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:
- Self-exclusion guide
- Mechanics of gambling
- Time out guide
- Signs you might have a gambling problem
- Loved ones who have a gambling problem