Responsible Gambling: Principles of a Safe Approach to Betting | FeastMagazine

The internet has made gambling easy—too easy for some and just convenient for others. This article addresses the former group. They’re the ones who run into a streak of luck and think they can make a living gambling, only to fall into a hole of losses and never really know how to escape the trap. For a brief time, I nearly became one of those people.

My gambling goes back to when a guy named Red and his buddy showed up at my doorstep on the Tuesday of a sports betting week to collect. But it wasn’t until I discovered internet poker that I thought I could make a living gambling. I played for a few months, got familiar with the game, and watched my bankroll build. Then I decided to go from the $1/$2 blinds to the $5/$10 blinds. My, what a difference. 

Using the same strategy, I spiraled downward to the bankroll balance I had before. It shocked me into the reality that professional gambling requires much more commitment than I was willing to give it. I kept my day job, and now I simply view gambling as entertainment, which is how the vast majority of gamblers should view it. I still have to watch myself, and I’ve developed some guardrails to keep me safe.    

What Does Responsible Gambling Look Like to Me?

To me, responsible gambling is enjoying the fun of winning without getting carried away. I don’t get carried away because I know that losses are just around the corner. That’s the nature of gambling and the fickleness of luck.

I play 30 minutes of real-money poker most days and wager on college, pro football, and college basketball each week during the seasons. I stick to one conference in college sports, do maybe four hours of research a week, and follow my systems and strategies. I still finish a season about even. That’s OK; I’ve enjoyed the quest and have never lost more than I could afford. It’s fun.

Here are three basic principles I use to keep me in the game:

Budgeting: I have a monthly budget for poker and a seasonal budget for sports. That means I set aside a specific, affordable amount of money for each activity and each season or month. The important thing is that I commit myself to never exceeding those amounts. I never have.

Limiting time: There’s a reason I play just 30 minutes of poker a day. I’ve found that if a session stretches much longer, I lose my attention, different players join the table, and I often lose more than I should. If I’m playing slots or blackjack, I limit spins or rounds and set win and loss limits.

Knowing when to exit: Setting those limits has much to do with this. A loss limit is crucial, but I often set a win limit, too. When I go to a land-based casino, I have a certain amount of cash for chips in my pocket. After each blackjack, roulette, or craps session, I reassess my chip count to decide if I want to go to a higher or lower limit table. If I’ve lost half of what I came with – or doubled it – I know it’s a good time to get out.     

How Gambling Works & Its Risks

Gambling is you and an opponent. If it’s casino gambling, your opponent is the house, a casino that stays open by beating customers more times than not. The slots are geared to get around 5% to 10% of your money. 

Table games beat you with rules and odds, and though your odds are a bit better than slots, the house still wins in the long run. Your realistic quest is to lose as little as possible. If you come out on top, you’ve had a good day. If not, you have paid the casino for the entertainment they’ve provided.

If the game is sports betting, the house sets lines that guarantee wagering on both sides of an outcome. Their profit is 10% percent of what they take from both sides. If poker is the game, your opponent is across the table; the house profits from a small percentage of each pot. The point is, there’s always someone you are trying to beat.

Tips, Stories, and Warnings

Here are some tips for enjoyable and responsible gambling:

Watch your bankroll: Create a gambling budget that fits your overall budget. During any gambling session, never ask yourself, “Where did it all go?”. You’re beginning to slide. Conversely, don’t get cocky as I did on a two-day trip to Atlantic City that was supposed to be one. After mopping up one day, I decided to stay over. Of course, I lost it all back on Day 2. You’re welcome, Mr. Trump.

Be aware of time: I nearly missed a plane home from a junket to Mississippi because I got on a streak in a bonus blackjack game and missed the bus to the airport. I had to pay a driver the extent of my winnings to speed me to the airport. Always be aware of the time you devote to gambling and that it does not encroach on the time you spend with your family, work, or other more important activities. Set limits.

