Appropriate percentage of income for gambling

[Mauser]

I use 5% of my weekly income to gamble and I can not go more than that. Sometimes I can be busy and I can spend less. If a week favours me, I will save my profit and the remaining (5% last week income) for next week gambling. According to what I heard, people spend up to 12% of their weekly income on gamble. I think it is not bad but that gives me the thinking to make a post like this on this forum. What percentage of weekly income do you think is right for gambling?

Like you and the majority here on the forum I use 2-5% of monthly income for gambling activities. Having a fixed percentage of my income for gambling is the best risk management tool. With my fixed budget I can choose freely if I want to play poker, slots, other casino games or bet on sport matches. As long as I don't use more money on a monthly basis, I will add any unspent money to my next monthly basis. An important difference is that I try to preserve my winnings as much as possible. So, whenever I have a decent win I will take that money out and save. At least for me it's important to keep a difference between my monthly budget and how much I win. Especially in poker I try to keep building my bankroll to slowly move up the blinds. Without having a growing bankroll it's difficult to survive a losing streak. Now I am curious how anybody can use 30% of his income for gambling alone over a long period of time.

[1715321371]

1715321371

[naira]

A profit limit of 5% per week is not a big target that can be met and it is possible to earn from gambling with such a small target because those who want to get rich in a short period of time are the ones who suffer greatly from gambling. Gambling with a limitation is a good strategy.  Because it helps to control our-self which saves from many big losses. Greed destroys people and that's why those who want to get rich quickly from gambling they are the ones who end up in danger and at some point fall into deep addiction of gambling

You are right, but even with the low amount of money, peope should not think of gambling as a way of making money, the 5% I go for is the amount that I can lose and never thing about it. I mean I can be able to afford to lose 5% of my weekly income to gambling. To make profit is not what I can think about while gambling because if not taking gambling as fund it may lead to using high amount of money.

5% is an acceptable amount because it's not too big but we have to keep maintaining that amount so it doesn't get big. And even though we will lose after playing gambling, with that 5%, our losses will not be too much so we can still save another amount of money. We can save it until a few days later or next week to play gambling. And it's good if you don't think about making a profit from gambling because it helps you to avoid gambling addiction so you can control your gambling.

I'd honestly agree to budget 2-5% and not more than that if you feel like a regular gambler like me and a few other users. In the case of this percentage, I'm just being private so I don't say that to the people closest to me for many reasons that make sense especially the paradigm in my place, gambling is an activity that is considered bad. For me personally as long as the money doesn't come from loans it doesn't matter because we also need entertainment and it happens that this type of entertainment is in casinos.

I once asked several friends and they also said the same thing and with reasonable reasons to limit losses every week.

[maydna]

What percentage of weekly income do you think is right for gambling?

In the past maybe I was quite active in allocating a percentage of my finances for gambling, but not anymore and I only bet very small amounts to just play games. Because more and more I realize that gambling does not have to be taken as a serious option to make it part of the mandatory financial allocation. Out there, people who do have some kind of card game skill still make sense to allocate a financial percentage but if only as a gambler who relatively plays in games based on luck, my advice is that it's better not to do the same thing because the risk of losing is greater than the profit.

That means the amount we use must vary and depend on our income. If we are more concerned with daily needs, maybe we won't use the money for gambling or perhaps we only use a little money like you do so it won't interfere with our finances in a month. But if someone allocates a certain amount of money, that's also okay because maybe they have plans other than gambling. We must remember that our needs in life are different from other people.

[QueenVera]

I use 5% of my weekly income to gamble and I can not go more than that. Sometimes I can be busy and I can spend less. If a week favours me, I will save my profit and the remaining (5% last week income) for next week gambling. According to what I heard, people spend up to 12% of their weekly income on gamble. I think it is not bad but that gives me the thinking to make a post like this on this forum. What percentage of weekly income do you think is right for gambling?

