Don't bet more than you can afford to lose.

[molsewid]

I think it's much more understandable if you say don't gamble greedily. It is true that being greedy in gambling is much worse after losing quite a lot. You should never gamble without controlling your emotion and the amount of money you will spend, it is the fastest way to get into trouble with gambling. A gambler is encouraged to gamble responsibly and that should be understood by all gamblers.

The logic is that gambling is a game between winning and losing. It still depends on the luck factor and house edge so we can't be too sure we can win without considering the risk of losing.

I believe that being a gambler doesn't always stands on the counter part of the greediness, I mean each and everyone have their own reasons why we gamble. Also, we know the end result when greediness takes over a person emotion while gambling and that's mostly take us to a failure and a much larger loses. As a gambler we should practiced a self limitation whenever we are gambling and I bet that it must be a mandatory protocol to our selves and not just a simple reminder like what OP had mentioned in the title of the thread.

[Smartprofit]

Personally, I believe that if a person spends no more than $100 a month on gambling is the first sign that he does not have a gambling addiction and is quite able to control their budget. It happens that I spend $200 on gambling but I always split this amount into two different deposits and do not allow myself to spend more than $100 per day.

I think that is way too much unless your monthly income is $10k+.

You shouldn't allocate more than 5% of your income to gambling. You should treat it as an expense because you are mathematically guaranteed to lose it all given that you play with the funds for long enough.

Would you spend $200 a month on movie tickets?

Probably not.

Have the right mindset.

Based on your monthly income, you can inverse your on gambling. Actually investment in gambling will be made without any contradiction and investigation. So it will purely based on your luck. With a luck, you need to be patience to get a decent amount as your profit all the time.

Gambling is not an investment.  Investment is an investment of funds for the purpose of making a profit. 

The investor always has a well-grounded plan according to which he will make a profit.  This plan is based on mathematical and economic calculations.  The investor controls the process of making a profit.  He doesn't rely on luck. 

Gambling is a direct interaction with chance (luck, fate).  The player has no control over the end result of the gambling game. 

This is the key difference between investment and gambling.

[Bitinity]

^

Personally, I believe that if a person spends no more than $100 a month on gambling is the first sign that he does not have a gambling addiction and is quite able to control their budget. It happens that I spend $200 on gambling but I always split this amount into two different deposits and do not allow myself to spend more than $100 per day.

Gambling addiction is not something you can see just based on the amount spent in gambling. You give an example of spending no more than $100 a month, what do you think if the one who spend that amount has no stable monthly income or have stable income but less than $100 or even less than $150? That's an addiction for me, because the gambler is not able to manage his money wisely based on his own income.

[l3pox]

Gambling is not an investment.  Investment is an investment of funds for the purpose of making a profit. 

The investor always has a well-grounded plan according to which he will make a profit.  This plan is based on mathematical and economic calculations.  The investor controls the process of making a profit.  He doesn't rely on luck. 

Gambling is a direct interaction with chance (luck, fate).  The player has no control over the end result of the gambling game. 

This is the key difference between investment and gambling.

you are right, there are crossovers in term of risk management and managing bankroll but mindsets are really different

investors usually think about the downsides too and are prepared in case of losses, something that gamblers should do
as mentioned many times here: planning a max amount to lose is quite helpful.

[Ziskinberg]

Gambling is not an investment.  Investment is an investment of funds for the purpose of making a profit. 

The investor always has a well-grounded plan according to which he will make a profit.  This plan is based on mathematical and economic calculations.  The investor controls the process of making a profit.  He doesn't rely on luck. 

Gambling is a direct interaction with chance (luck, fate).  The player has no control over the end result of the gambling game. 

This is the key difference between investment and gambling.

you are right, there are crossovers in term of risk management and managing bankroll but mindsets are really different

investors usually think about the downsides too and are prepared in case of losses, something that gamblers should do
as mentioned many times here: planning a max amount to lose is quite helpful.

I do consider the chance of losing although I'm very optimistic when I'm gambling. As they say, bet what you can afford to lose only, we should strictly follow that rules as that's for our own good only. We can aim for a bigger winning but we should do it slowly and consistently, if we are good enough unlike the majority of gamblers, then eventualyl we will reach to the point that we become successful.

