Gambling can be addictive, and can have a negative impact on your finances. There, we’ve got the negative out of the way, and can move on with the positive – how to budget for online gambling so that you can have a good time and not go broke.

Online gaming should be treated like any other hobby – set a budget for it, and don’t exceed the budget. If you have a good session and win some money, use that to fund your gaming budget. If you end up losing money and clear out your gaming budget, then that’s the end of your gaming until next payday.

Be realistic about how much you can set aside for gaming each month. No hobby is worth falling behind on card payments for, and your first goal should be to preserve a stable financial situation. The key to online gaming is to have a good time, and balance your losses. This is why it is a good idea to float your gaming account with winnings, instead of cashing them in and spending them on other stuff. If your winnings become part of your budget, then your gaming is free.

Gambling in online casinos is psychologically different from sitting down in a ‘bricks and mortar’ casino. For one, a casino that you have to travel to is somewhere that you also have to get back from. You will also probably arrive with cash, which is gone when it runs out. If you really overstay your welcome, someone will call you a cab. All of these factors put a limit on how long you can continue gambling. An online casino just isn’t like that – there isn’t anywhere to walk away to. Gambling at home with your credit cards all around you can be dangerous.

That’s why it’s a good idea to have an account that you can use to fund your casino account that is separate from your day-to-day living fund. Then your gaming can’t eat into your rent money. Keep the fund a bit lower than you’d like, and learn to be careful with it.

If you are worried that you’ll find it hard to stick to a budget – and that’s most of us human beings – then set a limit on your casino account. Most online casinos such as let you set your limits when you create your account, although if they don’t then give customer services a call and they will set a limit for you. This can be monthly, weekly or daily. They won’t have a problem with this, as online casinos want you to stay safe and have fun too. They aren’t out to just grab as much cash as they can.

Joe Edward

Joe Edward