Risking 1% in Gambling

[davis196]

I usually gamble with small amounts of crypto, but I've never calculated the exact percentage of monthly income I use for gambling.
I'm sure that the percentage is bigger than 1% , but not more than 5% of my monthly income.
Setting such limitations might ruin your gambling experience, because you are always aware that you shouldn't spend more than a certain amount. This is kinda annoying, but on the other hand, having such spending limits is important to keep you away from "chasing loses" and getting addicted to gambling.

[Questat]

I usually gamble with small amounts of crypto, but I've never calculated the exact percentage of monthly income I use for gambling.
I'm sure that the percentage is bigger than 1% , but not more than 5% of my monthly income.
Setting such limitations might ruin your gambling experience, because you are always aware that you shouldn't spend more than a certain amount. This is kinda annoying, but on the other hand, having such spending limits is important to keep you away from "chasing loses" and getting addicted to gambling.

It's going to be either you stay safe but lessened the fun in gambling, or try to go for a higher risk and enjoy. I would choose the latter, because the purpose of gambling is to entertain ourselves, with the right discipline although we don't follow all the time the 1% of our income rule could already give us the entertainment value while able to minimize the risk at the same time.

You know, problem would only arise the moment you chase, that means you are losing control already, and once you are in that position, regardless if it's gambling or not, it's pressume that you arent' thinking straight, so bad decsions will be made.

[Z390]

I am fond of using $10 that it has mastered me, where is my $10 coming from next? This is the question I have for myself when I miss gambling, thing is, if I don't have the $10 I am not going to gamble, as a man who have lots of responsibility on parents and family, I make sure that I use only what I can afford to lose, there is no fantasy of me getting rich someday from gambling, it's even ridiculous to think about, because it's like dream that will never come true, I gamble mostly for the fun part of it, not to enrich myself.

I don't do calculations because it is not necessary, when I have free $10 then I will use it on gambling, there are other fun things I do with family that cost more than $10 but I believe it's worth it, gambling takes away your money most times but going to amusement park with your family leaves a good memory and makes your home a happy one, this is something that gambling can't do..

You don't have to be told to be a responsible gambler, the examples are everywhere in the world, it's very rare to see people that make life changing with gambling, for me, this says a lot about gambling, just accept it, you will lose most of your money but the strategy you chose to use is what will determine your result on the long run, always risks what you can afford to lose.

[Natsuu]

I heard of that. Deciding to implement the 1% rule in gambling brings a sense of security. Now, with each bet where you can only risk 1% of your total portfolio, it does not only safeguards you from significant losses but also ensures that even if a bet goes south, you are  only losing a small fraction of your overall capital. It's akin to a safety net, preventing the gambler from going all in on any single bet and mitigating the fear of losing everything. I think this is a good approach to start with because you can be more comfortable and systematic in games and you have a room for multiple bet so less potential losing streaks.

[EarnOnVictor]

Guideline 1: Gamble no more than 1% of household income
Don’t bet more than 1% of your household income before tax per month. For example, someone with a household income of $70,000 before tax should gamble no more than $58 per month.

Recently I decided to risk only 1 percent of my gambling portfolio into each bet. This makes my bet risk free as I know that even if I lose the bet i will lose only 1% of my gambling money.

Do you guys also follow a similar strategy like gambling with 1% or 2% on each game? This way not only we are safe from losing big amounts but at the same time, we never find ourselves in a situation where we go all in, in some bet and then have the fear of losing all of our money.

You must have heard 1% strategy in trading, the same can be applied in gambling too and believe me, you will feel a lot more comfortable using this 1% of your money in every game.
This also gives you a lot of games to play before you end up on your money as on every bet you will use 1% of your money. In case you lose all bets, you will be playing 100 games because your money is exhausted.

Good for you my friend, after all, you have found a way to gamble with less risk and not waste your money. Just know that it's not risk-free as you insinuated, it is a way to lessen the risks to a very high degree. I do something similar to yours in casinos, although my risks are not as low as 1%, mine is about 5% which is still reasonable when the money excitement is also part of the reason you are gambling. But note one thing, most people will never follow this path, and you should know it's for a clear reason. Most people gambling are doing it for the money and not for the fun. Are you kidding me? They will never agree to earning only a fraction as low as 1% of their bets, and in some cases, it could be less than that depending on the game in question.

