Betting can be fun and enjoyable if done responsibly. As such, it pays to have a plan in mind before placing your bets so that you continue to be responsible and avoid any reckless or
Betting can be fun and enjoyable if done responsibly. As such, it pays to have a plan in mind before placing your bets so that you continue to be responsible and avoid any reckless or even addictive gambling!
We advocate managing your betting fund. Here are out top tips for managing your betting fund:
- Do not bet more than 10% of your net worth. Betting should be kept as an enjoyable experience and should not cost you more money than you can afford. We therefore advise that you should set aside no more than 10% of your net worth so that whatever happens, you still have plenty of money for your important and daily expenses
- Bet money that you can afford to lose. This is an extension of the first point. To keep your financial position safe whilst allow you to enjoy the thrill of betting, do not bet any money that will affect you negatively if you lose. If you can afford it, you can bet it; if you cannot afford it, avoid altogether
- Set limits. We don’t advise you to bet your entire fund all at once; spred your fund and set your limits. For example, if you have £100 in your fund, perhaps only bet £10 maximum per day or £50 per weekend. If you know how much you are betting, you maintain control of your fund and don’t allow your bets to get carried away
- Allow reloads. Similar to the last point, you can set reloads at regular periods. So add £100 every week or £300 every month to your fund, instead of simply adding random amounts as and when. By setting scheduled reloads rather than ad hoc reloads, you don’t allow your funds to get out of hand
- Pay all your bills first. Make sure that you are not betting with any money that is meant to pay bills. Make sure that you have money to pay off your regular expenses, such as your rent/mortgage and bills, and your betting fund should only be whatever money is left over.
- Do not borrow money to bet. You should only bet with your own money. Betting with borrowed money puts you at risk of losing the money plus the risk of increasing debt – avoid at all cost!
These tips are very simple to do and can go a very long to keeping your finances safe whilst allowing you to enjoy responsibly betting. You don’t necessarily need to do all the steps but having a basic plan in mind can prevent your bets from being out of control and putting you in a bad financial position.