Risking 1% in Gambling

[TelolettOm]

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.

I don't have a specific percentage to use my money for gambling. I only always use a small amount of money, I never try to use more money if I have spent all the money allocated for gambling monthly. It is all about money management in gambling. We must be fully committed and comply with the rules for spending money that we have planned ourselves. I think it is the key to minimize the risk of losing huge money in gambling.

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.

It is not impossible to apply in gambling, too. However, the situation can be different. Ideally, the funds for gambling should be lower than the funds for trading. We can optimize the chance to success in trading if we have good knowledge and experience. But it is rather impossible in gambling. So, we should use the money that we really afford to lose in gambling. It is 1% or less than 1%, depends on how big our monthly income.

[Silberman]

Using 1% of one's entire income to gamble as you mentioned will definitely not cause any financial damage in case of a possible loss but I think this amount will be insufficient for many people because unfortunately many people's income level isn't very high today. For example, I don't think someone with a winnings of 1,000 units would use 10 units to gamble because that amount would run out pretty quickly and wouldn't help the person get any enjoyment out of gambling. For this reason, I think that when a person determines the budget he/she will use for gambling, he/she should definitely use a low rate compared to his monthly income but this rate shouldn't be restricted to a low level such as 1-2%. Of course, I don't claim that 50-70% of the monthly income should be used for gambling but for many people 1% is a significant amount.

While only gambling away 1% of our income may seem to be awfully restrictive, we must also recognize that those that are struggling the most and are earning less money should be the ones making the smallest bets, as they cannot really afford to spend so much on something that should be just a hobby, and the ones that have a larger income are the ones that could allow themselves to bet more than that, as they can afford to pay their bills with a smaller percentage of their monthly pay.

[Maslate]

we must also recognize that those that are struggling the most and are earning less money should be the ones making the smallest bets...

Actually they don't need to bet because of they are struggling, that means they have a problem financially and they could not afford to bet. What would happen if a person who's not making enough money and losses in gambling? Very simple, he'll struggle more and might have bigger problems because of gambling, we don't want to see that as gambling is suppose to be a fun activity, and if there are people who would like to try their skills if it will work, at least those people knows how to manage the risk, and it starts with their financial capability to gamble.

[kotajikikox]

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.

I think there is nothing to Hide when you are both a supporting partners ?

Me  and My wife go along since we are young , we even had our first Drinking together so why need to hide everything ?
shes the one who gives permission to how much I can spend in this and that as she was also the one who managing the budgeting specially when we are starting that really the life is really tough .
thanks to her for whatever we does.

[ethereumhunter]

we must also recognize that those that are struggling the most and are earning less money should be the ones making the smallest bets...

Actually they don't need to bet because of they are struggling, that means they have a problem financially and they could not afford to bet. What would happen if a person who's not making enough money and losses in gambling? Very simple, he'll struggle more and might have bigger problems because of gambling, we don't want to see that as gambling is suppose to be a fun activity, and if there are people who would like to try their skills if it will work, at least those people knows how to manage the risk, and it starts with their financial capability to gamble.

If someone still has financial instability, he doesn't need to gamble, and it's better to just save his money rather than have to lose his money after gambling for a while. In gambling, a person can win but he can also lose, but he may experience more losses than the number of wins. That's why he should think twice about allocating funds for gambling and if he feels that it could harm his financial position, he should not gamble at all. He can wait until he has extra money that is not used for his daily needs so he can gamble according to his abilities. That's the point if someone can have good self-control so that he knows when he can gamble and when to stop his gambling activities.

[Japinat]

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.

I think there is nothing to Hide when you are both a supporting partners ?

I don't hide anything, I just prefer not to tell here.

Not everytime you are doing something and you don't tell you wife is consider hiding, that's not it, we also have our privacy and I value my privacy that way.

Me  and My wife go along since we are young , we even had our first Drinking together so why need to hide everything ?
shes the one who gives permission to how much I can spend in this and that as she was also the one who managing the budgeting specially when we are starting that really the life is really tough .
thanks to her for whatever we does.

Maybe we have a different principle in life but I like to tell you also that I have a happy married life, not perfect but happy.

