Expert gamblers always have a gambling budget.
The reason for this is because a gambling budget is the key to responsible gambling. When you have a budget in place and stick to it, it’s impossible for you to lose control of your actions. This is why you need to have one, whether you’re playing in an online casino or placing sports bets.
How to Calculate Your Gambling Budget
Calculating your gambling budget is a piece of cake.
All you have to do is:
➡️ Figure out your monthly expenses and taxes (e.g. $1200)
➡️ See how much disposable income you have left over (e.g. $600)
➡️ Allocate anywhere between 10% and 25% of this to a monthly gambling budget (e.g. $150)
This way, you’ll have a reasonable amount of money for gambling online without putting any kind of strain on your personal finances. Of course, you can increase or decrease your gambling budget if you feel like it, but it’s generally recommended you stay within 10-25% of your left over money so that you can be on the safe side.
Additionally, it’s also important that you take advantage of one of the tax caluclators online to see how much tax you should pay. We found this really useful free to use gambling tax calculator which worked a treat. Any winnings you receive from gambling will need reporting and could be taxable, so a gambling tax calculator exists to provide you with a clear picture of how much you’ll get to keep from your gambling winnings. We should point out, as always, consult professional advice when it comes to submitting your returns.
More Gambling Budget Tips
Once your monthly gambling budget is calculated and ready to go, use these additional gambling budget tips so that you can stay financially responsible and get the most out of the experience:
⭐ Try to spread your budget over each week of the month (if your budget is $100, you’d be looking at around $25 a week)
⭐ Never borrow money to add to your gambling budget
⭐ Stop playing for the month if your budget runs out
Also, never make the mistake of chasing losses. In the online gambling world, losing streaks can happen, which sometimes lead to people losing control of their budgets and chasing the losses. To prevent this from happening to you, log out of all your gambling accounts until the following month when your budget will refresh.
When to Change Your Gambling Budget
If your life suddenly changes and you’re making more (or less) money than you were previously, this is when you’ll need to change your gambling budget accordingly. In a case where you’re making more money, you might want to increase your budget. On the other hand, if you’re making less money, it’s recommended you decrease your gambling budget in order to promote responsible gambling and decrease stress.
Final Thoughts
This guide has officially taught you:
✅ How to calculate your gambling budget
✅ The best ways to stay in control of the money you bet
✅ When to adjust your gambling budget
Remember, have fun and only use officially licensed online casinos and sports betting sites.