What I think is that there's no specific percentage of amount that  seems very right because it varies for different individuals depending of the amount of income they recieve as salary if a 12% of a persons income is used as a spare money and could afford to risk losing it to gambling the it's appopriate but if it's something that could cause financial unstabilty and affect other basic needs then it shouldn't be considered.
 And I belive that 5% of your income is very okay for you to consider gambling with, without feeling remorseful that why you decided to stick with it and not exceed that limit, it is always advised that people should use their spare money to gamble and it can be any amount that wouldn't affect one's budget or other important bills, for instance when i get my weekly income i make sure i settle my debts and pay other bills then any money remaining is what i use to gamble and i don't spend it recklessly on careless bets and greedy games.

[Oshosondy]

What I think is that there's no specific percentage of amount that  seems very right because it varies for different individuals depending of the amount of income they recieve as salary if a 12% of a persons income is used as a spare money and could afford to risk losing it to gambling the it's appopriate but if it's something that could cause financial unstabilty and affect other basic needs then it shouldn't be considered.

Choosing 5% to gamble is very good. That is the highest amount that I can go for. But I do not think that saying no specific amount that seems very right is not right because no matter how high the money is, the higher the amount used the higher the person will gamble irresponsibly. People plan for future, if someone is not having financial instability but using the money he supposed to do become good in life and become bigger person to gamble, that is not also good because the person will think of past and be remorseful. I can afford to lose 50% of my income without no financial instability and I will also be able to afford basic needs, but I prefer to go for 5% which makes gambling fun for me without thinking of my lost money in the past after I was not addicted anymore.

[CarnagexD]

I won't dare gamble with 5% of my income for gambling every week, that's a lot in a month's time, I would rather invest the money into Bitcoin as this is a guaranteed investment over gambling, I am a businesswoman and I have my own fashion home, my gambling every week depends on how much I make in a week, so I don't have a fixed budget for gambling, but I always make sure that 2% of my money I make per week will go into gambling, it's not a must, if sales aren't looking good for that week I won't gamble, it's not as if I am even making a lot from gambling anyways.

It's safe to say that my gambling decision depends on how much I will make in the week

That's good, it means you have limits that allow for budget overruns to not occur in gambling.
There are many gamblers out there who cannot manage and limit the budget to use for gambling and on average make a gradual deposit where at the beginning of the game session they deposit $ 50 and after a while they will deposit again and continue to do it even worse until they run out of all the money they have owned.

Setting a budget limit based on a week's earnings is also a good thing to do and I still do it to this day.

Allocating around 2% of your weekly earnings for gambling makes a lot of sense. It's like a little side bet that you're comfortable with, and you're being flexible based on how well your business is doing that week. So, it's not about going all in, but rather making a calculated choice based on the bigger financial picture. It's like playing the game with a strategy that suits you, and that's a win in itself.

It's like keeping a guardrail on your gambling adventure, preventing any wild financial rides. I get what you mean about some folks by going all in without a thought – it's like they're trying to catch a wave without a surfboard. But hey, your method of setting a limit based on your weekly earnings is a wise strategy.

[molsewid]

I'd honestly agree to budget 2-5% and not more than that if you feel like a regular gambler like me and a few other users. In the case of this percentage, I'm just being private so I don't say that to the people closest to me for many reasons that make sense especially the paradigm in my place, gambling is an activity that is considered bad. For me personally as long as the money doesn't come from loans it doesn't matter because we also need entertainment and it happens that this type of entertainment is in casinos.

I once asked several friends and they also said the same thing and with reasonable reasons to limit losses every week.

Yes,  I agree. For me it is actually enough because I am not a regular gambler I only play when I  have time and when I need to clear something on my mind. In that case I can limit myself from gambling too much and I already have the discipline to myself in terms of managing my money in gambling. But well I think it depends on your capacity and income as well.

