Since childhood, we've heard the line, "Money won't buy you happiness," but as adults, we question that.
A growing number of people in the United States are graduating from post-secondary institutions with debts in excess of $100,000. They have no real career aspirations, no path to a well-paying job, in sight. Layoffs are widespread, and even baby boomers - the oldest of whom just turned 70 - are struggling to find work because they can't pay their mortgages and other bills without it.
Individuals have very serious money problems, but the mere idea of going to a casino and having a spin of the wheel or a pull of the slot machine change their financial fortunes for the better is not enough to stop them. Nor is it enough to keep others from coming and going from these places. The thought of winning a life-changing amount of money by betting on the right number in the right game, or by hitting the right combination of symbols on a slot machine, or by hitting a progressive jackpot, is too intoxicating.
A major problem among people with little or no disposable income is that they gamble in the hopes of hitting a financial jackpot. That's not a smart play, because with the odds against them, they're much better off using that money to pay bills, buy food, or save for an emergency fund.
As fun as gambling and betting can be, it has the propensity to get out of control quickly.
Anyone who visits their neighborhood casino, racetrack, online gaming platform or local convenience store should assume that they are gambling responsibly. This is a fundamental principle that should be upheld by all, and certainly by those who enjoy gambling in its various forms.
Here are some important points about responsible gaming that we would like to share with you. They will help make your gaming experience more enjoyable and less stressful. At the end of the article, we have also included some signs of compulsive gambling. If you find yourself or someone else exhibiting these signs, it could be an urgent situation. Contact one of the resources listed at the end.
Top 5 Secrets to Responsible Gambling
At this point, you can find a wealth of reliable gambling advice that we recommend you follow. For now, though, let's focus on the three most important tips to remember when the urge to gamble strikes.
Gambling is Not a Career
Everyone has seen the top competitors at the World Series of Poker and thought, "I bet I could do that," or "I wish I could do that and make the money they make playing a game they make look so easy. It's true; poker is a game and an experience that some people make a living at. And those who don't make a living at it seem to be doing it mostly for their next live-action series or Zoom call. But I digress. This chapter will deal with the familiar thoughts and images we've all encountered.
But don't be fooled by their extravagant watches, luxurious cars, and indulgent lifestyles. These people are not typical. For the average player, poker is not a 9-to-5. You don't shuffle for the same reasons you use a letter opener for pen-on-paper tasks. In both cases, you are preparing the work surface; in neither case are you doing what I would call "normal" in order to perform an act that is "special" (to you) with an end goal that, in my opinion, may not be all that different from "beating the clock" at a slot machine.
Every kind of gambling establishment operates on the near certainty that, over a reasonable period of time, you're going to lose a lot more than you win. They partner with hotels and similar properties to make sure that even if you hit it big in their casino, you'll spend that money and more somewhere else in the joint.
It's a fun activity for a vacation or the odd day out, but if the only reason you can find for stepping into a casino or logging on to your online casino of choice is because you need to win money to pay off a bill or a loan, then you have an expectation and an addiction that begs to be curbed. Many of us can enjoy the experience of gambling in moderation. But when it begins to tip over into the expectation of a win that will fix something, it's time to deal with the not-so-fun underlying issue.
Play With Only Disposable Income
Here's a good way to check. Before you bet, ask yourself if the same amount of cash were to accidentally blow away in the wind or fall out of your wallet without you noticing, would you feel comfortable with that, or would you feel your financial situation was precarious because you didn't have that cash in your possession?
If you could literally GET RID of that money without it affecting you financially in any way, then and only then should you use it to gamble.
You must only gamble with money that you can afford to lose, and that means setting up a budget, or at least a guideline, every week or every payday so that you can keep track of your life and your financial status. We recommend that you do this with a calculator, pen and paper for maximum effect.
Once you've allocated funds for unavoidable expenses like bills, rent, tuition, groceries, and gas, take some of what's left and create a slush fund for discretionary spending on things you enjoy, like concerts, road trips, or the occasional impulsive Yahtzee.
Don't be impulsive when it comes to your bank account. Pay what it costs to play, and if you have to pay a lot to play, make sure you can afford it.
Set Limits
A vitally important quality for a gambler of any kind is willpower.
Whether you're playing online, in a casino, or at the racetrack, you're better off setting your own limits - and sticking to them.
If the past has shown that exercising willpower is a challenge, especially with gambling, begin to set time limits. Allow a maximum of twenty minutes to half an hour. When visiting a casino, it is easy to lose track of time with all the noise and lights, so be sure to set an alarm on your phone or watch and leave as soon as the time is up.
Do not say, "I'm up $X; just one more spin," or "I feel good right now; I'll give it another 10 minutes and then I'll leave. It may be difficult the first few times to leave after only half an hour, but you must do it and not stay even one minute longer.
