Risking 1% in Gambling

[nullama]

Yes, the 1% Risking strategy is suitable for high-risk types of businesses or games. Some people will accept a higher level of risk, but I think 1% is quite suitable to help us more easily manage our accounts. It helps us minimize risks to the lowest level, and does not affect our total capital, thereby making our playing psychology more comfortable.
However, it must be added that this is just a tool to help manage risk in gambling, we need to combine it with knowledge, skills and analysis to achieve the best possible results.

At the same time, 1% might be too small amount to even qualify for a minimum bet, or also it could be too much and be over the maximum bet in a casino.

It really depends on what the gambler is comfortably losing. For some, that will be more, and for others it will be less than 1%.

Setting it to a specific percentage seems not to be a generally good idea.

[swogerino]

It looks great to be spending such a small amount monthly from a 70000 dollars yearly.The problem with most people is that they don't make any calculations before jumping in and gambling and that is why many persons do not take notes on how much they lost or earned during their gambling activity.That is the main problem I think that people risk much more than 1% during their gambling activity so that 1% is ideal yet no one seems to apply it.

[Accardo]

-snip-

Gambling with a smart strategy creates a vision for a gambler to observe the game he's into. At some point, if he wishes to embark on a risky session, he can do that calculative. Maybe accumulated spare cash is enough to multiply the game to a high amount. However, it's risky, but not enough to affect the emotions of the players, as he's ready for any outcome. Some players who wager a whole part of their money, face the trouble of dealing with loss. On a lucky day, they may also win big. Yet what matters is being able to withhold the funds after the big win. Not spending back into the game, helps the player at least to take a rest outside of the casino and enjoy his winnings.

You mentioned some great ideas in this paragraph that all gamblers should take into account:

- Calculated risk avoids being affected by emotions.

- We usually forget to enjoy our winnings instead of spending them back in the casino.

However, I'd like to remember that the OP wasn't talking about spending a percentage of his salary, which could lead to emotional distress if it is too high, but about a percentage of his separated money for gambling in each bet.

You're right, but he derived this from an article that encourages gamblers to wager 1% of their monthly income. Which is what I most focused on whenever writing on this thread. However, Op's strategy is quite the best, as he'd never have to worry about his losses. As it's too little to get him worried. As we both know, not every gambler will be comfortable with his strategy. But the general idea that he quoted on the thread looks acceptable to all who wish to stay responsible. They'll never be in any financial trouble in such a family. Because a person who earns over $70k a month wagering only $50-$60 per month, is quite very safe. Such is encouraged. And it shows the gambler is comfortable with his wealth.

Moreover, he doesn't expect a big win, that's roughly 1.5-2$ wagered per day if I'm not wrong. Do you think that amount each day is enough to satisfy a gambler who earns such an amount every month? As I said it's achievable to maintain this strategy, but the size of money each month could be tempting to try again, for a player looking to win big. That's why I encouraged an accumulated high-wagering strategy. He could save up $2 each day and wager about $60 on a game he's a bit sure about. This he can also do once a month. The thrill will also interest him and make gambling fun. Although it's risky, but not for a player who has been determined to be a responsible player. 

[Blitzboy]

I had already commented on this idea or strategy of using 1% of winnings to bet or play in casinos, not being a good idea or strategy for the simple fact that there are cases of people who earn $100 in salary per month, in that case if the If a person took 1% to play per month, then the person would have 1$ to play per month, how the hell would it be possible to use 1$ to play per month? no one would be satisfied with 1$ to play for 1 month. That's why I say this 1% strategy doesn't work. The ideal is for each person to take their monthly income and pay all the bills first, then look at the money they have left and start analyzing what things they want to do for fun that month and how much money they will spend on each thing they want. Gonna have fun that month

You have marked a logical point. A gambler can never be satisfied in gambling with 1 percent of income. Because there are many low income people who gamble and they spend a large part of their income on gambling. According to me a person who understands gambling or is attracted to gambling needs minimum 10% or more money otherwise he cannot gamble. As you said, how can he gamble with 1% of his income on $100. Because depositing $1 on some online gambling platforms will cost $1 or more, which is almost impossible. If he has $100 monthly income and deposits 10 percent in gambling every month, then he can manage gambling. Although that amount is very little.