[dimonstration]

That means the amount we use must vary and depend on our income. If we are more concerned with daily needs, maybe we won't use the money for gambling or perhaps we only use a little money like you do so it won't interfere with our finances in a month. But if someone allocates a certain amount of money, that's also okay because maybe they have plans other than gambling. We must remember that our needs in life are different from other people.

Gambling budget shouldn’t be dependent on your income. It should based on the amount which you can afford to lose. If I have 500$ salary and using 2% percentage on gambling then it means that I should increase my gambling budget whenever I will have a salary increase?

I don’t consider much the percentage because I have fixed amount of budget dedicated to gambling regardless of my salary amount because that is the amount I’m comfortable to gamble.

[Juse14]

That means the amount we use must vary and depend on our income. If we are more concerned with daily needs, maybe we won't use the money for gambling or perhaps we only use a little money like you do so it won't interfere with our finances in a month. But if someone allocates a certain amount of money, that's also okay because maybe they have plans other than gambling. We must remember that our needs in life are different from other people.

Gambling budget shouldn’t be dependent on your income. It should based on the amount which you can afford to lose. If I have 500$ salary and using 2% percentage on gambling then it means that I should increase my gambling budget whenever I will have a salary increase?

I don’t consider much the percentage because I have fixed amount of budget dedicated to gambling regardless of my salary amount because that is the amount I’m comfortable to gamble.

It's good when you do gambling only using extra money after your needs are met, if indeed we can't afford to budget or allocate special money for gambling.

And what needs to be considered is the maximum limit of money you spend on gambling. Don't let the money you earn run out for gambling, even if you have confidence that you can manage your gambling activities, this still needs to be considered.
especially those who already have dependents should be more able to choose which things to prioritize, not just talking about the comfort of the number of bets that you have budgeted for.

[tjtonmoy]

I think this depends on your income. How much you are making in a week and is it enough for your budget? We should only gamble with what we can afford to lose. Thst'a the common knowledge. So keeping that in mind, if you can afford to lose 80% of your weekly income then that could become your limit. Or it could be less than 5% depending on income. So it varies from person to person no?

I am not into gambling anymore. But I can say that I can use 10-20% of my weekly income on gambling.

[maydna]

~snip~

Gambling budget shouldn’t be dependent on your income. It should based on the amount which you can afford to lose. If I have 500$ salary and using 2% percentage on gambling then it means that I should increase my gambling budget whenever I will have a salary increase?

I don’t consider much the percentage because I have fixed amount of budget dedicated to gambling regardless of my salary amount because that is the amount I’m comfortable to gamble.

If you can afford to lose the 2%, that's fine, but you should reduce the percentage if you can't. And maybe from your $ 500 salary, you can use under $ 50 for gambling capital. Thus, if you experience a total loss, it will not be too big because you can accept it.

So there is no certainty about the percentage for gambling because it depends on our financial condition. And we should stay within that percentage limit to still have money to meet our daily needs. And use that percentage during the week so you don't have to deposit more money to gamble.

[Wiwo]

~snip~

Gambling budget shouldn’t be dependent on your income. It should based on the amount which you can afford to lose. If I have 500$ salary and using 2% percentage on gambling then it means that I should increase my gambling budget whenever I will have a salary increase?

I don’t consider much the percentage because I have fixed amount of budget dedicated to gambling regardless of my salary amount because that is the amount I’m comfortable gambling.

If you can afford to lose the 2%, that's fine, but you should reduce the percentage if you can't. And maybe from your $ 500 salary, you can use under $ 50 for gambling capital. Thus, if you experience a total loss, it will not be too big because you can accept it.

So there is no certainty about the percentage for gambling because it depends on our financial condition. And we should stay within that percentage limit to still have money to meet our daily needs. And use that percentage during the week so you don't have to deposit more money to gamble.

To me using $50 out of $500 salary is too big and that is a higher than expected amount to be used if you receiving such an amount as your salary without any other such of income to cater for your gambling habit,  and if you ask me,  if you receiving such amount as income it is expected to set aside $10 or so for gambling because doing so,  even if you lose it won't impact on you too much and if you win that becomes a gain to your total amount at the end of the month.

