Bitcoin Forum

Gambling is just for fun and game to me no more, but even if it is just game and for fun i always apply management of risk and money. And i always play gambling with i can lost it. And i don't play gambling every days.
Do you apply same something what i have doing or you are very can not control your self? Share your opinions at here.

yes I gamble just for fun and I put free money to gamble, so I am ready to accept any risk. and I do not play every day as well, I play when I have a free bitcoin.

i dont think so that gambling is just for the fun. if you remove the factor of money from gambling there will be no fun in gambling any more. i think it is a fun when people are winning money in gambling other wise when people are loosing then there remian no fun and feeling bore.

you should always practice risk management and also money management because money is involved and if you don't want to get sucked into the gambling hype and lose everything you should do it. for example i always manage my money by setting a fixed amount for different things like putting 0.05BTC for gambling 1BTC for trading, and many more.

Probably the common knowledge but always good to incorporate this in to your risk assessment strategy:
The most important thing about gambling is to remember not to put all the eggs in one basket. For example, there are 38 straight-up numbers to pick from in roulette. Also, there are many outside best. So, instead of putting all the money on one number a smart player always spreads his bets.
In addition there are plenty of games to pick from. So, in the course of an evening, a casino player should try many different bets in many different games.

Yeah right gambling is for fun.. honestly i gamble sometimes to have fun also trying my like and maybe i can hit a big amount of profit if i am lucky..
I have my own management im not so addicted to gambling i am thinking for my future that's why i can control when is the time to gamble..
We are not the same but almost all addicted in gambling are the same.

No Gambling is not just for fun becaus i put on it my bitcoins no metter how i get them ... when i start gambling i know its risk So im gambling to win small amount of btc becaus with gambling no one get rich)

The risk management I apply in gambling is to bet with money I can afford to lose. It doesn't matter even if I lose, I will treat gambling as some form of entertainment. You will surely lose if you treat gambling as a form of earning money.

I'm usually being attract to gamble when I see some promotion so I try to gamble for the first time.
When I won , I feel joy and start gamble more. And when I loss, I feel regret but I'm already aware the risk of gambling so I can control myself

Only playing with money I can lose. I am keeping some accountant file in excel program. Only playing for fun, not to become rich.

I always make an excel list (well I actually use Open Calc) and I maintain an updated list of the total amount of gambling I do and I just go and say "well, this was too much money lost for this month". When I get past this safe threshold I stop gambling for the entire month, this allows me to never be on the red.

Ok so how is about management of risk and money? You must add it too and it will give us more informations about your opinion. Or you never apply management of risk and money.

Agree with you, the promotions is one that drew me to gamble No promo No gambling  :D
although sometimes I gambled on sports betting that with just a little money no more than $ 5 per day just to test my ability to predict
if  win the huge amount I immediately pulled out all immediately exchange it into real money and buy some of my everyday needs

Yeah this is one of the reason that i am gamble to because of promo of some gambling site.. like primedice i earn a lot in primedice because of promo.
The first that i eran before when they are giving away 0.03 that you can withdraw instantly or gamble it..

Yup, i do play Gambling just for my fun and entertainment. But for that also we need to invest some money. So where ever we spend money we should think about our next move. Yes, I do apply some management risk in my betting otherwise, how can I do bet blindly. If we use this method then only we can control ourself or else it is not possible.

Same here i am doing it just for fun also i taking the risk because we already know gambling is risky and it may drain your wallet instead..
Thats why i am gamble sometimes not every day..

Gambling with more than you can afford to is a stupid idea. I only met a group of guys in my life that were able to get rich from gambling (5 guys). They were constantly gambling ALL they had, until they got rich. Now, they are trading Gold.

You always loose after a long run. There is no winning in Gambling, most of the time.

Yes i do apply this risk management while playing gambling. Some of which is setting up a budget that I can affor to lose, when all is consumed I stop. And we need to be carefull not to get too much involve in gambling.  This may lead to gambling addiction and can produce gambling problems which is not very healthy in our life.

that is a good idea i think you can manage your risk of loosing money while gambling. if you fixed a limit for yourself and you do gambling up to that limint then surely you can earn minimize your risk of loosing money.

