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Ways to Protect Yourself from Going Broke Gambling

Published On January 10, 2017 | By admin | Gambling

Even though there definitely is no sure way to guarantee you will win when gambling you can still ensure that you might lose and prevent going broke at the same time. Knowing your bank balance and handling it correctly is a sure way to a good start. Making good choices in all aspects including your love for gambling are essentials.

You must learn that sometimes the odds appear to be stacked against you and that some risks are simply not worth taking. Another factor that is important is keeping time management as longer playing time will result in the opposite than you wish for.

Therefore is energy level also important and when you feel ill, intoxicated or tired it is wise not to gamble. Follow some of these tips and prevent yourself from going broke.

  1. Set a monthly entertainment allowance

Once you have a monthly entertainment allowance that will include all entertainment including dinners, movies and gambling too you will never be unable to pay bills, buy food or sit without transportation. This is an essential budgeting tactic and when possible do not spend your monthly entertainment budget when you do not feel like gambling a specific month, but allow it to accumulate as well. This could pay for a well-deserved holiday or vacation at Las Vegas with plenty of gambling opportunities.

  1. Save your winnings

Instead of playing with winning or using it for something else open a savings account instead of your checking account. This way gambling will not affect the money set aside for your budget.

  1. Always wear your watch when gambling

Many neglect this important piece of advice and even brick-and-mortar casinos neglect to have watches. If you do not see the time you do not realize the time spent and you will not be able to track the time spent without taking a break or go home.

  1. Take a break

Cutting back from your serious gambling lifestyle is a good idea to save money or feel you are losing control in your gambling habit.

  1. Take advantage of casino discounts

If the casino offers you a discount at anything, take it and joining a players club is sensible as you earn point while gambling which save you money in the long run.

  1. Play low bet to win games

The lower the bet the longer you can play and win at the same time as low win to bet ratios pay more often even if they do not pay less, but higher amounts. Small amounts in the long run will work better than no win, with the hope that if you continue to chase the big win with a large bet you might get it. You will only end up broke.

  1. Set winning limits

You might think we mean it wrong to say you must stop at some point when winning, but you did understand correctly. Setting a winning limit ensure you remain a winner and not playing back those wins.

  1. Set losing limits

Just as you will not continue to win, you must avoid losing to much. Know when to give up and stop at the loss limit you have set for yourself.

  1. Carefully choose a casino

You have to ensure that the casino you play at is reputable and safe especially when playing online.

  1. Know the games you play

Do not attempt your money playing at a machine or table you know nothing about especially when you want to play table games with bigger stakes.