One other thing people need to look at is in the number of times their choose to gamble with the month,  this is because gambling entails quite a lot of factors and not when the losses are recorded that you check what cost it, sometimes not having a limited gambling time can also lead to possible loses which will affect your overall experience.

[slapper]

~snip~

Gambling budget shouldn’t be dependent on your income. It should based on the amount which you can afford to lose. If I have 500$ salary and using 2% percentage on gambling then it means that I should increase my gambling budget whenever I will have a salary increase?

I don’t consider much the percentage because I have fixed amount of budget dedicated to gambling regardless of my salary amount because that is the amount I’m comfortable gambling.

If you can afford to lose the 2%, that's fine, but you should reduce the percentage if you can't. And maybe from your $ 500 salary, you can use under $ 50 for gambling capital. Thus, if you experience a total loss, it will not be too big because you can accept it.

So there is no certainty about the percentage for gambling because it depends on our financial condition. And we should stay within that percentage limit to still have money to meet our daily needs. And use that percentage during the week so you don't have to deposit more money to gamble.

To me using $50 out of $500 salary is too big and that is a higher than expected amount to be used if you receiving such an amount as your salary without any other such of income to cater for your gambling habit,  and if you ask me,  if you receiving such amount as income it is expected to set aside $10 or so for gambling because doing so,  even if you lose it won't impact on you too much and if you win that becomes a gain to your total amount at the end of the month.

One other thing people need to look at is in the number of times their choose to gamble with the month,  this is because gambling entails quite a lot of factors and not when the losses are recorded that you check what cost it, sometimes not having a limited gambling time can also lead to possible loses which will affect your overall experience.

That's, like, 10% of the whole income. Your suggestion to bring it down to, say, $10, may seem more reasonable given the way most individuals approach budgeting and financial planning. As with most things, moderation is the key.

Understanding how often people choose to gamble each month is a complex matter at now. You may argue that reducing the time frame will also reduce the amount of money lost. But, as you may be aware, timing isn't everything. Decisions about risk are sometimes determined by how they are taken. Sometimes, you know, maintaining equilibrium and exercising self-control could result in less loss, but it's all so complex, right?

[darkangel11]

It largely depends on your weekly income. If my income was over $600 a week, I could bet at least 30% of that and still live good. On the other hand, earning $200 a week wouldn't allow me to gamble at all. I'd be only able to buy food and pay my bills, that's it.
At this time I only spend 2% or less because I don't really get weekly income but monthly, so maybe 5% a month? The only weekly thing I get paid is my signature campaign, but that pays less than $300 a month. Nowadays I only make 1 bet a month because I'm saving up my bitcoins before the halving. I don't want to lose anything before the next cycle hits.

[Aikidoka]

If you were to ask me what percentage of my weekly income I can use for gambling, it's probably less than 5%. I don't usually place bets with a lot of money but I enjoy betting with just a few bucks on multiple events simultaneously, which it'll could make me win a huge amount with just a small bet if luck is on my side. I understand that winning is difficult, but I find great enjoyment in watching the games I've bet on hoping that it might just be my lucky day!

[Gozie51]

I am not into gambling anymore. But I can say that I can use 10-20% of my weekly income on gambling.

Based on your income in a week, if you are using this amount mentioned to gamble I think it is on the high except if you are making appropriate profit from it to cover your losses because most gamblers make more losses than profit and to lose 20% weekly from your earnings is surely high. A gambler who wins often wins has no issue with how much invested in gambling but a perpetual loser has to watch on how much wasted in betting. There are people who have stopped gambling because of frequent losses. Yes, if it is not working for you it is better to quit like you said you did.

