Your betting budget

[Oasisman]

If you say you're saving even 1% of your income intended for gambling, then I can say you're slowly drowning into addiction.

Not true. Not everyone is addicted because they use it as recreational that it like saying if you save some of your money for alcohol or games on the weekend that is addiction when its not. Addiction is a medical condition when it starts to effect your body or health which is not the case if you are saving only a fraction of what you earn. 

If you carefully read my statement I said "you're slowly drowning yourself into addiction." that doesn't mean you'll get addicted right away. The length of time may differ, and the chances of you not getting addicted is still there.
What I'm trying to say is that, If you make a budget specifically intended for gambling, It could lead you to addiction, that's the same reason why I said, there should be no specific amount you save intended for gambling.
Nevertheless, you're right addiction is a mental condition that a person is somehow unaware of that he's already been addicted.

[btc78]

Managing your money at a casino requires self-control. Nice to see that you have full control over your money reserved for gambling purpose. Successful casino gamblers understand the math and odds behind the games, but discipline with money is also critical.

Because if you are stupid enough to not having concern of you Money to place on gambling then you will always be a total loser as sooner addiction will come your way.

However, there’s no sense in setting a gambling budget if you’re going to break your own rules when you play through the money you’ve set aside for gambling.

That is why we are setting budget because we will obliged to follow that because if not? then best to not set at all 

If you want to make gambling a long-term hobby, make sure you never gamble with more money than you’re willing to part from.

and also put a limit on how much are you willing to win because if not then you will continue to lose each time and has no value of learning when to stand up and quit.

[Xinarae*]

As a financial advisor I love seeing stuff like this. It is imperative that everyone sets up a spending budget. It’s a great way of making sure that you are spending money how you should be, making sure you aren’t spending too much etc. I don’t personally set aside a percentage of my income for gambling, but I do know how much I can spend each month based off my budget: Well done!

nice words, i did this too....i never limit how much money i spend on gambling, i'm just worried that i can't control myself.  i'm also not a heavy gambler, i only play when i'm in the mood, so i can control how much i spend every month.

It is best to spend as much as you can to gamble too much addiction is harmful to human life. If you spend every month from your own income the risk is less here given how to properly place your bets to play and win in any office it is better to choose which sports betting strategy exists and which office.

[Bitinity]

I think he is wrong with counting. Or he is highly gambling addicted person who needs medical help. No one in his right mind will not spend such amounts into gambling (except cases described above)

Speaking of the same how much % of your total income do you put into gambling ?

It should have no specific amount, instead you only put money on gambling when you have spare money after you paid all your bills, necessities, and mortgage.
There should always be no budget for gambling purposes. It would always come randomly when you have extra money to spend on unnecessary things.
If you say you're saving even 1% of your income intended for gambling, then I can say you're slowly drowning into addiction.

We all have different perspective and income range anyway, but gambling with huge amount has never been a good idea no matter how rich you are.

Having specific amount would be better imo as long as he can stick on that number anytime he is going to gamble. Also, setting our budget for gambling lets say 1% of our monthly salary does no mean that we should spend it every month. It is just a limit anytime we are going to gamble. In other side, if you spend the spare money after paying daily/monthly needs, it can be something big depends on your monthly income and your expenses. i.e Your monthly income is $10k and your expenses for a month is $5k, means that you have $5k spare money to gamble. In this case, having a limit such as 1% is better because you will spend $100 only. Coming up to the chance of getting addicted, no mattter you use spare money only or you have a monthly limit, it can lead you into addiction if you cant control yourself.

[tabas]

It is best to spend as much as you can to gamble too much addiction is harmful to human life.

I guess you need to put some pause with your sentence as I don't understand if you're encouraging somebody to gamble as much as they can so they will become addicted.

If you spend every month from your own income the risk is less here given how to properly place your bets to play and win in any office it is better to choose which sports betting strategy exists and which office.

The risk will remain the same whether you use your monthly income or your savings.

[Karartma1]

I don't bet more than $10 weekly since a long time. I used to bet over $250 per week but that was 5 years ago, I can't afford to lose that much anymore. I improved my betting too, as I'm more conscious about my gambling habits and I'm very careful not to transform them into an addiction.

[KTChampions]

I can assume that a gambler who regularly violates his budget allocated for the game will not be able to enjoy this hobby for a long time, since he will very quickly lose all the money   And after that, he will have other problems - to get rid of gambling addiction and engage in earning money to improve his financial situation.

How many gambler try to stick with their regular budget on gambling even if they see others earn more from investing more than their regular budget. Here where they fall in to invest more than what they regular do. This becomes an addiction when they see a profit few times from the extra investment. Self control can only cure oneself from addiction.