Do not fall into the gambler's fallacy. Think about it a little and you will see that it must be false. A few wins in a row doesn't mean you're going to keep winning, even if you stay at the same machine or table. EVERYTHING is random, and the outcome of the last spin or hand has absolutely no bearing on the next. Winning streaks are just a way of saying that you have had a few rounds of good luck.
If a time limit is too loose for you, try a spending limit. Again, these will only help you to gamble responsibly if you stick to them without exception. Don't bargain with yourself when the time is up or when you have reached your spending limit.
Don’t Gamble to Cheer Yourself up
When you are in a state of depression or sadness, gambling becomes even more dangerous because it can become a false source of comfort. You may begin to believe that your next win is just around the corner, and you could end up chasing your losses or numbing yourself with the amount of time and money you sacrifice to the gambling gods. Your relationship with gambling could become even more unhealthy than it already is. And then there is the lost energy and time. You may also find yourself in such a fog that you are unable to make the wise decisions you would make if your mind were clear.
When people are faced with something that gives them pleasure while they are in a low state, their ability to restrain themselves from indulging in that activity is greatly impaired, even if that effort will negatively affect their lives later.
If you are feeling low, pick a healthy habit to lift your spirits; don't resort to something potentially detrimental.
Don’t Drink and Gamble
Your inhibitions are what keep you from losing your entire life savings at the craps table, so what happens when you lower them with alcohol? You're effectively giving yourself permission to make incredibly bad financial decisions. One drink is fine - two if you have a higher tolerance - but stop there. You don't want to drunkenly spend every penny you have.
Spend smart, gamble responsibly, and stay sober.
Problem Gambler Warning Signs
The Responsible Gambling Council states that problem gambling is excessive gambling that adversely affects some other part of a person's life. This could be physical or mental health, school or work performance, finances or relationships with other people. Problem gambling is gambling in a way that negatively affects some other part of the person's life.
People with gambling problems often bet money they can't afford to lose, max out their credit cards, and take out loans-sometimes under false pretenses-that they plan to pay back out of their winnings. When they do these things, they're not just being foolish or careless; they're violating their own values. And they're paying a high price in terms of mental and physical health, family life, and economic well-being.
Even with such adverse effects, gamblers may find it difficult, if not impossible, to recognize the problem and may stubbornly insist that they do not fall into this harmful category. Even when presented with evidence, as some researchers and psychologists have done with certain individuals. . . . . . . . . . . . .
You or a loved one may recognize many warning signs, and you can find the full list at NYproblemgambling.org or responsiblegambling.org. However, we have included some of these warning signs here for your convenience.
- Using gambling as a means of avoiding problems or as a tool to temporarily relieve symptoms of clinical depression:
- Dedicating time to gambling at the expense of work or studies
- A change in personality (becoming generally more irritable)
- Betting with funds you cannot afford to lose, or using funds intended for bills to place bets;
- Experiencing anxiety or a sense of emptiness during non-gambling times or when you miss the chance to gamble.Borrowing from people
- failing to repay these loans when due
- ignoring real-world responsibilities to gamble (such as cleaning, work, spending time with family, etc.);
If you or a loved one is struggling with a gambling problem, please contact the National Council on Problem Gambling. They have a confidential, 24-hour helpline for those in the United States. If you live elsewhere, please contact the appropriate organization in your country.
The first and foremost element of gambling is that it is a form of entertainment. If you begin to think that it has become more than that for you or a loved one, it's important to seek help immediately from someone who understands the nuances of responsible gambling. Don't let this pastime take over your life, finances and relationships.
Practicing Responsible Gambling
At first glance, these guidelines may seem overly strict. But if you follow them, you'll find that your gambling experience will be mostly positive. And that's what we're aiming for here: a set of odds that, win or lose, are tilted in your favor, thanks to the prohibition of practices that lead to the tilted, unsafe, fun-killing, somehow-legal gambling world of yesteryear.
These rules even apply to lottery scratch-offs and other convenience store games.
If you feel that you are losing control in any way, do yourself a favor and get help before things get out of hand. Gambling can be an enjoyable activity that leads to good times and good memories. But when it stops being responsible and starts being reckless, it can cause a lot of pain.
In my opinion, it is perfectly acceptable to do some research on sports betting so that you can make an informed bet. In fact, I think it would be unwise not to do so. But if that research takes up time that should be spent with your family, at your job, or doing household chores, then not only is it taking up your time, but it is likely to ruin the fun and recreational nature of sports betting.
Remind yourself nonverbally that betting is for entertainment purposes only. Betting is not meant to be a career or a necessity in your daily life.
Following these tips will put you on the path to becoming a mindful player. If you find yourself struggling with these suggestions, don't hesitate to ask for help.