Frequently Asked Questions: How Do I Budget For Sports Betting?

Frequently Asked Questions: How Do I Budget For Sports Betting?

Do you want to know how to work out your betting budget? Well we’re here to tell you that it’s one of the best things you can do.

Darts fans often like to place a wager on a big tournament. And maybe your interests move out of darts and into other areas, like other sports, bingo, casino or poker. If you add up all of those bets, it could turn out to be quite a pretty penny.

As long as you aren’t a problem gambler, placing the odd bet is fine. But of course, you need to make sure you can afford it. And that’s why it’s so important to work out your betting budget.

Frequently Asked Questions: How do you work out your betting budget?

What is the first thing I need to do to work out my gambling budget?

First things first, figure out how much you spend in total on gambling. This could be per week, month or year. Remember, be honest with yourself. Look at all angles of this, from sports, casino, poker, bingo. Online and offline. Everything you spend counts.

Some months you might spend more or less. Best to work out the average over a period of time to see how much you tend to spend. It’s easy to find out your transaction history on online betting sites, just go to your account for the rundown.

Then for offline spends, take a close look at your bank statements and receipts to add up your spends there.

How do I work out my disposable income?

The amount you spend on your gambling budget depends heavily on your disposable income. To figure out what that is, you’ve got to add up your gross income (after taxes). Then you also need to take out major living expenses, including rent/mortgage, bills, grocery shopping, insurance, pension, utilities, loan repayments, childcare, education fees, and all the other non-negotiables you spend money on.

Then add up all your discretionary spends. This includes money you spend on hobbies, gym memberships, cinema trips, socializing, going to restaurants. All that fun stuff.

And you’ve also got to figure out how much you want to save every week, month or year. Remember, everyone should aim to have 3-6 months of savings readily accessible in case of an emergency. Especially if you’ve got a big expense on the horizon or you want to splash out on something in the future.

What you’re left with is the absolute maximum you could spend on gambling. But this isn’t what your gambling budget should be, necessarily. Add a little bit more into your pension fund and savings until you’re left with a figure you’re comfortable with.

Get the help you need with a gambling problem

Even if you never spend over your gambling budget, it’s still possible to have a gambling problem. It’s a scary reality, but it’s true.

The good news is that there are lots of professional organizations that can help. In the United States, you can contact the National Council on Problem Gambling on the phone at 1800 522 4700 or online. If you’re in the United Kingdom, you can talk to Be Gamble Aware at 0808 8020 133 or online.

Alternatively, there are lots of other organizations around the world that you get help from.

For more responsible gambling guidance, take a look at:

Read More
6 Things You Should Know About The Mechanics Of Gambling

6 Things You Should Know About The Mechanics Of Gambling

Let’s take a look under the hood of gambling and find out what makes it tick. We’re giving it to you straight about how odds in gambling actually works.

We’re going to take a look at a variety of different type of betting, including darts betting of course, to find out the truth behind the odds.

1. Odds in darts are based on past performances (but always expect the unexpected)

This might seem obvious, but it’s important to spell out that how sportsbooks work out odds in darts (and sports in general) is a careful analysis of what happened previously. However, as we all know, things don’t always pan out as we expect. That’s why it’s important to say that you should never think of a bet as a “sure thing”. Nothing is for sure in life, and certainly not in darts or any other sport, for that matter.

2. Poker is a game of skill

Poker has a reputation for being a tough game to play and an even tougher game to master. And that is fair. The thing about poker is, the best player usually really does win. Making sure you’re on top of strategy and really think about how you’re playing, plus how your opponents play, really does help. But of course, that’s not to say you won’t run into a bad beat.

3. Slots are totally random

Slots are governed by random number generators, which means they are truly random. Also, owing to the wide array of symbols, paylines, reels and features in many slots games, it’s clear that the number of outcomes possible is mind boggling. The whole idea of a hot or cold slot is kind of misleading. No one can predict when a slot pays out.

Also, it’s important to note that all slots will always have a return to player percentage. This is the average amount a slot pays out over thousands and thousands of slots. It’s not what you can expect to get back every time. And of course, as they are always under 100%, you know over time you’re bound to make a loss.