Also, about you statement "shes the one who gives permission to how much I can spend ".... That's not so me... I don't ask permission to my wife, I am the man, she should..  I tell here when I'm doing things (eg gambling) but it's not a permission, just a respect... (it's just an example).

[goxcraft]

I also used to follow this kind of strategy. First rule would be that I would only gamble the amount that I am effort to loose. For me it was 5% of my whole capital. I knew clearly if I lost 5% it wouldn't effect my family or daily need or my life. There would be another rule that I followed that never chase looses. That means if I already spend my 5%, I wouldn't gamble anymore. Despite the odds if the limit is hit then there would be no gambling. I followed this rule everyday. I also had a daily limits how much I would spend on gambling. So i think, if we follow proper money management strategy like your 1% method we can do better than most of the irresponsible gamblers.

[n00ber]

I also used to follow this kind of strategy. First rule would be that I would only gamble the amount that I am effort to loose. For me it was 5% of my whole capital. I knew clearly if I lost 5% it wouldn't effect my family or daily need or my life. There would another rule I followed that never chase looses. That means if I already spend my 5% already I wouldn't gamble anymore. Despite the odds if the limit is hit then there would be no gambling. I followed this rule everyday. I also had a daily limits how much how much I would spend on gambling. So i think, if we follow proper money management strategy like your 1% method we can do better than most of the irresponsible gamblers.

It's great that you can do this. You are a responsible gambler. If you follow the rules you set, your gambling won't affect your family, your job, or the people around you. I have compliments for you.
But for those who see gambling as a place to make money, this rule will not apply to them. If you always follow the rules you set, then gambling for you is just an entertaining game. Can't help us win big.

[Kelvinid]

I also used to follow this kind of strategy. First rule would be that I would only gamble the amount that I am effort to loose. For me it was 5% of my whole capital. I knew clearly if I lost 5% it wouldn't effect my family or daily need or my life. There would another rule I followed that never chase looses. That means if I already spend my 5% already I wouldn't gamble anymore. Despite the odds if the limit is hit then there would be no gambling. I followed this rule everyday. I also had a daily limits how much how much I would spend on gambling. So i think, if we follow proper money management strategy like your 1% method we can do better than most of the irresponsible gamblers.

It's great that you can do this. You are a responsible gambler. If you follow the rules you set, your gambling won't affect your family, your job, or the people around you. I have compliments for you.
But for those who see gambling as a place to make money, this rule will not apply to them. If you always follow the rules you set, then gambling for you is just an entertaining game. Can't help us win big.

Isn't just because we follow the rules but it is how we manage ourselves not to become addicted to gambling.
 - must set limitations, we know when to stop
 - gamble only when we are in good mode
 - don't be greedy, we don't have to change big winnings
 - must accept losses
 
The time we do this consistently, it turns out to be a habit, and it is not difficult for us to manage our emotions. If we can afford to spend 5% or 10%, that still okay as long as it never compromises our finance and still have good relationships with the family.

[shogun47]

I also used to follow this kind of strategy. First rule would be that I would only gamble the amount that I am effort to loose. For me it was 5% of my whole capital. I knew clearly if I lost 5% it wouldn't effect my family or daily need or my life. There would another rule I followed that never chase looses. That means if I already spend my 5% already I wouldn't gamble anymore. Despite the odds if the limit is hit then there would be no gambling. I followed this rule everyday. I also had a daily limits how much how much I would spend on gambling. So i think, if we follow proper money management strategy like your 1% method we can do better than most of the irresponsible gamblers.

It's great that you can do this. You are a responsible gambler. If you follow the rules you set, your gambling won't affect your family, your job, or the people around you. I have compliments for you.
But for those who see gambling as a place to make money, this rule will not apply to them. If you always follow the rules you set, then gambling for you is just an entertaining game. Can't help us win big.

Isn't just because we follow the rules but it is how we manage ourselves not to become addicted to gambling.
 - must set limitations, we know when to stop
- gamble only when we are in good mode
 - don't be greedy, we don't have to change big winnings
 - must accept losses
 
The time we do this consistently, it turns out to be a habit, and it is not difficult for us to manage our emotions. If we can afford to spend 5% or 10%, that still okay as long as it never compromises our finance and still have good relationships with the family.