[wxa7115]

I use 5% of my weekly income to gamble and I can not go more than that. Sometimes I can be busy and I can spend less. If a week favours me, I will save my profit and the remaining (5% last week income) for next week gambling. According to what I heard, people spend up to 12% of their weekly income on gamble. I think it is not bad but that gives me the thinking to make a post like this on this forum. What percentage of weekly income do you think is right for gambling?

I picked less than 2%, with 1% being closer to what I would pick, and the reason for this is very simple, if you were to dedicate even more money than that and you gambled that money away each week then you will realize that if you had invested that money instead you could have bought an expensive asset with all of that money.

So this will create a sense of remorse that will be difficult to overcome, as such I think there is nothing wrong with gambling but you need to do it with amounts of money that are very small so you can avoid having those feelings.

[Strongkored]

I think this depends on your income. How much you are making in a week and is it enough for your budget? We should only gamble with what we can afford to lose. Thst'a the common knowledge. So keeping that in mind, if you can afford to lose 80% of your weekly income then that could become your limit. Or it could be less than 5% depending on income. So it varies from person to person no?

I am not into gambling anymore. But I can say that I can use 10-20% of my weekly income on gambling.

10-20% of our income is used for gambling which is big enough because I've read that everyone should be able to set aside at least 20% of their income for savings that can be used as an emergency fund or to invest.
With the percentage that you budget, especially when your income is very large, you will become a gambler who is quite active in playing, you can indeed adjust to the minimum bet in each game, but you will still probably spend a long time betting, especially when you play slot games.
I understand that every gambler has their own budget, they also might not use a percentage but exact figures like $100 and so on to be used for gambling, but we shouldn't spend big amounts just for gambling because when we can wisely use the money then, in fact, our gambling will take place more consistently than directly with big funds running out and stopping long enough, but it's true that everyone has a different way.

[maydna]

~snip~

To me using $50 out of $500 salary is too big and that is a higher than expected amount to be used if you receiving such an amount as your salary without any other such of income to cater for your gambling habit,  and if you ask me,  if you receiving such amount as income it is expected to set aside $10 or so for gambling because doing so,  even if you lose it won't impact on you too much and if you win that becomes a gain to your total amount at the end of the month.

One other thing people need to look at is in the number of times their choose to gamble with the month,  this is because gambling entails quite a lot of factors and not when the losses are recorded that you check what cost it, sometimes not having a limited gambling time can also lead to possible loses which will affect your overall experience.

It's also too big for me, and I usually use capital between $ 20-$ 30, and I don't use all of it immediately for gambling. I should use my salary money for other things I have prepared every month instead of gambling because I also feel that I'm not too lucky in gambling games. By setting up money for gambling, I don't think it will make me go over the limit I have set because the amount of money is enough for me to use for gambling.

Apart from that, I also don't gamble too often, so until the end of the month, I often still have some money in my gambling account so that I don't need to deposit another amount of money for the next month. I try not to be extravagant in using money to gamble because it is more concerned with the needs of my life, which may still be irregular. And I also still try to save money as savings and prepare some money for sudden needs.

[jostorres]

As I'm reading through so many of these responses, I can't help but wonder how many of you are actually investing the right percentages of your weekly pay to necessities such as your retirement plan and healthcare, and which of you are using money that would go to those important things are going to your gambling habits. 

I don't have a % set of any sort. I bet when I want to make bets. If I had a percentage I'd be an out of control gamblers, which thankfully I've never been.

I don't really think that's how it works. Someone becomes an irresponsible gambler if they don't have a set percentage of how much money they should spend on gambling if they do it on a regular basis, because when you don't have a limit, you won't stop when you lose what you've deposited first and you will simply go ahead and deposit more and gamble that away as well. But, if you have a set budget for your gambling activities, you might follow that and stay disciplined.

I know that someone who can't control the urge to gamble will not stop even if they have a set percentage, but if they don't have access to more money that the allocated budget, they won't have any option to spend more money and they might stop gambling for that period until they get paid again.