[CDC AP]

It's very basic. It's the fundamental rule in gambling, although not really practiced by so many gamblers in real life. The money that you are going to bet, consider it gone before you even place the bet. So if you are betting with an amount that is supposed to be used for something else, then consider failing to buy that which you are supposed to buy. Lest we forget it, gambling is wasting money more than earning it. So, gamble only any excess.

[swogerino]

Gambling is not an investment.  Investment is an investment of funds for the purpose of making a profit. 

The investor always has a well-grounded plan according to which he will make a profit.  This plan is based on mathematical and economic calculations.  The investor controls the process of making a profit.  He doesn't rely on luck. 

Gambling is a direct interaction with chance (luck, fate).  The player has no control over the end result of the gambling game. 

This is the key difference between investment and gambling.

you are right, there are crossovers in term of risk management and managing bankroll but mindsets are really different

investors usually think about the downsides too and are prepared in case of losses, something that gamblers should do
as mentioned many times here: planning a max amount to lose is quite helpful.

I do consider the chance of losing although I'm very optimistic when I'm gambling. As they say, bet what you can afford to lose only, we should strictly follow that rules as that's for our own good only. We can aim for a bigger winning but we should do it slowly and consistently, if we are good enough unlike the majority of gamblers, then eventualyl we will reach to the point that we become successful.

I tried several times to play patiently,setting a daily,weekly and monthly bankroll and tried to stick to them if I lost (but not if I won) and that destroyed me.When I was winning the euphoria got the best out of me and I started increasing the bet or playing not so concentrated at what I was doing and soon enough I saw the bankroll at zero.

I am still trying different ways on how to have greater self control when winning but yet I am not able to do so.

[sovie]

We always read the words "Don't bet more than you can afford to lose", but are we really following that safe principle in gambling?

So, I have a question here, if you are earning like $2000 a month, how much are you willing to gamble that you think you can afford to lose?
Please use the amount as a basis for your answer.

I think there are countries where $2k a month is more of an average salary, and there are places in the world where the same amount will make someone rich. The point is that the cost of living in poor countries is low, so paradoxically the poor can afford to spend more on gambling than someone who lives in a highly developed country.
Even so, I think it's best to use common sense and not to spend more than 10% of income.

I find 10% of your income a pretty high number for gambling. As you write it also depends on your expenses, so I would rather say 5-10% of your free income (after having deducted your fix expenses such as tax, rent, car, food, ... from your income) is a more reasonable number. Also do you accumulate a "betting depot" where you re-invest your wins or you see it as a one time gamble so that you can live a bit better for a month?

Of course it all depends on your current expenses. For example, if someone is in debt, it would be foolish to risk money in gambling. 10% seems okay to me when you have free funds and you like to spend your time just by having fun at an online casino.

[Fortify]

I tried several times to play patiently,setting a daily,weekly and monthly bankroll and tried to stick to them if I lost (but not if I won) and that destroyed me.When I was winning the euphoria got the best out of me and I started increasing the bet or playing not so concentrated at what I was doing and soon enough I saw the bankroll at zero.

I am still trying different ways on how to have greater self control when winning but yet I am not able to do so.

That's the thing with gambling, even in a highly skilled game like poker. You can be the best player in the world, knowing all the odds and the correct pot odds bet for every scenario, but unless you have the patience then it can all be for nothing. It really does become like a job and one that you have to grind at every day, which can strip the whole element of fun or entertainment from it. At that point they're not even gambling any more, but making business like decisions and working with the correct bankroll is critical as well. Outside of skill based games you are literally burning your money in the long term, because they know that even a tantalizing win will just be spent on more gambling and the definitely profile players in this way.

[Hamphser]

We always read the words "Don't bet more than you can afford to lose", but are we really following that safe principle in gambling?

So, I have a question here, if you are earning like $2000 a month, how much are you willing to gamble that you think you can afford to lose?
Please use the amount as a basis for your answer.

I think there are countries where $2k a month is more of an average salary, and there are places in the world where the same amount will make someone rich. The point is that the cost of living in poor countries is low, so paradoxically the poor can afford to spend more on gambling than someone who lives in a highly developed country.
Even so, I think it's best to use common sense and not to spend more than 10% of income.