People will see this as a waste of time and energy and as reasonable and responsible as I am in gambling, I still do not buy this idea to, unless for fun, not even in trading as I can't possibly be wasting my time. All these avenues of making money like trading and gamblers can only give you a reasonable amount if you increase your risk. Nevertheless, I do not advise anyone to increase their risks to an unreasonable extent, but to an extent that would at least make the time and efforts invested in gambling not to be a waste. Mind you, not all people have that big money as their trading or betting capital, and you could imagine what the person who could afford just $100 for betting will be gaining with a risk of 1%. This is not just feasible even with the average class, they will get angry and discouraged unless they are rich and betting with a huge amount or they are merely gambling for the fun part.

[rachael9385]

I usually gamble with small amounts of crypto, but I've never calculated the exact percentage of monthly income I use for gambling.
I'm sure that the percentage is bigger than 1% , but not more than 5% of my monthly income.
Setting such limitations might ruin your gambling experience, because you are always aware that you shouldn't spend more than a certain amount. This is kinda annoying, but on the other hand, having such spending limits is important to keep you away from "chasing loses" and getting addicted to gambling.

I also gamble with small amount of money but for sure, I have not gambled with my crypto or any crypto currency at all because it's shows like I am extremely gambling more than what I have budgeted for gamble, why because imagine you bought Bitcoin with $100 and you gambled with the $100 worth of Bitcoin, then some days to come Bitcoin increase, that means your $100 and the profits from Bitcoin has lost (I don't really know if you are getting what I am trying to say).
But for me I am satisfied betting with fiat currency instead of crypto (Bitcoin).
However, I don't keep a record of my bet expenses but I know that I done use more than 2 and a half percent of my income to gamble.

[Jody.Drummer]

I heard of that. Deciding to implement the 1% rule in gambling brings a sense of security. Now, with each bet where you can only risk 1% of your total portfolio, it does not only safeguards you from significant losses but also ensures that even if a bet goes south, you are  only losing a small fraction of your overall capital. It's akin to a safety net, preventing the gambler from going all in on any single bet and mitigating the fear of losing everything. I think this is a good approach to start with because you can be more comfortable and systematic in games and you have a room for multiple bet so less potential losing streaks.

That's a very good way of engaging in gambling, basically that's how it should be, by putting a small amount then the level of risk you take is also small and also with that then I would say that you are a responsible gambler by only putting a small amount especially that you can afford to accept whatever the final result is. Putting 1% of 100% of the money you have will really make you safe and comfortable, I think you will not suffer a lot of pressure there because the amount you put is quite small which means it doesn't really matter if you end up losing.

On the other hand it will also help you to avoid some out of control actions, as we know that usually people will get emotional and lose control when they lose a large amount of money they bet and after that of course I'm sure the main thing you do is you will chase the loss with the intention of wanting to break even which is basically very difficult. So if you can't quit gambling then it's better to only bet small amounts, you'll stay safe as I said above and some unwanted things might not happen like addiction.

[sunsilk]

Honestly, I have never heard of this strategy about gambling only 1% of your household income. What I am telling and believing is about gambling only with your spare mone but I think this sounds better than that.

No more than 1% of your combined household income shall be spent into gambling and with this, you're able to track your expenses and the risk that you're taking with that amount is bearable and not that much.

But with that, the control is also on you and you have to manage yourself that if ever you got out of the 1%, you're going to stop. The struggle is there for some gamblers that when they attain that amount, they can't help themselves but to continue and slash more from their incomes.

[summonerrk]

Guideline 1: Gamble no more than 1% of household income
Don’t bet more than 1% of your household income before tax per month. For example, someone with a household income of $70,000 before tax should gamble no more than $58 per month.

Recently I decided to risk only 1 percent of my gambling portfolio into each bet. This makes my bet risk free as I know that even if I lose the bet i will lose only 1% of my gambling money.

Do you guys also follow a similar strategy like gambling with 1% or 2% on each game? This way not only we are safe from losing big amounts but at the same time, we never find ourselves in a situation where we go all in, in some bet and then have the fear of losing all of our money.