4. Online bingo and scatchcards are ditto, totally random

Just like slots, RNGs rule the roost over at online bingo and virtual scratchcards. There’s nothing you can do to affect the outcome.

5. Good strategy in blackjack minimizes losses

Some games are total and complete luck. Blackjack is a bit of a mix of luck and strategy. Again, it’s clear nothing is guaranteed. But there are also a set number of outcomes. Therefore, it matters what you do when faced with certain hands. Do yourself a favor and brush up on basic blackjack strategy before you play again. This isn’t going to stop you from losing. But it is going to stop you from making clearly poor decisions.

6. Roulette odds and payouts are (almost) always the same

Roulette has one of the most predictable odds and payouts systems of any casino game. You know what the riskiest bets are and what the pay outs are. And almost every version is the same. With one vital exception.

There are two big camps in the world when it comes to roulette. European and American. European roulette has slightly better odds, simply because it has one less number on the wheel (American has a 00).

Get the help you need with a gambling problem

No matter how well you understand odds in gambling, if you think you have a problem, you need to get help as soon as possible.

Professional organizations can help you with that. For example, in the United States the National Council on Problem Gambling is there on the phone at 1800 522 4700 or online. Meanwhile, Be Gamble Aware is an excellent organization in the United Kingdom. You can phone them at 0808 8020 133 or access resources online.

There are lots of other organizations around the world that you can reach out to in order to get help.

Take a look at our other responsible gambling posts, including:

Read More
7 Things You Should Know About Time Outs In Online Gambling

7 Things You Should Know About Time Outs In Online Gambling

Online gambling time outs might seem a little confusing at first, but really they’re not.

Whether this is the first time you’ve ever heard of them or you’ve been thinking about taking one yourself, we hope these 7 facts will help illuminate things for you.

1. You can’t place bets or deposit during a time out

This might seem pretty obvious, but during the time that you’ve chosen to take a break, you can’t place any wagers on your online gambling site.

And you also can’t deposit to fund your account during this time either.

2. Online gambling time outs are short breaks

Unlike self-exclusion, online gambling time outs are designed to be short breaks, after which you typically resume gambling.

3. Typically, a time out is between 24 hours and 30 days long

Depending on your online gambling site, a time out last anywhere from a day to 30 days.

4. You can also set custom and recurring time outs

Now this is a feature we love. In many online gambling sites, you can decide to set your own custom time outs. For example, it could start on a Monday morning and finish up on a Friday evening, for those who don’t want to gamble during the working week. And it can be recurring so it always starts and ends at the same time every week. Very handy.

5. There’s no way to reverse a time out

Once you’ve chosen a time out, you can’t cancel it. The only way to gamble again is to wait until the time period has lapsed.

6. You can withdraw whenever during an online gambling time out

It’s really handy that you can withdraw whenever you want during an online gambling time out. It’s not like your available funds are locked up. Simply log in and get out however much you need.

7. Time outs are for everyone

As you can see, time outs are handy responsible gaming tools that you can set to suit you. It’s a really smart way of time (and budget) management and keeping it straight in your head when you want to gamble and when you don’t.

Whether you set a custom time out for the working week, like we previously discussed, or you set one in the run up to a vacation to save or for any other reason at all, it’s a great idea to set a formal time out.

Just try it out and you can see how it works for you.

Get the help you need if you think you have a gambling problem

While online gambling time outs are brilliant for people who want to take a casual break from gambling, they aren’t designed to tackle a gambling problem.

If you think you have a gambling problem or you’re worried about a loved one, you need to get help from professional organizations. They are equipped to guide you or your loved one through dealing with a gambling addiction.

There are many excellent resources all over the world, including the National Council on Problem Gambling in the USA. As well as brilliant online resources, you can also phone them directly at 1800 522 4700.

In the United Kingdom, you can call 0808 8020 133 or visit the Be Gamble Aware website for help. And if you’re outside of the USA or the UK, there are lots of other organizations all over the world that are ready to help you.

Read More