how to manage your gambling habits and finance to avoid addiction, debt and bankruptcy.
What Is Gambling Addiction?
Punters can be addicted to gambling in the same way as someone can be addicted to alcohol and narcotics.
Gambling addiction refers to people having no inhibitions and control of their gambling habits. Such persons lack self-discipline and self-control. It is a psychological problem that drives a person to take huge risks without considering the consequences of their actions.
Like other forms of addiction, gambling addiction can be managed with proper counselling and therapy.
Cons of Gambling Addiction
Gambling addiction can be a thing of great worry to not only the addict but also those close to them. Gambling addiction can negatively impact the family members and friends of the gambler.
Below are some disadvantages of gambling addiction:
- Bankruptcy: Gambling addiction can lead a person into bankruptcy. Compulsive gamblers take unnecessary risks with the hope of a breakthrough. Even when they are on a winning streak, they tend to keep on gambling with more funds without considering the consequence of a loss. Addicts may be forced to declare insolvency when they run out of money to satisfy their gambling addiction.
- Huge debts: Compulsive gamblers are known to borrow money from family and friends to keep up their addiction. That leaves them having to contend with huge debts that they may not be able to settle.
- Strained relationships: Gambling addiction can put a huge strain on relationships with family members and friends. Addicted gamblers often end up divorced, ostracised by family members, and abandoned by friends.
- Depression: Gambling addiction can raise mental health concerns. It is not uncommon for compulsive gamblers to experience symptoms of anxiety and depression. Depression can lead to gamblers hurting other people and self-harm or suicide.
- Homelessness: Gamblers with a gambling addiction can mortgage their own homes to raise funds to gamble with. It can leave them homeless at the end of the day.
The Practice of Bankroll Management Strategy
The one singular way to avoid the perils of gambling addiction is to practice bankroll management. Bankroll management is a strategy that helps gamblers to use their personal funds wisely when gambling.
This strategy defines the amount of money you should invest in a casino through deposit funds. It also defines how to use these deposit funds when placing bets in casino gambling games or sports betting events.
Bankroll management does not prevent you from gambling; instead, it encourages you to gamble responsibly. To bet wisely and not irresponsibly in a manner that could harm your finances, relationships or health.
Financial management helps gamblers to gamble within their means of income and savings. It keeps you grounded, focused, and prudent even as you continue to enjoy what you love doing the most, which is gambling.
Benefits of Bankroll Management
The proper practice of bankroll management will provide you with the following benefits:
- Separates personal savings from gambling funds: Property bankroll management will clearly define what personal funds should be saved and what monies can be used to gamble.
- Ensures financial self-control and discipline: The biggest problem with gambling addicts is that they lack financial discipline and self-control. However, bankroll management ensures that you exhibit self-control when dealing with personal finances.
- Prevents indebtedness: Bankroll management ensures that you spend within your personal budget. No matter how low your income and savings may be, with bankroll management in gambling, you can still source some funds (no matter how small they may be) to invest in gambling. This strategy ensures that you work with your budget constraints and do not seek funds from elsewhere.
- Ensures you maintain your dignity: Proper bankroll management can avoid the indignation of borrowing gambling funds from family and friends. You get to keep your self-respect and avoid damaging long-standing relationships with family and friends.
- Prevents insolvency: Bankroll Management keeps you from filing for bankruptcy, as you are not spending beyond your budget. You have money saved up in the bank while also having funds available in your iGaming account for gambling.
- Encourages responsible gambling: Bankroll management will ensure that you can gamble responsibly on an online casino gambling platform. Apart from ensuring that you have specific personal saving funds dedicated to gambling (no more, no less), bankroll management makes sure that the bets you place on casino games are also measured and not erratic.
- Get to keep your home: Bankroll management checks your spending. It stops you from making rash decisions that you will live to regret in the future, such as mortgaging your house for gambling funds. So bankroll management can help ensure that you do not sell valuable assets to satisfy an addiction but work within your means no matter how little that may seem.
Tips for Managing Your Gambling Habits and Finances
It is vital to adhere to the following tips to manage your gambling habits and finances.
- Play only within your budget: Never play casino games with funds you cannot afford to lose.
- Keep your gambling bankroll separate from your personal savings: Never spend your personal savings on gambling. Always have a separate gambling fund and stick with it.
- Build your gambling bankroll: Avoid withdrawing money from your gaming account as soon as you earn a payout. Try to build up your gambling bankroll to the point where you no longer need to take funds from your personal savings to fund your gambling habit.
- Know when to quit: You should know when to call it a day while gambling. If you are on a horrible losing streak, you should know when to take a break from playing. Also, if you are on a winning streak, you should know that such a streak will end at some point. So you should know when to slow down and take a breather.
- Keep proper records: You should learn to keep appropriate records of all your transactions, including your bankroll’s funding with personal funds and any withdrawals you may have made from your gambling bankroll. Record-keeping helps you stay focused and know if you are making or losing money.
Conclusion
Gambling and finances go hand-in-hand. You cannot gamble without money, and you can bet all your savings if you are not careful. Practising proper bankroll management will ensure that you only find your gaming account with personal funds that you can afford to part with. The above tips will help protect you from bankruptcy, debt, soured personal relationships, and mounting health issues.