You must have heard 1% strategy in trading, the same can be applied in gambling too and believe me, you will feel a lot more comfortable using this 1% of your money in every game.
This also gives you a lot of games to play before you end up on your money as on every bet you will use 1% of your money. In case you lose all bets, you will be playing 100 games because your money is exhausted.


The Lower-Risk Gambling Guidelines

This is a good way to avoid spending a lot on gambling, but at the same time, I am sure that many fans of betting and casinos will say that this is too small an amount, and it is not enough to play properly in a casino or betting. Or maybe poker. I recently participated in a Multiplier contest from a casino - the point was to get a bigger multiplier among other players. And I allocated myself $15 for this contest. I was very surprised when I found out that other players had allocated $150 each for it! It's just a competition with modest prize money. But apparently everyone has their own money management.

[Hirose UK]

I usually gamble with small amounts of crypto, but I've never calculated the exact percentage of monthly income I use for gambling.
I'm sure that the percentage is bigger than 1% , but not more than 5% of my monthly income.
Setting such limitations might ruin your gambling experience, because you are always aware that you shouldn't spend more than a certain amount. This is kinda annoying, but on the other hand, having such spending limits is important to keep you away from "chasing loses" and getting addicted to gambling.

Even if you don't take into account the amount of your monthly income, if you can gamble with an amount that is smaller than your income then that is good, in fact it doesn't have to be 1% because if we only have small income then that amount is also very small.
In my opinion, 5% to 20% can still be said to be a decent amount because of course with that amount we can accept it when we lose rather than pushing our abilities but not being able to accept it if we lose.
What you apply is included in an attitude that limits finances in gambling and this is really good because other gamblers may not be able to do it.

I heard of that. Deciding to implement the 1% rule in gambling brings a sense of security. Now, with each bet where you can only risk 1% of your total portfolio, it does not only safeguards you from significant losses but also ensures that even if a bet goes south, you are  only losing a small fraction of your overall capital. It's akin to a safety net, preventing the gambler from going all in on any single bet and mitigating the fear of losing everything. I think this is a good approach to start with because you can be more comfortable and systematic in games and you have a room for multiple bet so less potential losing streaks.

If you and most gamblers have monthly income of thousands of dollars then that is quite large amount for 1% but I don't think all gamblers have an income of thousands of dollars from their work.
For example, if someone has monthly income of $1000 then 1% of that amount is $10 and I don't believe gamblers will only gamble in one month with only $10
Moreover, equalizing monthly income will never have the same common ground if it is only calculated with benchmark amount of 1%.

[piebeyb]

You know, problem would only arise the moment you chase, that means you are losing control already, and once you are in that position, regardless if it's gambling or not, it's pressume that you arent' thinking straight, so bad decsions will be made.

Yes, that's why it's important to control yourself when gambling because if we can't control it, we will lose control. For this reason, never chase losses or recover from losses experienced when gambling because that is not recommended and will only add to new problems that might create problems. the more messy it gets, gamble wisely, use a fixed budget, bet sizes like OP did to reduce bigger losses.

The fewer bets we make, the better it will be because we don't have to bet big bets to win either. The point is to always limit your budget because this is very important to train ourselves so as not to make ourselves addicted after experiencing defeat, the limits we set will be a barrier for us to go beyond the limits.

[0t3p0t]

We all know that the higher the percentage of our gambling capital the higher the chance of liquidation. The lower we pour money on gambling the lower the profit we gain if we are lucky. This is really important to know our limits so we can figure out when we have to get out of the game.

[Solosanz]

It's up to the user how much money they can afford to lose in gambling. Many people can't even risk 1% for gambling, they can only take a risk in effort and time because they gamble using faucet or worthless token in order to earn specific amount to turn it to money.

As long as it's not larger than 100% (which is taking a loan) it's fine.

[lizarder]

You must have heard 1% strategy in trading, the same can be applied in gambling too and believe me, you will feel a lot more comfortable using this 1% of your money in every game.
This also gives you a lot of games to play before you end up on your money as on every bet you will use 1% of your money. In case you lose all bets, you will be playing 100 games because your money is exhausted.

