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:

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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.

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7 Self-Exclusion FAQs

7 Self-Exclusion FAQs

Excluding yourself from online gambling might seem like a big step. But sometimes it’s the exact right thing you should do.

Self-exclusion from online gambling is when you take a long-term break. This is something you can enable on your online gambling accounts, which means you are excluding yourself from online gambling for the duration of that break.

If you’re worried that you are displaying problem gambling signs, then you should take steps to exclude yourself from online gambling. And if you think a loved one has a gambling problem, you should encourage them to self-exclude too.

What you need to know about excluding yourself from online gambling

How long does self-exclusion last?

Self-exclusions are long-term breaks from gambling. They are a minimum of six months long or you can decide to permanently exclude yourself from online gambling.

How do you self-exclude?

Simply go to your account settings and you should be able to find an option to self-exclude relatively easily. If you can’t find the option, contact the site’s customer care team, who can guide you through the process.

What types of gambling does self-exclusion cover?

On some websites, self-exclusion stops you from all forms of gambling. However, on others, you can decide to self-exclude yourself from one form of gambling and not others.

If you suspect you have a problem with gambling, you should exclude yourself from all forms of gambling.

Can I still gamble on other sites when I’ve self-excluded?

Sometimes self-exclusions will carry through to other sites automatically. For instance, if the sites are owned by the same parent company.

However, this isn’t always the case. We think you should actively self-exclude from all your gambling sites to remove temptation during your self-exclusion period.

Can I stop my self-exclusion?

No, when you’ve chosen to self-exclude for a certain period of time, you can’t stop or reverse this decision. You also can’t speed it up. You must wait for that period of time to elapse before you can gamble again.

What happens if I still have money in my account when I self-exclude?

If you still have money in your gambling account when you self-exclude, you can still access it. You can log in and withdraw it at any time.

Will I still get updates from gambling sites when I self-exclude?

On most gambling sites, when you choose to self-exclude, you’re automatically unsubscribed from marketing email lists. If you’re still getting them, hit unsubscribe.

If you have mobile or desktop apps, you might also still get push notifications from them. Uninstall them as soon as you can, so you’re not bothered unexpectedly.

And while you’re at it, unfollow and unsubscribe from any gambling or gambling-related sites on your social media accounts.

Get the help you need

If you are excluding yourself from online gambling because you’re worried you have a problem, there are other things you need to do as well.

You should seek help from professional organizations, who are equipped to guide you in the ways you need. In the USA, you can call the National Council on Problem Gambling on their phone line at 1800 522 4700 or access resources on their website.

UK residents can contact Be Gamble Aware via their phone line 0808 8020 133 or online. And if you’re outside of the UK and the USA, you can find international help organizations near you.

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