If you are able to execute on the first advice you provided, I think we can leave the others out. If we talk about gambling, it is about control and whether we have it or not. If we do and we already understand how to set limits and we adhere to them, I think that's all that's needed to make gambling a pleasure rather than a disastrous event that puts basic needs and the fulfillment of obligations at risk only because we are looking for the easy way to make extra money or try to win our losses back. It is about limits and if someone is able to set a limit and stick to it, then go and have fun.

[redsun114]

Using 1% of one's entire income to gamble as you mentioned will definitely not cause any financial damage in case of a possible loss but I think this amount will be insufficient for many people because unfortunately many people's income level isn't very high today. For example, I don't think someone with a winnings of 1,000 units would use 10 units to gamble because that amount would run out pretty quickly and wouldn't help the person get any enjoyment out of gambling. For this reason, I think that when a person determines the budget he/she will use for gambling, he/she should definitely use a low rate compared to his monthly income but this rate shouldn't be restricted to a low level such as 1-2%. Of course, I don't claim that 50-70% of the monthly income should be used for gambling but for many people 1% is a significant amount.

While only gambling away 1% of our income may seem to be awfully restrictive, we must also recognize that those that are struggling the most and are earning less money should be the ones making the smallest bets, as they cannot really afford to spend so much on something that should be just a hobby, and the ones that have a larger income are the ones that could allow themselves to bet more than that, as they can afford to pay their bills with a smaller percentage of their monthly pay.

Why don't those who earn less and can't afford to spend much stay away from gambling and choose another hobby? I mean, it doesn't make any sense. When you know that you are not earning a lot of money and you are barely making ends meet, you still choose to have a hobby that requires you to have money. It's your choice, and you can see your situation and condition, you should choose what you do and what you can do based on your capabilities at present.

So, people who can't afford to have a budget for their gambling activities from their income shouldn't be gambling at all. I know that people who have a limited amount of money tend to hope that they win something significant from gambling that might change their life and financial status but that barely happens.

[Silberman]

While only gambling away 1% of our income may seem to be awfully restrictive, we must also recognize that those that are struggling the most and are earning less money should be the ones making the smallest bets, as they cannot really afford to spend so much on something that should be just a hobby, and the ones that have a larger income are the ones that could allow themselves to bet more than that, as they can afford to pay their bills with a smaller percentage of their monthly pay.

Why don't those who earn less and can't afford to spend much stay away from gambling and choose another hobby? I mean, it doesn't make any sense. When you know that you are not earning a lot of money and you are barely making ends meet, you still choose to have a hobby that requires you to have money. It's your choice, and you can see your situation and condition, you should choose what you do and what you can do based on your capabilities at present.

So, people who can't afford to have a budget for their gambling activities from their income shouldn't be gambling at all. I know that people who have a limited amount of money tend to hope that they win something significant from gambling that might change their life and financial status but that barely happens.

That will be the right move but we cannot force those people to stop gambling, so the best compromise is for those people to use the smallest amount of money possible when they gamble, but even that is a compromise that is too much for them and they use a bigger percentage of their income than that in something that must be just a way to entertain themselves, and unfortunately a person like that will find it very difficult to thrive economically as they keep making the wrong choices.

[Out of mind]

If a person gambles using 1% money from his family income, then I think it is good. Gambling with more than this amount is definitely a bad sign and can lead to bad position for his family. When a responsible person earns money to meet the financial needs of his family, if he loses half of that money by gambling, it will definitely affect the family. That's why it's better to avoid gambling and if you can't then you should gamble using 1 percent money. If you can gamble with 1 percent of your monthly income then surely your future will be good, otherwise if you spend more money on gambling then surely you will suffer and your family will also suffer.

[junder]

If a person gambles using 1% money from his family income, then I think it is good. Gambling with more than this amount is definitely a bad sign and can lead to bad position for his family. When a responsible person earns money to meet the financial needs of his family, if he loses half of that money by gambling, it will definitely affect the family. That's why it's better to avoid gambling and if you can't then you should gamble using 1 percent money. If you can gamble with 1 percent of your monthly income then surely your future will be good, otherwise if you spend more money on gambling then surely you will suffer and your family will also suffer.