Usually, in most cases, additional investments in gambling only lead to additional losses. But you are right that those gamblers who are "lucky" to win by making an unnecessary spend become addicted and in the future they try to repeat this move, but only lose extra money. This is that paradoxical case when luck plays against a gambler, it is much more profitable to lose and immediately understand your mistakes and not repeat them anymore than to be lucky once and in the future it is futile to hope for luck again and again.

[FIFA worldcup]

Just a general question regarding the betting budget. How much budget do you allocate or afford to risk in betting ?  100$, 500$, 1000$ or maybe even more ?  Also if you are rich you can afford to play with more money as compare to the person who is living hand to mouth.

[KTChampions]

Just a general question regarding the betting budget. How much budget do you allocate or afford to risk in betting ?  100$, 500$, 1000$ or maybe even more ?  Also if you are rich you can afford to play with more money as compare to the person who is living hand to mouth.

What's the point in these numbers without specifying what percentage of income they are? In some countries, $ 500 is a monthly salary, and in some it is just a week's salary. The standard of living is too different, therefore, it is more correct to indicate the percentage of income, so it is immediately clear how much a person loves gambling.

[FIFA worldcup]

Just a general question regarding the betting budget. How much budget do you allocate or afford to risk in betting ?  100$, 500$, 1000$ or maybe even more ?  Also if you are rich you can afford to play with more money as compare to the person who is living hand to mouth.

What's the point in these numbers without specifying what percentage of income they are? In some countries, $ 500 is a monthly salary, and in some it is just a week's salary. The standard of living is too different, therefore, it is more correct to indicate the percentage of income, so it is immediately clear how much a person loves gambling.

Yes, thanks for pointing this out.  I would rephrase my question as "what percentage of your income do you allocate to gambling or betting" ?

Also another question arises here that whether the people who have higher standard of living are more involved in gambling ?

[Dread Pirate Roberts]

Managing your money at a casino requires self-control. Nice to see that you have full control over your money reserved for gambling purpose. Successful casino gamblers understand the math and odds behind the games, but discipline with money is also critical.

I think many casinos now are concerned about this and they provide something like vault system to people can maintain their money. and it's true self control is very important in managing anything. Back to the initial point in the betting budget, it all depends on the individual and their goals. if for fun maybe only a few % for their asset but for those who are looking for profit most of them put big capital for sure.

[Twinkledoe]

Managing your money at a casino requires self-control. Nice to see that you have full control over your money reserved for gambling purpose. Successful casino gamblers understand the math and odds behind the games, but discipline with money is also critical.

I think many casinos now are concerned about this and they provide something like vault system to people can maintain their money. and it's true self control is very important in managing anything. Back to the initial point in the betting budget, it all depends on the individual and their goals. if for fun maybe only a few % for their asset but for those who are looking for profit most of them put big capital for sure.

It really is, if you are a high or low roller and of course, your financial situation. It is hard to bet big if you are just relying from your work money. A lot of high rollers have their own businesses. In my case, I'm just a small time player, using only extra funds to bet. So whenever I log in, I know already how much I can "waste" on the games. I say "waste" because most of the time, I will use all my funds that I deposit before I stop playing.

[hahay]

Managing your money at a casino requires self-control. Nice to see that you have full control over your money reserved for gambling purpose. Successful casino gamblers understand the math and odds behind the games, but discipline with money is also critical.

I think many casinos now are concerned about this and they provide something like vault system to people can maintain their money. and it's true self control is very important in managing anything. Back to the initial point in the betting budget, it all depends on the individual and their goals. if for fun maybe only a few % for their asset but for those who are looking for profit most of them put big capital for sure.

It really is, if you are a high or low roller and of course, your financial situation. It is hard to bet big if you are just relying from your work money. A lot of high rollers have their own businesses. In my case, I'm just a small time player, using only extra funds to bet. So whenever I log in, I know already how much I can "waste" on the games. I say "waste" because most of the time, I will use all my funds that I deposit before I stop playing.

For me, gamblers with a short time with little money are still possible to aim for profit, so big and small money management must still be considered. Because with such discipline at least the budget for gambling can be minimized and not maximized, because if you think a small budget is just a waste it allows you to continue to make small but frequent deposits. This will actually be more dangerous for your finances.

[ethereumhunter]

Managing your money at a casino requires self-control. Nice to see that you have full control over your money reserved for gambling purpose. Successful casino gamblers understand the math and odds behind the games, but discipline with money is also critical.

I think many casinos now are concerned about this and they provide something like vault system to people can maintain their money. and it's true self control is very important in managing anything. Back to the initial point in the betting budget, it all depends on the individual and their goals. if for fun maybe only a few % for their asset but for those who are looking for profit most of them put big capital for sure.

It really is, if you are a high or low roller and of course, your financial situation. It is hard to bet big if you are just relying from your work money. A lot of high rollers have their own businesses. In my case, I'm just a small time player, using only extra funds to bet. So whenever I log in, I know already how much I can "waste" on the games. I say "waste" because most of the time, I will use all my funds that I deposit before I stop playing.

