By Andreas Gkoumplias,
Gambling, is nowadays considered one of the most common activities any adult could easily do/enjoy and as a concept is one of the most interesting and appealing ones, especially for those that have no experience and are now starting their journey. Whether one’s goal is to use gambling as a consistent money making investment or to have fun and enjoy the experience overall, there are certain things that should be done and certain situations that should be avoided. In this article, we’ll be analyzing briefly some of the DO’s and the DON’Ts while gambling. Before moving on, a disclaimer is necessary; gambling is an action that long-term will always result in a loss and therefore is NOT promoted via this article. If you do gamble, please remember to gamble responsibly and always within your limits and if you feel like you are in need of assistance, please do not hesitate to contact a professional.
DO’s
- Set a strict budget especially for this purpose
It is very easy to lose track of how much you spend while gambling, since most of the time we are more focused on winning than actually having fun. Setting a strict budget and adhering to it is a necessary tactic in order not to get carried away.
- Know when to leave WITH profit
Leaving before losing is good, but leaving after winning is sometimes even better. After a good win or a good winning streak people tend to get carried away and exceed their limits, in search of an even bigger one. While pushing your limits when winning is acceptable, it should be done cautiously and reasonably, so as to not lose back all the winnings.
- Accept that losing is within the game
Such as big wins or big winning streaks may come your way, there will definitely be a period of time when big losses and big losing streaks will be a part of your gambling life too. Coming to terms with it and not letting the anger and frustration get the better of you is a good start to responsible gambling.
- Be patient and know the rules/odds of the games you are playing
Patience is a necessary virtue in life and it can’t be stressed enough how important it is while gambling. Upswings and opportunities to win will always present themselves; you just have to be patient enough to jump in on them. Also, when gambling, it is important to understand the odds and the rules of each game you are playing. In that way, you can better calculate your budget and work with it accordingly. You can’t expect to win every round, but don’t expect to lose every round either, there are break-evens!
DON’Ts
- Borrow money to gamble
Borrowing money is a difficult situation on its own, as it implies severe financial difficulties that need to be dealt with as soon as possible. However, borrowing money to satisfy the need to gamble or to gamble under the hope that you are going to win and pay off the debt is ALWAYS a no-go.
- Gamble under the influence (alcohol, drugs etc.)
Gambling under any kind of influence is never a good idea, as practically you don’t have control over your actions and you can end up in a pretty bad spot when things go sideways.
- Gamble when emotionally affected/unstable
One of the worst possible scenarios is to gamble when you are not emotionally stable, whether that may be happy, causing you to take unnecessary risks, or sad, not being in total control of your actions. Gambling without a clear mind will always result in a loss.
- Chase losses
Last but not least, chasing losses/ lose streaks is always a bad idea. You can never know for certain when a lose streak will end, and although the desire to get back the lost money is really strong, chasing a bad streak will almost always result in a heavier loss and therefore is not encouraged.
References
- The Dos & Don’ts of Gambling. gamblingsites.org. Available here
- The Dos & Don’ts of Gambling. gamblingcollective.com. Available here