You are right that gambling is for fun and gambling made only to give entertaintment for people gambling is not for source of income or making huge profit.. i just gamble sometimes not every day if i need  my time to past fast.

Lol risks ? Management !? I just go crazy and go for it. I want the big win. I plan to manage my funds but it never comes to it. I just plan to manage but not actually manage xP It all goes out the window when I'm in the middle of playing.

Plain and simple:  Any bitcoin I own is money I can afford to lose, so if I gamble any then that's all the risk control I need.  I never gamble with fiat except in the stock market,  and even then I'm not an active trader.

It's better to gamble with free bonus or giveaway money or take part in the contests like Luckybit and Primedice have contests almost every month. That's better to participate and win or lose rather than gamble everyday and keep losing. There's no way to manage your losses as it's all a luck based game but you should have an amount that you can keep aside and gamble with. Risk does exist in every game but for sports betting, you can follow websites that give you tips on betting on the right team. That can make your risk a bit less.

for those who considers gambling for fun that's very good but unfortunately majority people who start to gambling not only for fun but they want money that's why they do more gambling every day because they thought with gambling they will get easy money and can't control their self until become an addicted but i personally only gambling for the particular amount and if i lost it i won't continue and stop gambling for those days

Ok, if you are not manage risk and money, you will lost alot of money because there are not rules on your gambling and you can not control your self because of greedy and curious. Or you have another method come on share at here.

Yes, you gamble for fun, but you can't disregard the fact that you are hoping to win when you are playing. RIght? Sometimes that play for fun added a fuel to make a fire. So when you play and win, sometimes you'll be greedy, wanted to win again while when you lose, you try to get back your losses. Then you already forgot that you are just playing for fun. Well, it's still a matter of self control. Thankful I have lots of that, and it was already on my mindset that gambling isn't for me.

Yes I really like you. I rarely gamble and I used to gamble when I want, it's usually when I'm bored. I also bet not in large numbers because I was afraid if I bet I will have been lost. I just consider bitcoin as a game.

You must be wise in managing your risks and money when gambling, because if you can't do that, you will continuously lose. Just make a plan, if you made a big loss, stop now. Don't gamble all of your money.

Like investing, I only gamble what I can afford to lose (much less in the case of gambling ;D ) . When I reach x return, or run out of pre allocated amount of funds, I'm done for the night. You have to employ rules before you go in; this isn't just a game, it's a game for money. Always apply discipline when you deal with money.

Its good as long as you play with money you can afford to lose cause you are not harming yourself or family even if you lose it all. For example if you make lets say 0.10 btc per week and your aim was 0.05 btc then you can do whatever you like with the 0.05 btc additional amount you have got. Things tend to go for worse when you think that you can be rich from gambling. I have seen so many people in my country in the lotto shop playing triples in sports bet and betting huge amount in an attempt to get easy cash. Unfortunately there's no such thing as easy cash, yes you can make them with a bit of luck but in the long run you can lose it all if proper money management is not in place.

And please don't forget the guys that buy lottery tickets all day. I have watched people spend half of their check on stratch offs and quick draws; people that play these forms of gambling probably spend a larger percentage of income betting without even realizing it. Losing a dollar 100 times feels a lot different than losing 100 in one go. Deceptively different.

Do not bet more than 1% of your funds for gambling in any one bet. Adjust the amount of your bet always to 1% when you lose a bet because your funds are going lower and lower. But if you win, of course your bets go higher and higher. Also set a stop loss every time you gamble. You do not want to be down 50% in one day.

when I play gambling for fun, I do not think about the risk, because I play with money ready to lose. but at least, I still play using strategy and do not take big risks, and hopes to benefit.

Yes You must control yourself. Dont bet too much. its too risky.

Free bonus money will not let you have much profit though, unless you can be really lucky enough to get profit because free bonus is just for us to test the site not to gain some profit moreover the free money is too little tbh so it wont be enough to achieve some profit. Btw some websites dont give you good tips you just need to sort it well to which team are going to win and still luck play good role on every gambling so without luck you will not get any profit

i play gambling just for fun, and i only play if i want, if not then i will stay away from gambling. if you ask about management of risk and money, then i am do not really thinking about that, as i told you that i play gambling just for fun. if you worried about play gambling always apply management of risk and money, then do not gambling.

play without any risk, like a child when they play, they just smile and laugh, even if they cry, they will be laugh again in a moment. so do not have worried about any management like you thinking. just play, even finally if you lose, do not regret it, just realize it, this is one risk if you play gambling.

