Gambling is a type of entertainment that is potentially dangerous. Financial bankruptcy and addiction are the two most frequent threats. There are strategies to reduce these risks, including gambling responsibly and only using money you can afford to lose.
At Canadian-Sports-Betting.com, we strive to make our players more informed about gambling (learn more about us). Therefore, you’ll find the following three pieces of advice to help you play wisely with the best betting sites in Ontario and prevent gambling from becoming an addiction:
- Money management
- Time management
- Play only for fun
💰 Money Management
Controlling your cash flow is an excellent way to stay away from problem gambling and reduce the likelihood that your finances will suffer as a result of gaming. There are several methods for employing money management to limit gambling, as explained below.
1. Establish a budget
Consider how much money you will need to save up for necessities like food, insurance, and rent first. Establish your tolerance for risk and loss when it comes to gambling and sports betting. Define a daily, weekly and monthly amount you can play.
2. Set limitations
Set a cap on how much you can put down, spend, or lose on a single wager. It is suggested that you use the limit functionality offered by the majority of operators to help you adhere to your limitations. As a result, you will find it less difficult to keep to your plan.
3. Refrain from using borrowed funds to gamble
Don’t borrow money from loved ones, friends, or other sources of credit. If you play with borrowed money, your game will be more dangerous. Furthermore, your potential losses can harm not only you but also those close to you.
4. Withdraw your winnings
If you have a significant victory, it is recommended that you cash out some money. Avoid playing more after making a sizable profit, as this may increase your risk of suffering harm from gambling. Avoid placing large bets because the urge to engage in riskier activities may increase.
5. Keep tabs on your gains and losses
Keeping track of your past results will allow you to decide whether sports betting and gambling are genuinely sustainable sources of revenue for you; for the majority, they are not.
6. Cash withdrawal limitations
Ask your bank to place restrictions on the amount you can withdraw.
7. Stick to your plan of action
Above all, make sure to carry out your plan! Keep that in mind if you’ve decided to stick to a spending plan or set limitations on each wager you should stick to it. If you realize that you are occasionally unable to adhere to your limitations, it is always a good idea to seek guidance to determine steps that may be taken to prevent the development of unsustainable gambling behaviour.
⏱️ Time management
Making a budget for your gambling expenses is commonly one of the first tips for how to play responsibly. While keeping an eye on your spending is obviously important, smart gamblers also keep an eye on their time.
Why is it important that I keep track of my time?
Many sports enthusiasts place bets to receive an extra rush of adrenaline when they enjoy watching a football game, tennis match, or other sporting events. While this rush might be enjoyable, it can also make it difficult to keep track of time, particularly if you constantly look for the best odds or place bets on frantic live betting.
Extreme cases of compulsive gambling may lead to the neglect of other activities, such as exercise or tasks related to your job or education. Additionally, relationships may be hit by bad time management.
How do you manage your time?
Several bookmakers and operators offer tools, such as stop clocks and time limitations, to aid players in keeping track of how much time they spend wagering. If your chosen operator has one, using it to guide your decisions can be advantageous. They make it simple to monitor your progress and can help you decide in advance how much time you want to spend betting. But, if your preferred bookmaker doesn’t offer this function, you may create your own simple setup by setting a timer or using the stopwatch on your phone to keep track of the passing of time while placing bets.
Another option is to track your time use over a few weeks by keeping a note of how much time you estimate you spent betting over the course of a week. Remember to include the time spent planning and investigating prospective wagers. You might benefit from setting time limits for yourself or paying more attention to the clock when you place bets if you see that you considerably underestimate how much time you spend gambling.
How much is too much?
It is difficult to say how much time is too much because this varies so much from player to player. Consider choosing an amount that you would feel comfortable discussing with a close friend or member of your family.
The Canadian Centre on Substance Use and Addiction published the Lower-Risk Gambling Guidelines. They are the outcome of a five-year investigation involving gaming statistics, player survey data, and professional opinions. The suggestions state that you should limit your gambling to no more than four days per month if you want to reduce your risk of gambling-related injuries (in addition to following the other guidelines).
It does not necessarily mean you have a problem if you gamble more than four days a week, but it will increase your risk exposure.
🕹️ Play only for fun
Gambling, like any other form of entertainment, can be fun in moderation if you feel like you have control over the action.
When you start to lose control of your gaming and find yourself attempting to recoup lost money, it may be really distressing.
For some people, gambling can become a way of life, keeping them from focusing on other things that are important to them. Keeping a close eye on whether or not this counts as entertainment can be helpful.
What to do in the case of addiction issues?
We encourage you to get in touch with a group that specializes in gambling addiction treatment and prevention if, in spite of this advice, gambling becomes a problem.
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