If a gambler is not addicted and if he is gambling the money left over after meeting the family expenses it will not have much effect either. But regardless of income, if a gambler spends 20% of their income on gambling, I think he can practice responsible gambling. However, due to various reasons, it is difficult to follow the rules in gambling. But if one wants to control himself, he must conduct responsible gambling as possible.

Gambling is more than numbers. The head game is key. Winning and losing are what hook people.

Many gamblers say 1% of income isnt enough. Big spenders can place huge wagers, but most cant. Needing at least 10%? Interesting things happen there. Know the games, have the correct mindset, and have the discipline to handle it all - not just the money.

Gamble for fun, not retirement. Though nice, "responsible gambling" is hard. Call it responsible to spend 20% of what you make? Thats overkill. Anyway, whatever works for you. The key is identifying the risks, setting limitations, and sticking to them. I've made some money, and its not about how much you toss in, but knowing the odds and playing intelligently.

[nullama]

~snip~
Gambling is more than numbers. The head game is key. Winning and losing are what hook people.

Many gamblers say 1% of income isnt enough. Big spenders can place huge wagers, but most cant. Needing at least 10%? Interesting things happen there. Know the games, have the correct mindset, and have the discipline to handle it all - not just the money.

Gamble for fun, not retirement. Though nice, "responsible gambling" is hard. Call it responsible to spend 20% of what you make? Thats overkill. Anyway, whatever works for you. The key is identifying the risks, setting limitations, and sticking to them. I've made some money, and its not about how much you toss in, but knowing the odds and playing intelligently.

You are absolutely right.

And that is the problem.

The system works. Casinos create this whole idea of what a "VIP" is, but in reality it really is a person that is bringing a lot of money to the casino. Most gamblers don't really realize this, but they are paying way more than what they are getting are these casinos.

[adpinbr]

This is a very good idea of using just one percent of your money to bet that is a very nice idea because you will not regret whatever you have lost after losing your bet because the money you took out from your portfolio is just one percent of the total portfolio and that is a smart move. It won’t really affect your portfolio and you won’t lose more than what you can afford. I will advise so many persons to stick on this ideas. This is one of the best idea to run through Bey2 and to avoid some issues and lost of money and this is a strategy of betting wisely .

[Fivestar4everMVP]

It looks great to be spending such a small amount monthly from a 70000 dollars yearly.The problem with most people is that they don't make any calculations before jumping in and gambling and that is why many persons do not take notes on how much they lost or earned during their gambling activity.That is the main problem I think that people risk much more than 1% during their gambling activity so that 1% is ideal yet no one seems to apply it.

Well, you don't expect everyone to do the same thing, things have never worked like that, even if it is stamped into law that all gambler must not exceed 1 percent of their total monthly income on gambling for that money, you will see those who will lie about how much they earn in a month, just to enable them have more resources available for them to play gambling with, while there are others who will deliberately break or go against this rule.

And another aspect we must also see this from is in the aspect of low income earners, those who earn very small amount of money on monthly basis may be unable to practice this idea, because reason is, their income is already low in itself, and 1% of that may as well be in cents and a very limited amount like $5, $10 and lower, so at the end, it still boils down to the golden rule of gambling, which is to only gamble with or using amount one can afford to lose.

[nullama]

This is a very good idea of using just one percent of your money to bet that is a very nice idea because you will not regret whatever you have lost after losing your bet because the money you took out from your portfolio is just one percent of the total portfolio and that is a smart move. It won’t really affect your portfolio and you won’t lose more than what you can afford. I will advise so many persons to stick on this ideas. This is one of the best idea to run through Bey2 and to avoid some issues and lost of money and this is a strategy of betting wisely .

It might sounds good on paper, but in reality there are some issues with it.