I do the same thing i divide my deposit in to 10% per bet then start betting on matches I dont like going all in on every match I bet on because once you lose its over and you will start again from the very bottom.

managing the money shouldn't have any effect on -EV games , but of course the amount of money should be what you afford to lose
let's say you have 1 btc and you want to make it 2 btc , there was a thread before that discussed what is the best method to do that and mathematically it showed that the best you can do is to go all in on X2 , so there is no money management in -EV games
but in +EV games you can't have success unless you manage your bankroll well 

I can say that I'm a mature gambler now, betting only on sure bets, hehe, sometimes, making some parlays with the percent winning of sure bets,
although i can say, too many people still don't have the discipline and mix their emotions in gambling.

Gambling is not for me way to get living or get rich quick program. I play smaller bets which are both for fun and making some money in same time. These bets are not big and can afford to loose them. My balance is almost same because of these smaller bets as overall it takes me to same after few wins and few lost bets.

It's good for you but not all gamblers think what you are thinking other use it as a job , so it's hard for them if they lost money .so for u guys do gambling just for fun and don't use it as a job.

Ok thank you for your opinion but how is about management of risk and money? You should be explaining about it, it will make give us more details about your opinions and I think another gamblers apply it too.

Management of risk is interconnected with emotion if you can control yourself when gambling I'm sure you can manage the risk of loss
So this time you need to learn to control yourself you have to know when to get out when reaching profit and stop when lost

Gambling is always depend on our way of thinking and expectations, if we play with safe mode than we can survive for more long time instead of to lose all amount on single bet for hope to get rich in a day, I always try to find the safest option for betting because safety is much important for me.

Good for you that you manage well in gambling . Gamble what you can afford to lose. But for me i cannot control myself when i am gambling especially when i am winning. I kept on playing until i lose everything.

My strategy is simple when I gamble: play within my allotted bankroll, control my emotions, learn the game I am playing inside and out and make only EV+ plays.

Gambling can never be a job it's not financially sounds and it is not regular like a paycheck so forget about trying to gamble for a living these are mere fantasies. Won't come true and we all know it. Poker sure ! Betting maybe . But gambling ? No.

Yeah gambling made only to give entertaintment not a job to make more profit ,,  gambling is one of the risky methods if you are looking for a profit better to try trading..

If someone thinks of gambling as a job it means they lazy and want easy money. Nothing is easy especially getting rich. It is a dream, such a person is living in dream land. xP

I think you must explain more about your opinion with management of risk was interconnected with emotion, because your explaining about it is very short. I hope you can share more about it. Thank you very much

I think maybe manage the risks associated with emotion is when we gamble win or lose we will continue to want to bet. As if we win in gambling we will realize that getting money is very easy and it will make us continue to bet with the aim to win and make a profit again. Likewise, when we lost a sure bet to bet again we will benefit and can restore losses from the previous defeat. If this is done continuously This would risk losing more and should be reduced. Maybe the way to minimize it by limiting the amount bet and had to hold when we want to bet again.

When come to gambling i always play for fun, of course i always set a limit before i gamble, whether its winning limit or lose limit, for me gambling is just a game that is why i dont really care about the management risk, because its ruining the fun, when i gamble i only follow my intuition and go for it

There is no vital role for risk and money management as gambling is just luck based. When you are going for money management and risk management you can prevent your losses and you can stay somewhat long duration with gambling. But, those managements never guarantee for any profit from gambling.

The best would be to have a manager who can look over your gaming results and determine whether to let you continue gambling or not. So based on emotion decisions wouldn't of been made. I think this would help everyone.

the risk is always there and i don't think you can ever do anything about it to make it go away or reduce it more.

but you can always manage your money and control yourself by restricting yourself. for example you can always give your money to someone you trust and only keep a small amount for gambling.

A good way is to limit your monthly expenses, now that we have checklocktimeverify stuff we can lock wallets and make it impossible to subtract money from it, so you can limited your monthly gambling money to never spend too much on it.