It seems that I am also one of those people who gambles on small percentages but never calculates the total amount. I gamble when I have extra money and never use money from work and usually I use bonuses from work or overtime if I want to gamble. I've heard about the strategy of 1% to 5% of the budget used for gambling but I don't know how they keep the flow of funds in the account.

When I decide I want to gamble then I look at the percentage of money placed in the account and usually I prefer to bet on football or slot games. I'm also not an active gambler so it doesn't matter much about the allocation of gambling funds that I use because I usually use more A little than I earn from work.

[Blitzboy]

I am fond of using $10 that it has mastered me, where is my $10 coming from next? This is the question I have for myself when I miss gambling, thing is, if I don't have the $10 I am not going to gamble, as a man who have lots of responsibility on parents and family, I make sure that I use only what I can afford to lose, there is no fantasy of me getting rich someday from gambling, it's even ridiculous to think about, because it's like dream that will never come true, I gamble mostly for the fun part of it, not to enrich myself.

I don't do calculations because it is not necessary, when I have free $10 then I will use it on gambling, there are other fun things I do with family that cost more than $10 but I believe it's worth it, gambling takes away your money most times but going to amusement park with your family leaves a good memory and makes your home a happy one, this is something that gambling can't do..

You don't have to be told to be a responsible gambler, the examples are everywhere in the world, it's very rare to see people that make life changing with gambling, for me, this says a lot about gambling, just accept it, you will lose most of your money but the strategy you chose to use is what will determine your result on the long run, always risks what you can afford to lose.

Your gambling attitude is responsible and self-aware, admirable. Gambling should never be considered as a way to get rich, but as affordable fun. You're right - gambling winnings rarely change lives. This exercise requires this reality check.

While you dont intend to get rich gambling, are you aware of its subtle psychological effects? Gambling isnt just about the money; its about the "what if" it leaves you with. This "what if" can be as captivating as a win, keeping you coming back.

Its excellent you choose family over gambling. It shows a genuine appreciation for delight and value. However, even a $10 bet contains this "what if". So be careful when gambling for amusement. Sometimes fun and compulsion blur without notice. Responsible gambling is about controlling the "what if" and sticking to reality, not simply the money.

[cryptomaniac_xxx]

You must have heard 1% strategy in trading, the same can be applied in gambling too and believe me, you will feel a lot more comfortable using this 1% of your money in every game.
This also gives you a lot of games to play before you end up on your money as on every bet you will use 1% of your money. In case you lose all bets, you will be playing 100 games because your money is exhausted.

It seems that I am also one of those people who gambles on small percentages but never calculates the total amount. I gamble when I have extra money and never use money from work and usually I use bonuses from work or overtime if I want to gamble. I've heard about the strategy of 1% to 5% of the budget used for gambling but I don't know how they keep the flow of funds in the account.

I think that is the key here, we gamble if we have that extra money in our pocket so that it won't affect the money that we work very work hard because we could have been allotted it for more important things such as for our families, and bringing food in the table for them. And off course, other basic things like electricity and water and house bills.

When I decide I want to gamble then I look at the percentage of money placed in the account and usually I prefer to bet on football or slot games. I'm also not an active gambler so it doesn't matter much about the allocation of gambling funds that I use because I usually use more A little than I earn from work.

Sports betting or slot machines, it's all good for us, we take risk with our extra money and then if we win, then good for us. At least a little help is needed and we stretch that budget. But if we lose, still nothing will change, and we will not be affected because that fund is just for gambling and we can afford to lose it.

[Hispo]

It's up to the user how much money they can afford to lose in gambling. Many people can't even risk 1% for gambling, they can only take a risk in effort and time because they gamble using faucet or worthless token in order to earn specific amount to turn it to money.

As long as it's not larger than 100% (which is taking a loan) it's fine.

I mean. Someone who is not even able to use a 1% of their income would imply that person is actually in such a dire situation in which they may not even have a phone, a computer or access to internet to begin with.
The only real situation where someone could not even risk 1% of their money would be if that same person is deep in debt and cannot afford to miss payments.

Back some years ago I was the kind of users who liked to try casinos first if they had some faucet feature, Instead of depositing right away. It was a period of time in which we (as a country) were going to a deep economical crisis, so at least I could distract myself a bit thanks to faucets and some spare time I had.

