7 Tips for Responsible Betting

Here's our list of 7 tips to help you think about this topic:

1) Only Bet With What You’re Comfortable Losing

This is perhaps the golden rule of betting: only play with what you’re comfortable losing.

Everything in life comes with risks. But with your money, our advice is to only bet what you can afford to lose. If you win, then congratulations are in order and everything's good! But with a loss, you will not miss or regret losing a small amount.

Now, if you bet big AND lose, it may be difficult to deal with the loss. Your bankroll is depleted and you may end up losing out even more because of poor decision making due to the loss.

2) Treat Betting on Rollbit as Entertainment

Treat any money lost as the cost of entertainment.

Betting is just a bit of fun for most people. Others may take it more seriously, but when you treat betting as a form of entertainment, it results in a much more healthy and pleasant experience.

When you take the view that betting is just another fun activity, any gains made in the process are simply a bonus.

3) Set a Limit on the Money (and Time) Spent Betting

Finance gurus stress budgeting our expenses to manage money better and live happier - the same applies to betting.

Set yourself a fixed amount for your bankroll (the total amount of money you wish to gamble with). Stick to it and keep a record of all of your activities. It’s also important to distinguish between your bankroll and bet sizes. They should NEVER be the same! Don't fall into the trap of blowing your bankroll and thinking you can top up your account to compensate for it.

Be sure to separate money you need for everyday living from the funds you deposit into Rollbit.

It’s an unwise strategy to risk all of your bankroll (or even a large percentage of it), since there’s no certainty that you will win. Consider setting limits on bet sizes beforehand and stick to that so you don't end up burning a hole in your pocket. You may also want to set yourself a target for your winnings; after reaching that target, stop playing.

You should also consider time limits too. For example, a rule for yourself could be to only bet on the weekends. Or it could be to only bet for a total of an hour per day or per week. With a more structured approach, you are less likely to fall into a pattern of irresponsible behaviour.

Photo by Saad Chaudhry on Unsplash.
How much time do you spend betting? Do you set yourself limits?

Betting smaller amounts more frequently, as opposed to making one or two big bets that could wipe out your bankroll quickly, is a much more responsible decision and more sustainable too. Divide up your bankroll or time across many different bets. This way, you give yourself a higher chance of winning, plus you avoid situations where you might lose money fast.

4) Have Realistic Expectations

While it’s possible that you may hit the jackpot and win BIG, refrain from adopting a 'get rich quick' mentality.

Every player will face losses, since most games on Rollbit have a fixed house edge.

Many games are also based on skill or experience, so have realistic expectations for yourself too. Manifest a long-term vision and set goals for yourself. Being grounded will help you avoid negative thoughts and to focus on what you can improve.

As with any pursuit in life, you need to give yourself time to see tangible results. Most businesses lose money in their first year, and a similar concept can apply to betting. You may not reach your full potential at first, but over time, you can go some way towards making progress and achieving your goals.

5) Don’t Take On Debt

If you have any debts, the best thing you can do is to clear them before betting.

Steer clear of getting into debt to play in a crypto casino. If you find yourself asking to borrow money from family or friends to continue betting, you should consider taking a break and getting help.

As mentioned before, ensure you're setting a limit on your bet sizes and stick to it.

6) Don’t Revenge Bet

Don't chase losses, or try to make it all back in one bet.

Betting on Rollbit is all about strategies and probabilities. Pick a game, spend some time figuring out the probabilities and payoffs from different strategies, choose one and play accordingly.

When faced with losses, don't try to 'revenge bet' and win it all back immediately. There will be ups and downs in any approach, so it's best to keep track of your activities with a view to the long term.

7) Find Balance in Your Life

Strike a balance in your life by including activities other than betting in your leisure time.

There may be a time when you feel stressed, angry, or worn out. When experiencing negative emotions, it’s best to take a break, unwind and go back to it at a later date.

Photo by Chris Thompson on Unsplash.
Leisure time and relaxation is important. Don't neglect yourself!

It's also important to use what you know you're good at. Play to your strengths. Like any game, you're going to need a strategy. Which strategy will work best for you? What is your risk tolerance? Your financial situation?

Once you've found the answers to these questions, you can then identify whether your approach towards betting is recreational or problematic. A recreational approach is where you're betting to have a bit of fun, your bet sizes are what you can afford to lose, it doesn’t take up a lot of your time, and so on.

On the flip side, some signs of a problematic approach are: spending excessive amounts of money or time on betting, you take on excessive risk hoping to hit the jackpot or your personal, social or work life is negatively affected.

If you feel you are taking the problematic approach, then it’s important to recognise it, get help, and address these issues before they get worse.

If you've found our tips useful, please share this article with others.