Gambling can be fun, exciting, and addictive. How can you safeguard your gambling funds?
Gamblers often put their entire life savings into the game. This means they have to carefully manage their money. If you want to keep your money safe, track your transactions using a spreadsheet or mobile app. Here are some tips to keep your gambling funds intact.
How to Keep Track Of Your Gambling Funds
1. Set up an online bank account for your money
You must create a separate online banking account specifically for your gambling activities. Online banking is useful because it allows you to view all of your transactions in one place. You can also apply for loans and set up other financial tools that will aid in monitoring your spending habits.
2. Create a budget
When setting up your budget, list everything related to your gambling activity. From deposits to withdrawals, from betting to winnings, make sure that you’re aware of every single transaction you make within your gambling fund. If you see that your budget is not realistic, adjust accordingly.
If you’re thinking about opening a new line of credit just so you can bet more, think twice! Credit card companies generally do not allow this. So if you can afford it, use cash instead of cards. It won’t take long before your bank account runs dry and you’ll need to start saving again.
3. Deposit only what you can afford
Before depositing any amount of money with a bookmaker, you should consider how much you can afford to lose. Do not deposit funds based on percentages such as 50% of your total balance. Instead, deposit the maximum allowed by the casino or bookie.
4. Keep track of your losses
If you’ve lost too much, cut back on your bets until you’ve regained your losses. Don’t let your loss spiral out of control. Remember that you will eventually get even.
5. Use multiple accounts
Multiple accounts are better than one big account. When you create a separate account for your gambling activities, no matter where it comes from — debit, credit, or prepaid card — there will be less temptation for you to withdraw excessive amounts. However, when it does happen, immediately freeze the withdrawal request and contact your bank immediately to stop the process. Never leave it up to chance.
6. Protect yourself against fraud
Protecting your identity is key when dealing with online casinos. There are many ways in which criminals attempt to steal personal information from unsuspecting online players. One common ploy used by scammers is phishing attacks — fake websites designed to look like real ones, but actually, trick users into giving them sensitive details. The best way to protect yourself while playing at online casinos is to never enter private information such as usernames, passwords, email addresses, phone numbers, social security numbers, etc., through unsolicited emails or text messages.
7. Play responsibly
If you choose to play online slot games, play responsibly by being careful about your wins and losses. Only bet amounts that you can afford to lose, and do not continue to play beyond the limits of good sense.
Is it Important to Watch How Much You Spend Gambling?
Yes! As previously mentioned, online gambling is an important part of your life. To keep your habit under control, you must develop healthy relationships with your family, friends, and work colleagues. This means that you have to know how much money you spend, not just on gambling but on anything else either.
As soon as you begin to gamble, you will want to go on a spending spree. You may be tempted to buy drinks for the guys in the poker room or perhaps some meals for everyone present. These purchases should be avoided, however, as they will lead to further gaming and increased spending.
A good idea would be to put aside money each week for your gambling expenses. Once you have accumulated enough earnings, then you could treat yourself to something nice. This could help to make sure that your relationship with your loved ones remains strong and supportive.
You Need to Set Rules Before Playing
The most important rule is making sure that you don’t overspend. While it’s great fun to win large sums of money, the reality is that once you start betting, you might find yourself unable to stop. So, if you feel that you can’t control your urge to keep going, then it’s time to bring your actions in line with your goals.
A good way of limiting your losses is to place a limit on how much you’re prepared to wager per session. If you win more than this amount, then you can stop at any point without fear of losing too much money.
This helps you stick to your budget by allowing you to save up the money you’ve won so far instead of blowing all your cash in one session. Make sure that you’re aware of the maximum bets you’re allowed to place on each game within the site as well.