I find 10% of your income a pretty high number for gambling. As you write it also depends on your expenses, so I would rather say 5-10% of your free income (after having deducted your fix expenses such as tax, rent, car, food, ... from your income) is a more reasonable number. Also do you accumulate a "betting depot" where you re-invest your wins or you see it as a one time gamble so that you can live a bit better for a month?

Of course it all depends on your current expenses. For example, if someone is in debt, it would be foolish to risk money in gambling. 10% seems okay to me when you have free funds and you like to spend your time just by having fun at an online casino.

Leisure times isnt bad as long you do have the right control of yourself in terms of spending and allocating budget then i dont see any problems but if you are a type of person which is really  that impulsive when

it comes to gambling then it wouldnt really be a good idea that you should really be dealing with it yet spending would be out of control and as long you do have the money to spent then you would really be keeping

on doing that.Use the amount which you can afford to lose and be sure that you wont really be affecting your primary needs and savings then you should be fine.

[YinShuiSiYuan]

It's very basic. It's the fundamental rule in gambling, although not really practiced by so many gamblers in real life. The money that you are going to bet, consider it gone before you even place the bet. So if you are betting with an amount that is supposed to be used for something else, then consider failing to buy that which you are supposed to buy. Lest we forget it, gambling is wasting money more than earning it. So, gamble only any excess.

I like this way of thinking because I try to do it myself. If we assume in advance that the money we spend on gambling is wasted, we react less emotionally when gambling.
When determining the monthly budget, it can be very helpful, because if we know what bills we have to pay, we can determine that, for example, we can lose $100 for gambling.

[Gosgosking]

Even the gambling industry they sing bet responsibly as their motto, every gambling should get the understanding that betting with money that cannot be afford to lose is nothing but greed. Greed is what makes one to use all what is available to gamble.

[Tumanggor]

Even the gambling industry they sing bet responsibly as their motto, every gambling should get the understanding that betting with money that cannot be afford to lose is nothing but greed. Greed is what makes one to use all what is available to gamble.

the majority of those who lose gambling and suffer heavy losses are those who are not able to manage their emotions and are very greedy

Gambling with money that can not afford to lose will only lead to failure because our minds are not comfortable when gambling under that much pressure

peace of mind is the key to winning in decision making when gambling

[Cryptock]

Even the gambling industry they sing bet responsibly as their motto, every gambling should get the understanding that betting with money that cannot be afford to lose is nothing but greed. Greed is what makes one to use all what is available to gamble.

This is very true. However, we should be aware of this and if we have limited funds, we should plan them and not get carried away.
If our financial situation at some point is difficult, then we should not risk money in the casino. That is why we should decide how much we can spend on gambling in a given month.

[boyptc]

This is very true. However, we should be aware of this and if we have limited funds, we should plan them and not get carried away.
If our financial situation at some point is difficult, then we should not risk money in the casino.

Well, you're telling it right and that's exactly where the others are struggling about. Despite their financial difficulty, they're still getting some funds for themselves to gamble and the bad thing about it is they can't control themselves in having those funds which is particular for other things.

That is why we should decide how much we can spend on gambling in a given month.

We really have to. If you have no plans how much your budget will be, daily, weekly or monthly, you're just going to spend as much as you can.

[seleme]

Even the gambling industry they sing bet responsibly as their motto, every gambling should get the understanding that betting with money that cannot be afford to lose is nothing but greed. Greed is what makes one to use all what is available to gamble.

the majority of those who lose gambling and suffer heavy losses are those who are not able to manage their emotions and are very greedy

Gambling with money that can not afford to lose will only lead to failure because our minds are not comfortable when gambling under that much pressure

peace of mind is the key to winning in decision making when gambling

Not having preset money management rules and lack of self-control will leak such consequences. Always having a backup plan in such situations can save gamblers, otherwise, he will look for loans from the close circle. Not controlling your losses can lead to the same story ending. Failure to meet standards can take everything from us since it is addicting and we think it will hit sooner or later. RTP can be real in millions of spins but we can't spin those higher levels of gameplay.

[Shasha80]

Even the gambling industry they sing bet responsibly as their motto, every gambling should get the understanding that betting with money that cannot be afford to lose is nothing but greed. Greed is what makes one to use all what is available to gamble.

