- If you find yourself chasing losses when gambling online, consider taking a break from betting altogether.
- Self-exclusion and deposit limits are two features offered by online sportsbooks and casinos to help problem gamblers.
- Staying informed on your chosen sport or game can greatly improve your chances of winning and keeping wagers small.
There’s an old saying in the betting world that goes “You, the sharps, bet small and win big. They, the suckers, bet big and win small – or worse, win nothing.”
In other words, seasoned bettors put money down sensibly, while novices (or impatient experienced players) tend to overcommit and risk ruining their whole day (or week or month).
How do I know if I’m developing bad habits? It’s simple enough. Are you winning but not enjoying your wins because you wish you had put more down to bank even more? Do you routinely put down more than your research and gut tell you a ticket has a chance of success?
If so, welcome to the club. Fortunately, there are ways out. Here are some tips for sticking to your deposit when betting online at .
Why Do We Chase Losses When Gambling?
Why does anyone need advice on not going over their budget? Shouldn’t we all know never to put more into a losing proposition?
Apparently, we shouldn’t. So-called “rational” humans routinely ignore the obvious and plunge further into holes dig by our own folly.
Things You Didn't Know About Bimini, Bahamas - A Hidden GemGambling triggers our limbic system—the primitive part of the brain that controls desire and emotion—and shorts out the cortex, which is logical and reasoning. In English: We want to chase our losses because our animal instincts take over and tell us to throw caution to the wind.
Of course, it feels like more than simple biology at work when we’re in the moment. We convince ourselves that that jackpot slot is going to have to give up its crown eventually… right? And surely, the roulette wheel is due for a run of reds soon.
The truth, however, is that this is how a losing streak looks and feels like, and there’s no guarantee that the next spin will hit that color or distribute a ton of jackpots.
How to Not Go Over Budget When Gambling Online
So, what steps can you take to control your gambling impulses and stop yourself from blowing through your entire bankroll on a single day or week? Here are some realistic, actionable things that you can start doing today.
1. Set deposit limits & stick to them
This should be common sense, but apparently, it isn’t. Nearly all online sportsbooks and casinos allow —maximum amounts that you can put down during a certain period, such as 24 hours.
Now, most people look at deposit limits as hindrances instead of lifesavers, but that’s mostly because they’ve lost their way with Lady Luck. However, during clearer heads, everyone wants as much insurance as possible.
furthermore, many betting sites let you , which permanently blocks you from accessing your account for anywhere from six months to forever. This feature is permanently enabled, regardless of your mental state; thus, it is independent of your will.
Naturally, no gambler in their right mind would ever use features like deposit limits and exclusion at MyBookie, but hey, better safe than broke, amirite??!
Best Live Casinos Online for UK Players in 2023Seriously, though, set your deposit limits low, and stick within your deposit when gambling online. The fun is in the trying, not the crying.
It takes about as much self-control to disable these options as it does to enable them, so every time you see just how close you are to raising your limits, remember why you changed things in the first place.
Trust me: Deposit limits are your friends.
2. Find enjoyment in winning small
Remember when you used to play your favorite video game for the fun of it, not for the high score?
online casino in paThese days, winning is everything, and it’s easy to chase that rush by making bet after bet after bet. However, this behavior will leave you drained and broke.
There’s no shame in small victories—celebrate them. A successful betting site requires skill and research, so savor your hard-earned rewards rather than craving bigger scores.
Additionally, try different games and wagering types.
Maybe slots aren’t your thing, or perhaps you’ve grown stale with your current baseball betting strategy. Explore fresh pastures and see if anything tickles your fancy. Who knows? You might discover a new passion that keeps each day at the top of the food chain.
3. Take breaks from betting
One of the best ways to keep yourself from overdoing it with online gambling is to step away from the tables/slots/racetracks/etc., especially if you feel yourself slipping into old habits.
I get it: Sports and casino gaming are a huge part of your life, but so is your health and sanity. Have you ever noticed how sharp you become after a few days off the grid?
Not only will some distance improve your skills once you return, but it’ll also show your love for gambling by proving you can stick around for the good times rather than trying to force more order into a chaotic situation. Discipline means more than just another W in your ledger.
Best Land-Based Casinos in West VirginiaWhile you’re at it, eliminate any triggers that make you want to gamble. This could mean muting betting-related words on Twitter or staying out of your local casino for a while.
Whatever it takes to protect your mental health is worth it.
4. Improve your skills
Are you betting on the NFL because you think you know who’s strongest, or do you actually understand the game?
You don’t have to be a stats geek or a history buff, but you must possess more knowledge about your picks than “They’re blue, so they should win.”
This concept applies to casino games, too. Sure, part of the fun lies in the randomness of luck, but smart players know when to walk away. Flip a coin five times in a row. What are the odds you’ll get heads three times?
If you answered 10 percent, you’re right. Why? Because each flip has an equal chance of landing on either side, and every result is independent of the last.
Gamblers often think that past results will lead to future outcomes—that the coin is “due” for tails. Therefore, they keep flipping and flipping until they “get it back.”
However, the coin doesn’t know that it’s “supposed” to balance out its spins. It’ll probably produce a head before you lose interest or need to refill your drink.
Improving your skills involves understanding probabilities and accepting them. Yes, that rare 200x jackpot will drop eventually, but so will the 5x payout.
Best No Deposit Bonus Casinos in Canada for 2023Know when it’s time to move on to a different game or sportsbook. An A+ student pays attention in class and aces the exam; a pumped-up gambler stares at that lower limit until lady luck taps him with her magic wand. Guess which one ends up happier?
By the way, have you checked out MyBookie‘s ? Trust me: They’re awesome.
no deposit new casinos5. Play for fun rather than profit
This tip ties into the previous one, but it warrants its own section since changing your perspective can alter your experience.
Instead of looking at every spin, roll, toss, and shootout as a chance to add to your bottom line, pretend you’re playing with Monopoly money.
Sure, it’d be cool to turn $20 into hundreds of dollars’ worth of railroad hotels, but you can’t eat fake money, and nobody will let you pay their real bills with it.
Better yet, channel your inner child and gamble for the forbidden fruit aspect.
As a responsible adult, you can’t just run to the corner store for some Certs after dinner—no, you have to plan ahead and hope they haven’t stopped carrying your favorite flavor.
Casino games are similarly off-limits to you, what with being an adult and all. Thus, a brief foray into wagering land can scratch an itch that otherwise goes unscratched.
However, if you find yourself visiting these sites more frequently or staying longer than normal, then perhaps you have a problem that needs correcting.
And yes, you can absolutely still enjoy internet casinos without spending more money than you can afford.
Conclusion
We all have weak moments, and while I can’t magically transform you into a man/woman of constant steel, perhaps I’ve planted a few seeds of wisdom that’ll grow into a stronger garden.
At the end of the day, sticking to your deposit when gambling online boils down to discipline and acceptance. You must accept that chasing losses rarely works and that sometimes, a little victory tastes sweeter than a pyrrhic one.
Discipline comes from within, so channel your inner drill sergeant and snap yourself out of bad habits.
Oh, and one more thing: Don’t forget to have fun.
Footnotes:
- provided the definition of the hot hand fallacy.
J.W. Paine is one of the most experienced writers at GamblingSites.com. He's written for television and the printed media, and he writes a weekly column for the CPGA (Service Alberta Gaming and Liquor Association).
Paine brings an analytical approach to his work, and he is a gifted writer whose expertise is regularly sought after.
