7 Mistakes To Avoid When Gambling To Keep From Losing Too Much Money

Yahoo

4 days ago

According to the American Gaming Association (AGA), commercial gaming earnings reached a new April record of $6.18 billion — an annual increase of 5.6%. The report also shared that commercial gaming revenue reached $25.11 billion from January to April, with money coming from casino games, sports betting and iGaming.
Check Out:
Learn More:
Since sports and other types of betting can be a major source of entertainment, it's important to stay vigilant with best practices for responsible gambling to ensure you don't lose too much money. The following are seven mistakes to avoid when gambling.
Not Setting a Gambling Budget
Before you start gambling, you'll want to set a budget so you're not risking money you can't afford to put on the line. Expert advice from CNBC noted that the losses may not feel real when you're gambling through an app, making it easy to get carried away.
Alex Windsor, a betting industry expert and CEO at Betting Tools added, 'The smartest bettors are the ones who set a budget before they even open an app. They know what they're willing to lose that day or that weekend, and they stick to it, win or lose.' If you don't set a budget for gambling, it could be easy to get carried away with your spending.
Find Out:
Chasing Losses
The experts agreed that one of the most common sports betting dangers is chasing losses. This can be a natural reaction because when your team loses or a bet falls through, you can feel the urge to try to win it back immediately. Val Martinez, an industry expert and CEO at Bettingladies.com, noted, 'One bad day doesn't mean you'll magically win it back.'
Treating Gambling as a Source of Income
Windsor stressed that betting should never be seen as a means to make money. It's important that you remember that any form of gambling is an entertainment source, and it should not become anything else.
If you want to boost your income, you're better off searching for a side hustle or even a part-time job, as you'll have a clear path to profit. When you're gambling, you're not in control of various factors, and many things could go wrong.
Betting With Money You Can't Afford To Lose
The experts pointed out that one of the biggest mistakes you can make when gambling is using money that you can't afford to lose. For example, if you have money set aside for your bills, you don't want to touch this because if you were to lose it, you would have to dip into credit cards and rack up debt just to get by.
The best way to avoid this mistake is to set up a separate wallet or betting fund, and treat that like your entertainment budget. When this money runs out, then that's your sign you can't gamble until the next pay cycle when funds can be replenished.
Not Using Tracking Tools
'We always recommend our community track their bets — wins and losses — so they stay self-aware and in control,' remarked Martinez. The experts agreed that you should be tracking your bets so that you're aware of where you stand. Sometimes it may feel like momentum is on your side, but in reality, you've been losing money. You also don't want to get the wrong idea of your gambling stats.
Not Taking Breaks
Another major mistake is getting so caught up in gambling that you never take any breaks from it. If betting stops being fun or starts feeling like something you have to do, then it's time to take a step back.
Martinez suggested that you step away especially after a big win or a tough loss. If you don't take breaks from gambling, you could find yourself spending more money on this habit than you intended to.
Not Being Realistic About Gambling
'Sports are unpredictable. Even if you follow a league closely or feel confident in your picks, the odds are still stacked in the bookmaker's favor,' stated Windsor. 'That's why it's crucial to bet small amounts and focus on enjoying the game; not trying to beat the system.' You want to ensure that you're realistic about gambling and understand that this is a fun hobby.
Martinez warned gamblers against thinking they're the exception when it comes to gambling, because even smart and experienced bettors will lose.
When it comes to being realistic, Martinez provided a few other suggestions:
Try to be sober and stress-free. Emotions and intoxication can cloud your judgment.
Educate yourself. You'll want to learn about betting and strategy so you're not guessing blindly when making picks.
If betting stops being fun for you at any point, it's important to know that there are resources available to help you. You don't want to ignore the signs of addiction. While gambling on sports can enhance your viewing experience, ensure you're always in control of your finances so you don't blow your budget.
More From GOBankingRates
Clever Ways To Save Money That Actually Work in 2025
This article originally appeared on GOBankingRates.com: 7 Mistakes To Avoid When Gambling To Keep From Losing Too Much Money