By limiting the gambling budget it can reduce the risk of loss which of course this is good for them, actually if their financial situation is not good or limited I don't think they should gamble, even if they really want to gamble they should use bonus money from their work, because people who have limited finances of course they may still have many more important things such as their basic daily needs, they must always fulfill their basic needs because it cannot be eliminated or left behind especially if they ignore it just because of gambling, with limited financial circumstances I think they are better off saving the remaining money from the income that has been used for their basic daily needs, rather than being used for gambling which is not necessarily going to produce even that there might make us upset ourselves.

No matter how small the budget for gambling if they are already addicted, it will be a different story. maybe they will be more willing to gamble with a bigger budget because they are annoyed with gambling that only relies on a small budget, but the other side is in luck. with a small budget that is put in if they are lucky maybe they will get a win that they can withdraw and enjoy the victory.

[ethereumhunter]

If a person gambles using 1% money from his family income, then I think it is good. Gambling with more than this amount is definitely a bad sign and can lead to bad position for his family. When a responsible person earns money to meet the financial needs of his family, if he loses half of that money by gambling, it will definitely affect the family. That's why it's better to avoid gambling and if you can't then you should gamble using 1 percent money. If you can gamble with 1 percent of your monthly income then surely your future will be good, otherwise if you spend more money on gambling then surely you will suffer and your family will also suffer.

Using 1% of his family's income is enough for someone to gamble because with that amount of allocation, he can already gamble and that may fulfill his desire to gamble. He must prioritize the needs of his family before his desire to gamble. After all, gambling is just to get entertainment, so he doesn't need to gamble too often, so he can avoid losing a lot and also use his free time to do other, more useful things. If he could reduce his spending on gambling, he would definitely have more money to use for other things, perhaps investing in bitcoin so he could make a profit in the future.

[klidex]

If a person gambles using 1% money from his family income, then I think it is good. Gambling with more than this amount is definitely a bad sign and can lead to bad position for his family. When a responsible person earns money to meet the financial needs of his family, if he loses half of that money by gambling, it will definitely affect the family. That's why it's better to avoid gambling and if you can't then you should gamble using 1 percent money. If you can gamble with 1 percent of your monthly income then surely your future will be good, otherwise if you spend more money on gambling then surely you will suffer and your family will also suffer.

Using 1% of his family's income is enough for someone to gamble because with that amount of allocation, he can already gamble and that may fulfill his desire to gamble. He must prioritize the needs of his family before his desire to gamble. After all, gambling is just to get entertainment, so he doesn't need to gamble too often, so he can avoid losing a lot and also use his free time to do other, more useful things. If he could reduce his spending on gambling, he would definitely have more money to use for other things, perhaps investing in bitcoin so he could make a profit in the future.

If using 1% is enough to enjoy gambling then it will not be a problem because 1% is a small amount and is not too risky if used for gambling. The most important thing is to set 1% and be satisfied with it, don't let it happen. especially if you can't afford to lose more than 1% of your money because it will pose a big risk where you will chase losses.
By using 1%, a very small amount of your total income, of course you don't expect to make a profit from gambling because in my opinion 1% is a small amount if you want to make a profit, but the most important thing is whatever the result is, you can accept it and enjoy it as entertainment.
Do gambling with 1% will definitely run out quickly if you do one gaming session and then you can enjoy the rest of the day which is more useful than having to think about gambling continuously.

[Litzki1990]

I also used to follow this kind of strategy. First rule would be that I would only gamble the amount that I am effort to loose. For me it was 5% of my whole capital. I knew clearly if I lost 5% it wouldn't effect my family or daily need or my life. There would be another rule that I followed that never chase looses. That means if I already spend my 5%, I wouldn't gamble anymore. Despite the odds if the limit is hit then there would be no gambling. I followed this rule everyday. I also had a daily limits how much I would spend on gambling. So i think, if we follow proper money management strategy like your 1% method we can do better than most of the irresponsible gamblers.

