Sports betting is an activity practised by many adults all over the world. For a smaller majority it is also a source of extra income. Very few can say that sports betting provides a regular and steady income. Most punters know that there is no such thing as a guaranteed profit and they realise that betting is just a form of fun that may, but just may be a source of some extra money. Some have won thousands, even hundreds of thousands making smart and often bold bets, but that is a rare occurrence.
Why Responsible Gambling Is Important
Punters should be particularly aware and conscious about the amount of money that they are wagering and make sure that they don’t wager more than they can afford to lose. If they bet more than they can afford and they wager their rent money away or betting causes them to fall into debts then they have a serious problem. That is why responsible gambling is important. Technically, betting and gambling aren’t the same thing, but the consequences of irresponsible betting are pretty much the same. This is why the concept of responsible gambling is also applied to betting.
Responsible Betting Explained
The concept of responsible gambling might seem a bit abstract at first, but it is very easy to understand it. Basically, for a punter, to bet responsibly it simply means to understand what betting is about, how it works, what are the odds and the likelihood of winning/losing and, of course, realising that betting carries a certain risk. Furthermore, a punters need to be in control of their betting activities and be able to refrain from betting more money than they originally planned. Betting should be seen as a hobby, a past time activity and punters have to have a balance in their life, balance between betting and other activities. In short, you have to understand, control yourself and don’t spend a lot of time and money if you want to be betting responsibly.
Punters that Don’t Have a Betting Problem
If you have a casual approach to betting and you wager smaller amounts of money, in non-regular intervals and you lose only smaller amounts of money, then you don’t have a betting problem. Similarly, if you have developed a system and a betting strategy, which involves bankroll management and you stick to it and strictly obey your guidelines, then you don’t have a betting problem either. That is, of course, if your projected bankroll doesn’t harm your financial stability and the financial stability of your family.
How to Know if You Have a Betting Problem
If you want to know whether you have a betting problem, then there are certain tips that can help you decide that. The first question you should answer to yourself is – Do you bet despite having a problem making ends meet and are always out of money before payday? If the answer to this question is yes, then you should definitely stop betting. You may continue when your income increases and when betting will no longer be a financial burden on you.
Bet regret is a feeling punters get right after they wager a bet. Not after a bet is lost, we all feel sorry when we lose a bet, but a regret right after a bet is wagered and you don’t yet know whether it’ll be a winning bet. If that happens frequently, then you’re betting too much. You should definitely set a betting limit and not go over that amount.
If you’re betting compulsively when you’re drunk, then you might have a betting problem. And even if you don’t have a problem at the moment, betting under the influence of alcohol is a problem in itself. You don’t have a clear judgement when you are drunk and you may place unrealistic bets. You may even make a wrong bet, a bet you didn’t plan to wager, since you can’t think straight. Don’t bet when you’re drunk, is really one of the best advices that you can get.
If you pre-set an amount of money that you need to win with your next bet or bets and you aim to set the odds high enough so that your winnings are in that amount of higher, then you risk placing completely unrealistic bets. That way, you will be led by the potential amount that you want to win and you will most likely not be able to choose the best value odds. And it would be even worse if you set an amount that you want to win because that’s how much money you need, or because you’re looking to compensate for your previously lost bets. You will only end up losing more and more money and before you know it, you will be in debt.
If your answer to at least one of this questions is positive then you should be more cautious and try to refrain from doing that in the future. If the answer to more than one question is positive, then you have a betting problem.
Coping with Problem Betting
Fortunately, the responsible gambling awareness is pretty high nowadays. The dangers of irresponsible betting have been recognised and the authorities now require betting operators to cooperate with responsible gambling programmes.
If you are not disciplined enough and you can’t set your own betting limits then you can require the operator to set a deposit limit. You can choose your own limit. That way you will never deposit more than you can afford to lose. If even that isn’t working, then you can ask for a self-exclusion either for a certain amount of time or forever.
Organisations like GambleAware and Gamblers Anonymous provide help and support for individuals who have a betting problem. They also provide useful materials and guides for family members. Most reliable betting operators cooperate with such or similar organisations. On their websites you will find their logos and links to their websites. If you suspect you might have a betting problem, it will certainly be useful to check these websites and see what sort of help and support an organisation may provide.
The first and most important thing is to be able to recognise whether you have a betting problem and then admit that you do. Denial is your worst enemy here and the sooner you admit the problem, the sooner you’ll start working on fixing it. With all the resources that are available to you, and with the support from professionals, you will be able to cope with the problem.