Don’t Blow Your 401k: Here’s How to Gamble Responsibly

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Americans spend billions of dollars gambling in places like Vegas and online every year.

Why do they do it? For most, the answer is because it’s just plain fun!

Gambling is a great way to match your wits against fellow gamers and test your luck against odds that are almost never in your favor.

While gambling in moderation is a harmless and treasured adult past time, doing it excessively can ruin your life.

As many as 10 million people in the United States are addicted to gambling. This habit often leads to loss of property, ruined relationships, and even death.

To make sure this remains a fun activity and doesn’t become problematic, check out our tips on how to gamble responsibly. Each of them will help you better prepare for gambling in the future so you can enjoy it to the fullest without taking unnecessary risks.¬†

1. Don’t Gamble Professionally

When a professional gambles, they’re looking to make money. Utilizing gambling as a revenue source to get the things you need is a very bad idea.

Why?

Because gambling is built for players to lose.

Every game is designed to ensure that the casino will win in the long run. This makes it nearly impossible to turn a consistent profit by gambling over an extended period of time.

Remember, this is pure entertainment, not a form of employment.

2. Only Gamble What You Can Afford to Lose

Since you’re more likely to lose than win when you gamble, it’s important that you put yourself in the mindset that you’re going to lose. By embracing this mindset, you’ll be more careful about putting things at stake that you can’t live without.

Never bet anything that can’t be replaced or that losing would cause serious hardship. If you do, you’re setting yourself up for failure.

3. Set Your Gambling Budget before Getting to the Casino

One of the best ways to ensure that you gamble responsibly is to set a budget before you walk into a casino (or before you log onto a website like Maxim99).

With a strict gambling budget in mind, you can plan on your losses rather than being surprised by them.

4. Don’t Engage in Chasing

Chasing is a destructive gambling technique that has ruined lives.

It goes something like this…

Let’s say you’ve set your gambling budget at $100. You then walk into a casino, put $100 on red in a game of roulette, and proceed to lose it.

The responsible thing to do would be to stop gambling at this point. Instead, you put another $100 on red to win back what you lost. You proceed to lose that as well.

Surely on the third try, red is going to hit, right? With that mindset, you put $200 on red to recoup your loses. You lose your money again.

You see where we’re going with this?

Chasing is always a bad idea. Have a budget when you gamble and never exceed it under any circumstances.

5. Schedule Breaks in Your Play Sessions

You’ll notice that there are no clocks in casinos. This is a conscious choice casino owners make in hopes that you’ll lose track of time.

To make sure that you’re always aware of what’s going on, decide how much time you’re going to spend gambling (one hour, for example) and set an alarm on your phone.

When your alarm goes off, no matter where you’re at as far as winning or losing goes, take a break.

By scheduling breaks, your gambling budget will stretch further and you’ll avoid getting caught up in an expensive frenzy.

6. Don’t Bring Your Bank Card

You should never engage with an ATM inside of a casino. Doing so is one of the primary ways people undermine their ability to gamble responsibly.

Not only do ATM’s in casinos have outrageous fees since they know that people are desperate to play, but they also enable chasing.

Have the amount of cash you’re allowed to play with in-hand prior to stepping foot into a casino.

7. Never Plan a Whole Evening around Gambling

When you gamble, you win some and you lose some.

That’s why it’s not a good idea to build a whole night around the activity.

If you do, your evening will live or die by how well your luck turns out. Since odds are that you’ll lose, you’re setting out for a night when more than likely you’ll have a bad time.

Instead of planning a night around gambling, make it a small part of your evening. Plan to go out to dinner or do something else before and/or after your play sessions. This way, how you fair on the casino floor will just be a small blip on the overall outcome of your evening.

8. Stay Mindful of Alcohol Consumption

Drinking while gambling can be a fun combination. When done in excess, though, it can affect your ability to gamble responsibly.

Stick to a beer or two every hour and consume plenty of water between rounds. If you feel buzzed or drunk, stop playing immediately.

Learn How to Gamble Responsibly

Simple techniques like not getting drunk while playing and setting a strict budget can improve your ability to gamble responsibly.

Never lose sight of the fact that gambling is a game. If it ever becomes more than that, seek help.

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