Don’t chase losses: Don’t try doubling your next bet after losing the previous one because you think your luck has to change. Random number generators (RNGs) on online casino games don’t think that way. Doubling after losses is flawed thinking, as explained by the Gambler’s Fallacy phenomenon. I’ve tried Fibonacci, Martingale, and other wagering systems. They may work temporarily, but not in the long run.

Narrow your scope: With sports betting, pick a conference to concentrate on – don’t wander over a board of 140 college teams. I learned this after suffering many losses on teams I didn’t research. Bowl games are the worst for me. 

Pick a few internet games you know you can win with strategy. If you want to try a new game, try it in the free or demo mode to see how the money runs. I have six slots I have become familiar with, and I play video poker and table games in which I know strategy. 

Know your math: You don’t have to be Einstein to know not to bet across the board on a horse that is less than 10-1. Nor does it take a math whiz to know the chances of getting one of only four cards in a deck. And compare your real chances of completing a parlay to the posted odds. The best gamblers weigh their wagers against the odds of winning.

Be honest with yourself: The National Council on Problem Gambling estimates that 2.5 million adults in the US are problem gamblers. But only about 10% of them ever seek treatment.

There are plenty of short questionnaires that indicate if you have a problem. Answer those questions honestly and take action accordingly.

Responsible Gambling Tools

Here are good starting points for your responsible gambling journey.

Sites to check out:

National Council on Problem Gambling: The NCPG website has a lot of information on gambling addiction and a good FAQ with a list of problem gambling indicators.

Responsible Gambling Council: This is an independent organization with a site that covers industry trends in problem gambling prevention and offers links to other valuable resources.

American Gaming Association: An industry organization, its website has a page with good information and statistics on playing responsibly and links to more valuable info.

Other tips:

Take a break from the gambling world: If you are at work, on vacation, participating in family activities, or enjoying other forms of entertainment, set gambling aside. Wagering should not dictate other areas of your life, and there’s too much fun out there to miss by pounding away at a $1 slot machine.

“Wagering should not dictate other areas of your life.” – Webster Lupton – Casino, Gambling, and Sports Journalist.

Use tools available: Most gambling sites provide tools such as self-exclusion, time-out periods, time and deposit limits, activity statements, in-game reminders, and more. They are all great tools to employ if you get carried away.

Open a separate account: You may want a bank, card, or e-wallet account devoted strictly to gambling. It provides a separate accounting for gambling activities and helps you stick to a budget.

Know when a bonus is a bonus: All online gambling operations provide flashy bonuses. But the bonuses have playthrough requirements that prevent you from cashing out until you have met them. Don’t take a bonus until you know its rules. Read the terms, assess your betting style, and ensure the requirements are achievable. 

Take the test: Answer these questions periodically to indicate if you are a compulsive or problem gambler. I answered “yes” to three of them, which made me think. 

Role of the Industry in Responsible Gambling

The gambling industry knows the importance of responsible gambling measures to their public relations and regulatory commitment. 

The vast majority of gambling sites have responsible gambling sections because it’s good business and conforms to the requirements of a licensing jurisdiction. They place some limits on deposits and offer self-imposed tools for customers to control their time and budget.

To me, they don’t do enough. Though they set single-deposit limits, too many sites fail to limit the number of deposits you can make over periods. Some sites also promote alluring bonuses with near-impossible rollover requirements. They ostensibly don’t want to ignore high-rollers and want to keep out bonus abusers. But they could limit deposits more,  ease requirements, and still make money.

Conclusion

I’ve offered advice on responsible gambling, but the ultimate responsibility is yours. Like any other form of addiction, the line between a bad habit and moderation is up to each individual to assess. Few gambling sites will cut you off because you deposit too much, and their responsible gambling tools are self-executing. That means the onus is on you to be vigilant with your gambling practices and know the difference between casual entertainment and obsession.