For example, if you have a small amount of money, 1% of it might not even cover the minimum bets...

On the other hand, if you have a lot of money, that 1% could be such a massive amount of money that it could be much better invested somewhere else.

Also, if you have that much money, I don't think you would want to be gambling anyway.

[Bravut]

This is a very good idea of using just one percent of your money to bet that is a very nice idea because you will not regret whatever you have lost after losing your bet because the money you took out from your portfolio is just one percent of the total portfolio and that is a smart move. It won’t really affect your portfolio and you won’t lose more than what you can afford. I will advise so many persons to stick on this ideas. This is one of the best idea to run through Bey2 and to avoid some issues and lost of money and this is a strategy of betting wisely .

It might sounds good on paper, but in reality there are some issues with it.

For example, if you have a small amount of money, 1% of it might not even cover the minimum bets...

On the other hand, if you have a lot of money, that 1% could be such a massive amount of money that it could be much better invested somewhere else.

Also, if you have that much money, I don't think you would want to be gambling anyway.

Well said, Mate. You are right, the factor should be risking less and what you can afford to loss, because 1% of the salary of some persons is very small, in essence it relates to how much one earns. Wordings are very easy, but the Action and discipline to back it up is were must persons find difficult, Keep risk low same time remember the higher the stake, the higher the win.

[madnessteat]

It looks great to be spending such a small amount monthly from a 70000 dollars yearly.The problem with most people is that they don't make any calculations before jumping in and gambling and that is why many persons do not take notes on how much they lost or earned during their gambling activity.That is the main problem I think that people risk much more than 1% during their gambling activity so that 1% is ideal yet no one seems to apply it.

Well, you don't expect everyone to do the same thing, things have never worked like that, even if it is stamped into law that all gambler must not exceed 1 percent of their total monthly income on gambling for that money, you will see those who will lie about how much they earn in a month, just to enable them have more resources available for them to play gambling with, while there are others who will deliberately break or go against this rule.

And another aspect we must also see this from is in the aspect of low income earners, those who earn very small amount of money on monthly basis may be unable to practice this idea, because reason is, their income is already low in itself, and 1% of that may as well be in cents and a very limited amount like $5, $10 and lower, so at the end, it still boils down to the golden rule of gambling, which is to only gamble with or using amount one can afford to lose.

I used to keep a record of lost and won money in gambling and I admit to you that this activity does not make any sense. When I looked at my accounting file it made me sad. In the last few years I have not kept any gambling records and I quickly forget about the losses. We all live once and it's foolish to waste our time on such nonsense if it doesn't do any good. You want to not lose money - quit gambling. If you want to gamble, then be prepared for losses, because it is a high-risk entertainment.

[Volimack]

We should participate in gambling considering the aspects of our income. Most gamblers regret participating in gambling without realizing it. It is a good idea to use 1% in gambling because it reduces the gambler's risk but also reduces the regret if he loses. If you go beyond your limits in gambling, you will never understand that everything will end. Those who understand the rules of gambling will never go beyond their limits.

[Nwada001]

This is a very good idea of using just one percent of your money to bet that is a very nice idea because you will not regret whatever you have lost after losing your bet because the money you took out from your portfolio is just one percent of the total portfolio and that is a smart move. It won’t really affect your portfolio and you won’t lose more than what you can afford. I will advise so many persons to stick on this ideas. This is one of the best idea to run through Bey2 and to avoid some issues and lost of money and this is a strategy of betting wisely .

Calculating how much to spend in gambling based on the person's earnings to me most times doesn't appear too good because you can be on a hefty payroll on either a weekly or monthly basis, and if you use that amount you earn to take out 1% from it, you might not be affected by your spending.
 
But with time, if you gather all that money together plus it, you will realise what you have spent, which could have been saved unless there are some winnings gotten from those bets placed. Only then will the amount spent not be painful to you. 

