Responsible Gambling
Gambling is addictive and so it’s important to stay in control. This is equally the case whether you are betting on sports or wagering at a casino.
It is true that you can make financial gains when gambling, but like stock market investments, this is not guaranteed. Losses are inevitable, while gains can be slow and incremental. A string of bad luck outcomes can scupper any research or planning you may do, so it’s important to be aware of this.
It is also important to stress that gambling is a high-risk activity and therefore is not for everyone.
How to Gamble Responsibly
Most people are able to gamble responsibly. Of course, they are looking for big wins, but the key point is they know how to avoid big losses. Remember, losses are inevitable – the key point is ensuring losses are manageable. Don’t place a bet you cannot afford to lose.
Here are a few top tips that will help you gamble responsibly:
- Never chase losses
- Set a strict gambling budget and never spend more than you can afford to lose
- Transfer betting funds to a separate account or wallet to limit your spending
- Never borrow money for gambling
- Treat gambling as entertainment, not as a way to make money
- Always do your research before placing a bet
- Never bet under the influence or when you are upset
- Take regular breaks and ensure gambling doesn’t interfere with other aspects of your life
- Be open and honest about your gambling - don’t hide it from loved ones
- Utilise a sportsbook’s responsible gambling tools
Responsible Gambling Tools
Bookmakers have a number of tools to help keep your gambling under control. Reputable sportsbooks allow you to set time, deposit, and loss limits on a daily, weekly, or monthly basis.
You can also voluntarily self-exclude for a specific period of time. This can range from months to the rest of your life. Cool-off periods operate in a similar manner, although these are used for shorter time periods like a day or a week. During these periods, customers cannot access their accounts, nor do they receive any promotional marketing from the bookmaker.
You can also self-exclude from all gambling websites that are licensed in a particular country simultaneously. The UK’s GAMSTOP is one such example.
Some bookmakers also have reality checks. These are pop-up boxes that highlight the amount of time spent gambling and how much money has been wagered and lost during the session. These have to be acknowledged by the player before they can continue to bet.
Many bookmakers provide information about their Responsible Gambling features and we always recommend reading this before signing up. Bookmarking this page for frequent referral is also wise.
The Advantages of Responsible Gambling Tools
Responsible Gambling tools help you stay in control of your gambling. Their main advantages include:
Signs of Compulsive Gambling
It’s very important to assess your gambling habits objectively. If you are concerned you have a gambling problem, ask a loved one for their perspective. Should someone express concern about your gambling, consider this carefully. If you immediately get defensive, it’s a good sign you may have an issue.
It is important to consider your behaviour regularly. A compulsive gambler usually exhibits the following traits:
- Being unable to stop gambling
- Being irritable and having wild mood swings
- Vowing repeatedly to abstain from gambling
- Chasing losses
- Neglecting other responsibilities
- Reduction in social life and other interests
How to Get Help
There is no shame in suffering from a gambling problem and it is a sign of strength to seek help. If you think you are a compulsive gambler, it is important to seek advice. The first port of call should be your doctor or community health practitioner.
There are a number of useful resources on the internet too. These include:
Gamblers Anonymous offer regular meetings where compulsive gamblers talk through their difficulties in a supportive environment. They exist in a number of countries and regions.
Gambling Therapy offers emotional support and free practical advice to those suffering from problem gambling. They operate globally.
The Responsible Gambling Council is a good resource regarding the prevention of problem gambling.
Many countries have their own organisations that provide advice, support, and therapy to those affected by problem gambling. The UK’s GamCare is one such example.
Conclusion
Responsible gambling is a mindset that promotes enjoyment and positive well-being when wagering. Remaining in control of your betting is key. Sportsbooks provide a range of tools which help you do this, while there are a number of support options available should you feel you are developing a gambling addiction.
Gambling should be fun and treated as entertainment. It should never be used as a way of making money. By adopting healthy gambling practices and using the tools at your disposal, you can protect yourself from potential gambling harm.