Being a recreational online casino player is certainly fun and it can indeed be lucrative, but it comes with a lot of responsibility. There are plenty of factors you’d need to pay close attention to when it comes to your finances and you’d also require a tremendous amount of self-discipline, especially if you’ve opted to play online. If you’ve been around the block a few times, and have had your fair share of wins and losses, you’ll know how important it is to keep track of your total expenditure throughout your gambling career.
Ensuring that you’re ahead on wins when it comes to your casino is quite important as it allows you to determine whether or not it’s worth it to continue, or find a new hobby. In this segment, we’ll be taking a look at analysing your finances and how to keep track of your gambling habits.
Having a budget is one of the most important things when it comes to gambling, as it keeps you in a “safe zone”. By establishing a realistic budget that’s dedicated to gambling practices, you’ll be able to stay in the green and prevent yourself from developing an unhealthy relationship with the casinos that you enjoy visiting. If you’re within the financial means to establish a decent monthly budget that’s dedicated to gambling, then do it; however, it’s also vital not to neglect your daily finances and bills.
If you find yourself winning a lot during a particular month, it’s a good idea to stuff some of the winnings into a savings account and use the remainder towards the budget of the following month. By doing this, you’ll have a disposable income that you’ll be able to take advantage of when you’re looking to go on holiday or just to do something other than gamble. Never underestimate the importance of having a budget as this could ultimately affect your livelihood.
This is something that may initially be hard to do but it’s incredibly important. By keeping a record of the games you’ve played, by category, it will be easy to determine whether or not you’re finding any success at the casino. So, if you’re a regular slots player and you get back $10 for every $5 you’ve wagered on land-based or online slots, then you’re in the clear. However, if you decided to try your hand at blackjack, and over a month you’ve found that you’ve only won $200 when you’ve wagered $800, then it’s probably best to stay away from that game or try to improve before betting any real money.
Keeping a ledger of all your wins and losses is a great idea and categorizing them under each type of game will make it easy for you to determine where you’ve found the most success. If you’re an online casino player, then it would be quite easy as most online operators have equipped a function that allows you to mark your favourite games.
This step ties in with setting a budget, and by having a separate bank account, you’ll be able to dictate the amount of money you spend at a land-based or online casino for that matter. For land-based casinos it’s simple, deposit the amount you’ve planned to spend into your second account and use that card for the casino, so if you’ve lost and you feel the need to make a withdrawal, then you’ll be unable to as there’s nothing left on the card. This sort of acts as a prepaid debit card, but you’ll be able to get a bank statement which allows you to determine how your month at the casino went.
If you prefer to play at online casinos, then linking your second bank account to the site is a better idea than using your primary account. This process also allows you to keep track of what’s going into your account and what’s going out, just as what would happen at a land-based casino.
By failing to determine where you stand regarding your expenditure and income with the casino, you’re more susceptible to develop poor gambling habits and a false sense of security towards gambling. This could lead to a range of negative elements to pop up, especially within your personal life, as there are thousands of relationships that are destroyed each year due to poor gambling habits. Even though casinos have certain safety measures in check to attempt to halt these players, some of them are simply there to take your money.
This is why always keeping track of your spending and ensuring that you’re ahead of the casino is extremely important, as it would determine whether or not you should continue gambling.