[salad daging]

We should participate in gambling considering the aspects of our income. Most gamblers regret participating in gambling without realizing it. It is a good idea to use 1% in gambling because it reduces the gambler's risk but also reduces the regret if he loses. If you go beyond your limits in gambling, you will never understand that everything will end. Those who understand the rules of gambling will never go beyond their limits.

1% for gambling then your income a month let's say $300 then only $3 for gambling? Then it will not be enough, use 10% I am sure this will not be a problem because it is not too big and if you think it is big then just use 5% for gambling then it is enough for your enjoyment of playing casinos.

What happens among many people where they start to set limits but in the end mess up the plan, because they feel unsatisfied or chasing losses they end up depositing again and spend all their money then this will obviously be a regret.

There was a previous thread where a man who just got paid but the money was used for gambling all over, while the children and wife were left to starve, sad.

[nara1892]

Well, you don't expect everyone to do the same thing, things have never worked like that, even if it is stamped into law that all gambler must not exceed 1 percent of their total monthly income on gambling for that money, you will see those who will lie about how much they earn in a month, just to enable them have more resources available for them to play gambling with, while there are others who will deliberately break or go against this rule.

And another aspect we must also see this from is in the aspect of low income earners, those who earn very small amount of money on monthly basis may be unable to practice this idea, because reason is, their income is already low in itself, and 1% of that may as well be in cents and a very limited amount like $5, $10 and lower, so at the end, it still boils down to the golden rule of gambling, which is to only gamble with or using amount one can afford to lose.

I used to keep a record of lost and won money in gambling and I admit to you that this activity does not make any sense. When I looked at my accounting file it made me sad. In the last few years I have not kept any gambling records and I quickly forget about the losses. We all live once and it's foolish to waste our time on such nonsense if it doesn't do any good. You want to not lose money - quit gambling. If you want to gamble, then be prepared for losses, because it is a high-risk entertainment.

Exactly, even though for some people recording the number of wins and losses in a certain period of time is an effective idea to find out which number is bigger with the aim of balancing it later, but in the end, as you said, they are just wasting their time. Of course, the reason is clear because in gambling anyone will not be able to change the number of wins to be more dominant than the number of losses by taking notes, and I will also say that it is nothing more than just writing which will not bring any change, meaning as long as you or anyone If you are involved in gambling then it is very likely that the amount of loss will usually always be greater than the winnings in the long term, and that means yes of course the best idea is if you really don't want to lose anything, especially money then it is clearly better to stop gambling completely, that is indeed the idea that more reasonable and best.

[EarnOnVictor]

Yes, the 1% Risking strategy is suitable for high-risk types of businesses or games. Some people will accept a higher level of risk, but I think 1% is quite suitable to help us more easily manage our accounts. It helps us minimize risks to the lowest level, and does not affect our total capital, thereby making our playing psychology more comfortable.
However, it must be added that this is just a tool to help manage risk in gambling, we need to combine it with knowledge, skills and analysis to achieve the best possible results.

At the same time, 1% might be too small amount to even qualify for a minimum bet, or also it could be too much and be over the maximum bet in a casino.

It really depends on what the gambler is comfortably losing. For some, that will be more, and for others it will be less than 1%.

Setting it to a specific percentage seems not to be a generally good idea.

You are making so much sense here, this 1% depends on the gambler, his plan and the amount he earns, as it could be too much to gamble at once in some casinos due to their terms and conditions if it is a huge amount of money or too small to gamble if the gambler is such that makes a very low income. This is a good reason why it can't be a basis for everyone, and in my last replies here, I made it clear that whether or not it even goes in line with my income, it can never go well with my personality and my gambling plans, so it is dead on arrivals as far as I am concerned.

I do not measure my wagering amount in gambling with any modality, based on my discretion, I only earmark a certain amount that is convenient for me to gamble and that I can lose without being hurt. That is the money I gamble with, and it's so far so good for me, which I ever intent to keep. However, I know this is so precious to the OP according to how he has shared his view and it is not entirely bad as well, which is why I say we should go for whatever we love in gambling so long as it is convenient and working for us.