Sportsbetting Management

Money management

Although online gaming is an enjoyable leisure activity for most of our users, gaming can become problematic for some – with major consequences as a result. Betshare.tips encourages responsible gaming for industry users and all other relevant stakeholders. We encourage you to enjoy games in a fun way, but also in a controlled and attentive way.

In this article, we will review a method with a focus on how to prevent problem gambling by having control of your money, so-called “money management”.

Controlling your money is an effective way to prevent problem gambling and reduce the risk of negative consequences due to gambling. There are several ways you can use money management to limit game consumption as described below.

 

1) Make a budget

First, consider how much money you need to set aside for basic living expenses such as food, insurance, and rent. Then decide how much money you are willing to risk or lose on sports bets and bets over a period of time. It can be a certain amount for a day, a week and / or a month.

 

2) Set restrictions

Set a limit on how much money you can deposit, lose or spend on a single bet. To help you stick to your limits, it is recommended that you use the limit feature offered by most operators. This makes it easier for you to stick to your plan.

 

3) Do not borrow money for games

Avoid borrowing money from friends, family or other borrowing options. Playing for borrowed money increases the risk of your game. Moreover, your potential losses will not only harm yourself but also others around you. Telling your friends and family about your current situation and asking them not to lend you money can be a way to ensure that this is not an option.

 

4) Pull out your winnings

If you are experiencing a big win, it is recommended that you make a payout to pamper yourself. Avoid increasing your game consumption after a larger win, as this may increase your risk of game-related problems. Avoid having large sums in your betting account, as it can be more tempting to play more risky.

 

5) Keep track of your losses and gains

Keeping track of your historical performance helps you realize if sports betting and gaming is actually a sustainable source of income for you – for most it is not…

 

6) Restrictions on withdrawing money

Ask your bank to set limits on how much – and how often – you can withdraw.

 

7) Stick to your plan!

Most importantly – stick to your plan! If you have decided to maintain a budget or set limits for each bet, keep that in mind. If you find that you are sometimes unable to stick to your limits, it is always a good idea to seek help so that you avoid developing unsustainable gambling behaviors..