Never treat gambling in scientific way by applying money managements and risk management techniques while gambling. Because gambling is 99% luck based, maybe the science occupy 1% of role in deciding the out come of your gambling. So, going for researches for very negligible part of gambling is completely meaningless IMHO.

Maybe you must make a some target profit every day after your playing , you can make target 5% - 10% on your all btc and play again tommorow for you profit :)

as every one know that gambling is such a difficult job and not an easy way of getting money therefore it is good to do it with some management. because without a proper management it is difficult to earn money in gambling.

The plan is simple as follows
1. Bet what you can afford to lose
2. Believe winning or losing is based on chance not luck, not prayer, not religion
3. Put your money where you trust
4. Spread your money to mitigate losing all at once
5. Never play on emotions or subjectivity
6. Finally, Dont be greedy know when to cash out...
My 6 cents...

yes that is a fact that if you are playing gambling in a planed and you have managed your gambling it will certainly minimize your risk of losing money in gambling.

I don't play more than what's in my account. If for example, I deposited 0.1 for this day, that's it. No more following deposits just to chase losses or what. If I profit 0.05 or higher, I immediately withdraw my initial deposit and just keep on playing whatever that's left on my money.

this actually about how we stick to the plan and principle in gambling. most of us can't stick to the plan. they just gamble their money like a mad. bankroll management also needed to avoid empty balance in certain period and to keep playing without keep depositing .

I only gamble with money that I feel I can afford to lose. I think that is what you were getting at in the original post. I also view gambling as entertainment, so if I win, I consider it a bonus.

Risk management is very important in gambling because it is a risky game, I would say that betting in sports betting is the best game in gambling. Setting up a good amount of bankroll for the whole season is necessary in gambling and we should have a proper bankroll management, if you lose your entire bankroll before the season's end then that would mean you are done in betting for the whole season.

In that way, we can control our betting and will minimize our loses.

Also it can make gambeling more of a hobby and more bareable. Easier to maintain and keep careful watch of the funds and where they are going.

First of all after you start playing casino games it is addictive and hard to leave so one and only strategy i have is to never go through any gambling sites. However even if i like to play sometime, i used to deposit very few bitcoin and play till i loss all and which is quite sure at last. With this i enjoy playing as well as i will also not lost much and whatever i will loss is what i afford to loss.

when i was new to this it was hard (actually impossible) for me to control myself you guys can say i was a greedy man who mistook it as a success shortcut but with hard times gone i learned my mistakes and started enjoying my losses and now it is  just a game for fun

I also think without management of risk factor it would be much hard to keep into game for long term, because gambling is always suck and people still losing money with hope to get rich or recover their lost money, but losing again just because of their greediness.

The simplest way of controlling your gambling habit is to allocate daily/weekly/monthly budgets of Bitcoins specifically for gambling purposes and you should not overspend when you have exhausted your budget for the time being. I usually have cheat days after I have won a lot from parlays for example where I withdraw like 70%-80% of the profit and add the rest to my budget for the month.

In my case when i gamble for real money i cant use my own money because i know tricks hoe to gamble for free to earn real money without depositing 1 singe satoshi to some gambling site.

I separate an amount of money to play with. When it ends I stop playing. You have to beat the desire to put more money. If you want to play a little search sites that give me satoshis free to play. I have often used the YABTCL.COM. For me it is the most fun and gives me more adrenaline.

managing risk and money for me are the same thing when it comes to gambling. and since they are similar to me, i do a similar thing for both of them it means i have  a set amount of money that i always gamble with and that depends on how much i have earned. then it is time for a strategy. and for that i use different types of strategy for different games in all of them i always have that amount of money in my mind which forces me to be more careful and essentially lose less.

its a good advice for us and we should do this in every time we want to playing gambling because if one time we have loss all of our money, then we don't have to put another money to continue but its better to us to stop the games and walk away from that place or close the browser and shut down our computer.

it is mandatory to play gambling. when we can not do the management of the money we then we could lose all that we have. it is the biggest risk that will be faced by everyone. management is our way to win every game and also benefit.

Just how do you win every game? Unless you are saying that you will use a martin gale system and assuming that you have unlimited funds. You cant manage your gambling. It's practically impossible. This is a game of chance and statistics would say that you will lose everything after n number of tries. So just play it. If you lose your bank roll, good luck next time. Just don't gamble everything you have.

