Online betting is quite a thrill, whether you are a sports fan or not. You get to hold your breath waiting for a game to end and also experience the joy of winning a bet that seemed to have sunk. Joining in on the fun has even become much easier as platforms like 1xbet mobile offer a simple but fully-featured experience.
However, at times, it’s easy for the excitement to take over logic, so it’s important to have a plan that keeps you in control of your finances. This doesn’t take away the fun; it only protects your finances and ensures you can keep playing for longer.
Have a Clear (and Strong) Bankroll Management Plan
A bankroll management plan is basically a strategy that helps ensure you don’t lose track of how you are spending.
It starts with setting a budget, which should be money you can afford to lose – so that your betting activities don’t affect your daily life. You can set it on a weekly or monthly basis, then divide it into smaller units.
Here, you have an option of using the “unit” betting method, which is basically having a fixed amount you use to bet. Alternatively, you can use a percentage of your bankroll, ideally 1% to 5%.
Doing this ensures that even when you go on a losing streak, you’ll still have more bets you can place.
Manage your Risks
Regardless of the bet or game you are playing, you aren’t guaranteed a win. However, it’s important to understand the amount of risk involved. The less it is, the more your chances of winning.
In casino games, this is very important as different games have different percentages of winning potential, especially when it comes to slots. Research each game and choose the ones with a higher Return to Player (RTP) ratio. Otherwise, you can go for skill games like Blackjack, as they balance both skill and luck.
In online betting, the risk is easier to identify as it typically corresponds to the odds. If they are high, the risk is higher. Apart from that, you can diversify your bets across different areas or bet types to improve your chances of success.
Track your Wins and Losses
Tracking your wins and losses can be tedious, but it’s one of the best ways of getting an idea of your betting habits and overall performance. You can then use this information to make better decisions going forward or refine your gambling strategies.
There are multiple ways to go about this. If you don’t find it tedious, you can note the date, game, amount, and result of every bet you place. Alternatively, you can take some time to go through the records on the mobile app or website every week or month.
How are your wins and losses tracking up? Did you break your bankroll management plan? Use all this information you get to better yourself as a gambler.
Don’t Fall for Chasing Losses
It’s easy for any gambler to fall into the trap of chasing losses, which is what happens when you try to recover your money by placing more bets. Since you’ll be doing this guided by emotions, chances are you’ll place bigger or riskier bets in an attempt to break even.
However, the chances of winning are usually much lower than the other bets as you didn’t even have enough time to research games. When you find yourself frustrated by a chain of losses, it’s better to take a break and clear your head.
Take Advantage of Responsible Gambling Tools
Many online casinos and betting platforms offer a variety of tools meant to enhance responsible gambling. Some of these are deposit limits, loss limits, time limits, and self-exclusion. Each of these helps with different issues.
If you are spending more than you should, set deposit or loss limits. If your gambling habits are way off than you want them to be, set a self-exclusion period that will restrict you from betting for 6 months or a year. This way, you’ll stay in control of your finances and come back better.