You decide to gamble with the amount of money you can afford to lose but I never want to lose my money by gambling. I have earned even one percent of my total money so I definitely don't want to lose even one percent of my money by gambling. Gambling should be directly dependent on luck, gambling should be dependent on luck but first one must have one's own skill on the game. When I can fully apply my skills, I will have a different confidence in gambling and I will have a higher chance of winning in that gambling game. Every percentage of money is very valuable for everyone, you said if 5% of your total money is lost then it will not affect your life badly but I never want any part of my total money to be lost because loss means that money is minus from total money.

[mirakal]

You decide to gamble with the amount of money you can afford to lose but I never want to lose my money by gambling. I have earned even one percent of my total money so I definitely don't want to lose even one percent of my money by gambling.

So does your statement implies that you are anti gambling? If so, then there's no reason for you even participate in the gambling discussion as your statement is more like discouraging people because of the possibility of losing. No offense, but gambling is not about losing that you'll have to spend for it, it's about enjoying, getting the entertain and you are willing to risk money for that, even if you lose.

[ethereumhunter]

If using 1% is enough to enjoy gambling then it will not be a problem because 1% is a small amount and is not too risky if used for gambling. The most important thing is to set 1% and be satisfied with it, don't let it happen. especially if you can't afford to lose more than 1% of your money because it will pose a big risk where you will chase losses.
By using 1%, a very small amount of your total income, of course you don't expect to make a profit from gambling because in my opinion 1% is a small amount if you want to make a profit, but the most important thing is whatever the result is, you can accept it and enjoy it as entertainment.
Do gambling with 1% will definitely run out quickly if you do one gaming session and then you can enjoy the rest of the day which is more useful than having to think about gambling continuously.

It's okay if you only use a small amount to gamble rather than the possibility of losing more money while gambling. We must avoid losing a lot of money from gambling and if 1% is an amount we can afford, we must still use that percentage to allocate funds to gambling. We don't need to add a larger amount of money because that could result in greater losses. Taking a 1% risk of losing money is enough for people to enjoy gambling as entertainment because they don't have to gamble for too long, which can make them lose control of themselves. We do not seek profit from gambling but only seek pleasure from gambling so that if we cannot win, we must be able to accept it and not chase bigger wins. And if they also don't have a gambling addiction problem, they should still use that allocated fund so they can also avoid big losses.

[Accardo]

You decide to gamble with the amount of money you can afford to lose but I never want to lose my money by gambling. I have earned even one percent of my total money so I definitely don't want to lose even one percent of my money by gambling.

So does your statement implies that you are anti gambling? If so, then there's no reason for you even participate in the gambling discussion as your statement is more like discouraging people because of the possibility of losing. No offense, but gambling is not about losing that you'll have to spend for it, it's about enjoying, getting the entertain and you are willing to risk money for that, even if you lose.

His opinion is owned by him, but he sounds like a careful person, who doesn't want to lose a dime in gambling. Why he's here in the first place, may he be preparing or reading to know more about gambling? A person may not be interested in paying to watch a football match, but he can stay around those who discuss football. And he's completely welcome to participate in this discussion. Even if his points or response ain't valid, we also need his abstract comment to understand that not everyone thinks like everyone else in the discussion. Which balances the discussion and turns it into an argument. However, paying 1% of our income is not too much to ask, as we spend lots of money to maintain other responsibilities in life. Hence, anybody who feels like getting relief through gambling after a stressful day, week, or month. Can easily gamble for pleasure and revive themselves for a better performance the next week.

However, not all humans understand the importance of gambling, they think it's a waste of money. But, fail to remember that they also spend money on hotels, drinks, etc. Even those other ones don't have any possibility of rewarding the buyer with money. I understand he wants to stay safe and doesn't want to get involved in gambling because of all he's heard about gambling. It's good, instead of becoming one, which might get addicted to the habit. Everyone is entitled to what they choose to do with their time and money. Hence, no need to think he's anti-gambling, if he is, he wouldn't be here. And a person who gets discouraged due to his response also isn't on the wrong side. Gambling is a free-will activity, as the risk is enormous. Although the goal is not preventing people from gambling. If someone is unsure about their ability to manage gambling-related problems like addiction and financial loss, they can choose not to participate.