Of course,  Since gambling is not just an ordinary game cause it involves money it is a common thing to manage the risks of it but a lot of people even though they know the risks,  they forgot it when they are too immersed playing the game . This thing happens a lot to me so I'm sticking some sticky notes on the side of the monitor to not forget this when I'm gambling

Yeah you should manage the risk while you are gamble for your money and yeah it is game for fun if you don't manage it well you will lose a lot in gambling so you should manage your gambling and look for less risk..
Like other gambers are betting in small but they are making a large profit.. but if you choose to bet large you will be lose large but the profit can be increase but it is more risky so it is your own way to manage it.

Gambling is about losing. So before even thinking of playing it, did you thought what will you lose, do you have enough money to lose? Do you have time to spare to lose your money? You will lose in gambling and that's a given. You will win, yes that's true, but you will lose more than that. Managing your loss is the great way to keep your money when you talk about gambling. Always thought of what you might lose before what you might get.

That is just perfect. With that self control and attitude you will have no problem in gambling, I would just say to add not to go after losses, since they are normal in gambling. And yes I do all those things, when I gamble, otherwise it would be very risky.

well my management on my money when it comes on gambling is simple i dont usually play with a high amount of bets im starting in alow amout when i can get it grow my winnings become my capital and begin to start betting with a high amount because i dont care its only my money after i won with a low amount and now im using my winnings to win more with a bigger prize ofcourse i need to control my self when the flow of the game dont match with my mood. and lastly we must have a luck in order to win :)

You mean to say you will not use your money to gamble and you know how to earn money from gambling using free money given by sites? If that is what you want to say then I can say that is almost impossible to reach the minimum payout money with those free satoshi's. It is actually wasting our time. I don't worry about the end result but only load small amount play and forget it for next few days or weeks.

When we were very excited when the gamble, then surely we are already very risky for the poor. best risk management when we gamble is to make gambling as pleasure alone, so when we win or lose not being addict but get the fun.

I have tried and it was very difficult to expected that's way will working well at least you would be in violation of management that you apply when you faced lost much money for gambling.

Its really an easy thing to say to someone regarding on playing gambling some useful tips and for money management but in the reality its really hard to do when you are in the middle of the game. Emotions would arise and if you are a sensible person you should really not treat gambling as a profit machine.

It's not completely waste your time , it was happened with me a while ago I could withdraw my money from faucet amount maybe I was lucky on that day. Beside that you can get free money from (Rain chat , faucet , or promotion) so you can get decent amount from it.

it was not wasting time but really bad idea to rely on something like free money to start gamble.
you guys prefer to find something else that can provide you a better entertainment .
managing gamble to keep always in profit is as hard as controlling your emotion.

Yes, it is important to have self-discipline in gambling and on every things that we do in our life. Every time that I do gambling there is just an amount of money that I am going to spend and if that amount of money all gone, then it just mean that I have to stop gambling and try another day. Gambling is very addicting game and if you are not going to control yourself on playing it, you might lose all you bitcoin or money.

Not really.. I have played with free money most of the time and got +0.1BTC in profit. It took a while, but I got myself entertained and there aren't many times I deposited some money to gamble so I didn't risk much. Now I quit gambling and I feel better, but getting some extra pocket money didn't bother me :D

Money management is a very important thing when it comes to gambling. "You only play with the amount that you can lose" that's how I think about gambling I have limits and I know if I'm losing I need to stop and just try again another time. Gambling is a very addictive thing if you don't know how to discipline and control yourself.

Although gambling is only used having fun. but many people are not able to control the emotions and passions of their rasp. because when he was gambling with the intention of having fun. if he has a lot to lose bitcoin he would do to restore the bitcoin. otherwise if you win a lot maybe he will not be satisfied

Management of risk and money in gambling can be considered as the hardest thing to do. That's why there are too many people are not able to control their feelings and their behaviors while gambling. However, I do not think the majority of players gamble just only for fun. Gambling for fun does not make your money disappear. Only when gambling for profit will they lose the money.