For me, gamblers with a short time with little money are still possible to aim for profit, so big and small money management must still be considered. Because with such discipline at least the budget for gambling can be minimized and not maximized, because if you think a small budget is just a waste it allows you to continue to make small but frequent deposits. This will actually be more dangerous for your finances.

Those gamblers can aim for profit, but they need to realize the other thing, such as luck, because no matter what, we need the luck to profit from gambling games. And with discipline and self-control, that will make us know when to stop playing and do not spend more money because that will add more risk. Playing gambling with a small budget is okay as we are afraid to lose much money, which the gambler should do. As long as we can manage the money for playing gambling, that will not be a problem.

[KTChampions]

What's the point in these numbers without specifying what percentage of income they are? In some countries, $ 500 is a monthly salary, and in some it is just a week's salary. The standard of living is too different, therefore, it is more correct to indicate the percentage of income, so it is immediately clear how much a person loves gambling.

Yes, thanks for pointing this out.  I would rephrase my question as "what percentage of your income do you allocate to gambling or betting" ?

Also another question arises here that whether the people who have higher standard of living are more involved in gambling ?

Speaking for myself, this is no more than 5% of the total income per month. Considering that I am not a very active gambler, I do not spend this amount every month, sometimes I don’t play for several months in a row. And I noticed that this percentage is roughly the balance point that is often mentioned in this topic.

[3meek]

Just a general question regarding the betting budget. How much budget do you allocate or afford to risk in betting ?  100$, 500$, 1000$ or maybe even more ?  Also if you are rich you can afford to play with more money as compare to the person who is living hand to mouth.

I'm not a rich man, but I'm not poor without money either... Sometimes my budget is $200-300, but sometimes I also make a bet the size of my budget... For me betting is more fun than a way of making money... I think the budget is controlled by professional gamblers and not amateurs like me...

[pawanjain]

I think he is wrong with counting. Or he is highly gambling addicted person who needs medical help. No one in his right mind will not spend such amounts into gambling (except cases described above)

Speaking of the same how much % of your total income do you put into gambling ?

It should have no specific amount, instead you only put money on gambling when you have spare money after you paid all your bills, necessities, and mortgage.
There should always be no budget for gambling purposes. It would always come randomly when you have extra money to spend on unnecessary things.
If you say you're saving even 1% of your income intended for gambling, then I can say you're slowly drowning into addiction.

We all have different perspective and income range anyway, but gambling with huge amount has never been a good idea no matter how rich you are.

Having specific amount would be better imo as long as he can stick on that number anytime he is going to gamble. Also, setting our budget for gambling lets say 1% of our monthly salary does no mean that we should spend it every month. It is just a limit anytime we are going to gamble. In other side, if you spend the spare money after paying daily/monthly needs, it can be something big depends on your monthly income and your expenses. i.e Your monthly income is $10k and your expenses for a month is $5k, means that you have $5k spare money to gamble. In this case, having a limit such as 1% is better because you will spend $100 only. Coming up to the chance of getting addicted, no mattter you use spare money only or you have a monthly limit, it can lead you into addiction if you cant control yourself.

I would agree to that. Having a fixed limit for gambling is always a good option so that we do not lose more than we could afford.
At the same time it does not mean that we gamble frequently since that can lead to addiction.
We can restrict ourselves from gambling frequently and gamble only when we have extra money to gamble with while still limiting it to a fixed amount.

[Fredomago]

I would agree to that. Having a fixed limit for gambling is always a good option so that we do not lose more than we could afford.
At the same time it does not mean that we gamble frequently since that can lead to addiction.
We can restrict ourselves from gambling frequently and gamble only when we have extra money to gamble with while still limiting it to a fixed amount.

It helps a lot as you can continue your life without worrying that you spend such amount that you can't let go, budgeting and setting your limits is also very effective way to avoid getting addicted.

Using amount that you are willing to let go won't ask you to deposit for more, I mean if your bankroll already wipe out, you can exit the gambling house without thinking of adding more fund to play again and try finding your luck.

Exit with enjoyment and contentment whatever the result it brings you.

[madnessteat]

I think in addition to limiting the budget for games there is another good way to minimize the emergence of gambling addiction. It is about abstaining from any gambling for a certain period (everyone defines this period independently).

For example, if you usually play once a week on Sundays then try to abstain from playing on the next Sunday and devote this time to family friends or other favorite things.

[STT]

Consider that its often best not to spend it all at once.  Budgetting actually increases chances of success I think as it gives more then one attempt for the same amount spent, where as no budget can lead to just a dead end of having no money left rather choosing not to spend more that day.   The only real way to beat the game or increase luck seen is via a plan and a budget is part of that.