[Accardo]

Now that you share this? yeah i may consider doing this but first I will review my daily income to make a deal with my wife 

but 1-2% is just a small amount to spend and risk(also to take chance being lucky) now that I may spend that small amount then i can play the maximum winning I may try .

You're a very loving husband. Personally, I don't tell my wife that I gamble. It's not that I don't want her to worry; rather, I view gambling as a form of personal satisfaction, much like her shopping with her friends. I don't mind whatever business she's doing, and I'd like my pursuits to be treated in a similar manner.

Families with joint or linked banked accounts would question one another about how they spend money. I don't know how you'll be able to escape such questions from your wife, if she focuses on asking about your activities or notices that you are a gambler. It's not simple to keep the truth away from them. Except you don't have a joint account with her, I'd say your decision is great and it also makes you a loving husband not every woman would feel comfortable about having a gambler as a husband. We've had similar discussions in this forum about letting our spouse know about our gambling habit. But, it feels good to discuss gambling with our wife, if she's not worried about it. From the Op's idea or strategy, 1% is great for any household and our partner would be happy to discover how money conscious her spouse is, instead of winding up the income. Causing trouble for the family. Which is basically where the family problems erupt. And why most women hate gamblers. Aside that, if you're a responsible gambler, it'll be rare to find her sad or wary about the gambling habit.

[coolcoinz]

It's up to the user how much money they can afford to lose in gambling. Many people can't even risk 1% for gambling, they can only take a risk in effort and time because they gamble using faucet or worthless token in order to earn specific amount to turn it to money.

As long as it's not larger than 100% (which is taking a loan) it's fine.

I think that it doesn't change anything whether you risk 1% or 10% of your income as long as you can afford it.

If we assume that the real probability of winning is at 45% or something like that, what does it change if you bet $1 ten times or $10 one time? The mathematical probability will remain the same and house edge subtracted from the amount you're betting will also be the same.

The only thing I see as a positive is that betting 1% will never have a negative influence on your life. 1% is nothing. Most people spend more on alcohol, cigarettes, items in online games, and other hobbies and addictions.

I always say that you should do whatever makes you happy. If 1% is satisfying for you you should keep on doing it.

[Mahanton]

Now that you share this? yeah i may consider doing this but first I will review my daily income to make a deal with my wife 

but 1-2% is just a small amount to spend and risk(also to take chance being lucky) now that I may spend that small amount then i can play the maximum winning I may try .

You're a very loving husband. Personally, I don't tell my wife that I gamble. It's not that I don't want her to worry; rather, I view gambling as a form of personal satisfaction, much like her shopping with her friends. I don't mind whatever business she's doing, and I'd like my pursuits to be treated in a similar manner.

Families with joint or linked banked accounts would question one another about how they spend money. I don't know how you'll be able to escape such questions from your wife, if she focuses on asking about your activities or notices that you are a gambler. It's not simple to keep the truth away from them. Except you don't have a joint account with her, I'd say your decision is great and it also makes you a loving husband not every woman would feel comfortable about having a gambler as a husband. We've had similar discussions in this forum about letting our spouse know about our gambling habit. But, it feels good to discuss gambling with our wife, if she's not worried about it. From the Op's idea or strategy, 1% is great for any household and our partner would be happy to discover how money conscious her spouse is, instead of winding up the income. Causing trouble for the family. Which is basically where the family problems erupt. And why most women hate gamblers. Aside that, if you're a responsible gambler, it'll be rare to find her sad or wary about the gambling habit.

Thats one of the main cons when you do have a joint account specially into your wife, you would really be able to monitored out on what are those spendings that you have done and it would really be an inevitable thing that you would be asked out and this is something that i dont like. This is why i do really have that separate card of course but still my wife do really still need to check out my balance and she knows on
where money will really be spent. The only thing that i do like is that you do really have that able to save up for yourself, not on being selfish but we know that it is really that entirely different
if you do have that money on your pocket or in card which you could be able to spend on when you do like.

Speaking about risking 1% of household income in gambling then if those things are speaking about joint account then expect there would be questions asked about that 1%.
We know that women are really that too eager on knowing everything when it comes to finances specially if you do have a family to feed then it would be normal to raise
up those questions and this is why i dont really see it for it to be a big issue.