This is very true. However, we should be aware of this and if we have limited funds, we should plan them and not get carried away.
If our financial situation at some point is difficult, then we should not risk money in the casino. That is why we should decide how much we can spend on gambling in a given month.

If we don't limit the amount of money we will use to gamble, will only make us spend more money than the original plan. Because after all
gambling will make us addicted and we sometimes have difficulty controlling ourselves when gambling. But if we provide a certain budget
from the income we get for gambling, it can at least control ourselves to stop playing gambling if our budget runs out. But even that requires
a strong commitment, so that we use our money to gamble according to a predetermined budget.

[Zilon]

Even the gambling industry they sing bet responsibly as their motto, every gambling should get the understanding that betting with money that cannot be afford to lose is nothing but greed. Greed is what makes one to use all what is available to gamble.

This is very true. However, we should be aware of this and if we have limited funds, we should plan them and not get carried away.
If our financial situation at some point is difficult, then we should not risk money in the casino. That is why we should decide how much we can spend on gambling in a given month.

If we don't limit the amount of money we will use to gamble, will only make us spend more money than the original plan. Because after all
gambling will make us addicted and we sometimes have difficulty controlling ourselves when gambling. But if we provide a certain budget
from the income we get for gambling, it can at least control ourselves to stop playing gambling if our budget runs out. But even that requires
a strong commitment, so that we use our money to gamble according to a predetermined budget.

Drawing out a budget and sticking to it no matter the urge that might emerge after losing the initial budget is just the key. Discipline and total self control helps a lot. If a gambler can afford to spend at least 20% of his general income on gambling the risk would be reduced to its minimal. seeing gambling as a fun venture and not a get quick scheme can save the day and prevent issues of bad addiction and sucidal thoughts

[Cryptock]

Even the gambling industry they sing bet responsibly as their motto, every gambling should get the understanding that betting with money that cannot be afford to lose is nothing but greed. Greed is what makes one to use all what is available to gamble.

This is very true. However, we should be aware of this and if we have limited funds, we should plan them and not get carried away.
If our financial situation at some point is difficult, then we should not risk money in the casino. That is why we should decide how much we can spend on gambling in a given month.

If we don't limit the amount of money we will use to gamble, will only make us spend more money than the original plan. Because after all
gambling will make us addicted and we sometimes have difficulty controlling ourselves when gambling. But if we provide a certain budget
from the income we get for gambling, it can at least control ourselves to stop playing gambling if our budget runs out. But even that requires
a strong commitment, so that we use our money to gamble according to a predetermined budget.

I think that this thread will to some extent make people who do not plan their expenses aware that it is very important. Anyone who carelessly spends money gambling is at risk of becoming addicted sooner or later. Sticking to a budget plan is a very important aspect to see the limits.

[Fatunad]

Even the gambling industry they sing bet responsibly as their motto, every gambling should get the understanding that betting with money that cannot be afford to lose is nothing but greed. Greed is what makes one to use all what is available to gamble.

This is very true. However, we should be aware of this and if we have limited funds, we should plan them and not get carried away.
If our financial situation at some point is difficult, then we should not risk money in the casino. That is why we should decide how much we can spend on gambling in a given month.

If we don't limit the amount of money we will use to gamble, will only make us spend more money than the original plan. Because after all
gambling will make us addicted and we sometimes have difficulty controlling ourselves when gambling. But if we provide a certain budget
from the income we get for gambling, it can at least control ourselves to stop playing gambling if our budget runs out. But even that requires
a strong commitment, so that we use our money to gamble according to a predetermined budget.

I think that this thread will to some extent make people who do not plan their expenses aware that it is very important. Anyone who carelessly spends money gambling is at risk of becoming addicted sooner or later. Sticking to a budget plan is a very important aspect to see the limits.

If you dont put up limits then you would really be finding a big problem later on.Handling out finances would be really needed in all sorts or angles because this would really avoid
you into more severe problems which would definitely make you regret towards your decisions. Spent only the amount which you can afford to lose and dont go beyond
limits and prioritize things and dont mind off that much about leisure because it woudl really be just putting you in trouble.