In gambling you really need to pay attention to your money management, most of the gambler become bankrupt because their money management is not good, they dont know when to stop when they lose and it is really important to stay calm and control your emotion when you gamble, remember gamble is not for chasing profit, it is for fun only

Gambling isn't not just for fun but aiming to win profit if you are going to play with your money then why to go gambling ? When you are going to lost why not to go super market and play it with the games there and earn tickets don't always manage to risj your money you will suffer that in the end.

That's a popular scenario almost to all gamblers that is why upon playing or before gambling. You need to set up on how much you are going to allocate with your game. For example, if you are in dicing. Just simply set a limit on how much is your affordable to lose, set it like 0.005 BTC / day. It depends on your capacity.

That's what you call risk management in actual business, and you can also apply it in gambling when you are treating gambling like a business. With risk management you are going to make a level of tolerance for your gambling activities, from the word risk management you already recognize that gambling is a risky thing so with your aim to make profit, you are going to minimize your loses as well if ever you will not succeed.

Bankroll management is key to a pokerplayer, now whether you can take that to the shitty gambling games you guys play is another story. i wouldn't entertain it personally.

Yes true. It's all about the bank roll in every gambling game. If you lose that bank roll it's time to walk away and come back another day. The rule I follow is to only lose what you can afford to lose then if I do lose it, I just walk out and don't look back. It's just about playing the game without any emotional attachment to it. Just play it and don't try to get back what you lost.

Management bankroll is not only leaving when your bankroll is depleted.  It should be an overall management.  As for me I manage my bankroll thru

1.  Know where would my bankroll come from.  It is always a good thing if you can get your bankroll for free but that is very hard.  People that are into faucet is doing it right but the hardway.  You can also use what you ca afford to lose from your money but never use money that is used for the family budget like groceries, bills, students allowance etc.
2.  When you are winning save the bankroll fund and continue playing with the profit as your initial bankroll.  This way even if you lose you still have your initial bankroll and can play again the next day.  Do not push it too hard.  You should be contented.  You were entertained for free.
3.  If you are winning, quit.  this is the best way to book a profit.
4.  Be calm and never let your emotion controls you while playing in gambling games.  You will be pre-occupied and will lose tracts of events and even lose your strategy.  At the end you will end up losing more.

Managing the risk involved in gambling is not a big matter, because already people knew it is highly risk. Money management is much important, which I learned from my personal experience of continued loss just because of improper money management.

A wise decision will lead for a succesful money management. What I mean here is, wise betting in every gambling activity. This can't be applied to those games under house edge but can be done in gambling games that needs strategy and knowledge.

It will not lead for a gambler to suffer always win but can able to help them stand up for a long term playing.

Wise decisions would really need in order to sustain or prolonged on playing gambling since you could able to manage your funds well and cant able to burn down your bankroll so easily.As you mentioned it will work only on some gambling games that do really need analysis and experience same as you mentioned. It may work for some pure luck based games like dice but not all the times.

I think the most important in gambling management is to control ourselves.
Set certain strategies, not being greedy, and emotional control.
We know to gambling is so risky to lose our money and just bet what we can afford to lose.
No matter how much your bankroll, try to manage 5-10% in every bet.

I think they are both connected.  You cannot manage your money successfully if you failed to manage the risk involved in gambling.  What I am trying to say is, you can get the maximum benefits if you mange to do risj and money management at the same time.  In a scenario where you failed to manage risk, even if you are managing your money well, the probability to lose it is higher than the one tandemed with risk management.

They are really both the same and i agree with you if you do aware on the risk you will definitely create up money management and they do really connect and worked together. Managing your funds is considered as managing the risk and we are really aware on the first time we do tend to play gambling.

If you are playing with those faucet requests from dice sites and having fun while playing, without spending any real money, I don't think it's a complete waste of time.

And you can get minimum payout with that on a lot of dice sites, but usually it just won't be much.
Happened to me a couple of times when I played on Crypto-Games and freebitco.in

Correct its a combination thats needed to be use in order for us to win or lessen our loses if we know how to correctly manage our money for sure we will not make some bad things to risk our capital we always need to look for both ways in order to gain profits and to avoid losing big.

Any type of activities that involves risk should be properly manage, hence risk management is created and since we are gambling where most of us are not really treating it seriously but because it's addictive we fall for it. The problem now is since we are not too serious we do not employ method to minimize the risk which resulted us to losing an amount more than we expected, with risk management we can minimize our loses.