Money management is an art in the world of online gambling. When done right, it enables you to remain financially responsible while also avoiding the trap of reckless gambling. This is why (no matter your experience level) you need to focus on efficient money management, whether you’re placing bets on your favorite sports team or playing inside an online casino like BETMGM.
The latest research from the World Health Organization found that gambling disorders are present amongst 0.1% to 5.8 of adults, which typically involves betting money you don’t have or being unable to stop yourself placing bets. Naturally, nobody wants to fall into this category, especially in an age where there are so many safe gambling tools available for the public to use.
What is Money Management in Online Gambling?
Money management refers to how you manage your gambling funds on a day-to-day basis. The underlying factors of excellent money management include having a set monthly budget, keeping track of every betting transaction, and only betting money that you can afford to lose. The main starting block for any online gambler, though, is to set a budget. Usually, people will create a monthly budget, but you might want to have a weekly or even daily budget instead.
How to Create an Online Gambling Budget
Creating an online gambling budget is easy. All you have to do is:
➡️ Calculate your monthly expenses (e.g. rent and fuel)
➡️ See how much you have leftover
➡️ Take 5-10% of the leftover funds and use that figure to create your gambling budget
Generally, 5-10% is the sweet spot after you’ve calculated all of your monthly expenses. It’s a low percentage but still provides you with enough money to place plenty of bets throughout each month, which is exactly what people want.
For example, if you have $500 left at the end of each month and want to have a gambling budget on the higher end, you could take 10% of the $500 (which is $50) and stick with that each month. When you take $50 and spread it over 4 weeks, it works out at about $12.50 per week. This way, you know exactly how much money you can afford to bet, which then enables you to stay below the limit and keep control of your personal finances.
And if you’re confident enough to, you could even increase your budget to 20% of your leftover money, although it’s only recommended you do this if you’re an experienced gambler with a proven track record. For anyone starting out, stick towards the lower end of 5-10% to be on the safe side.
Take Advantage of Free Offers and Promo Codes
One of the best parts about modern online gambling is that free offers and promo codes are popping up all of the time. From FanDuel to Golden Nugget, the biggest names in the industry release new offers on an almost daily basis, so it’s generally recommended you take advantage of them.
It’s not the end of the world if you don’t — but you can effectively get free bets and other perks without having to use any of your own budget, which is great for money management purposes. For instance, you can use the promo codes from GamblingPromoCodes to get cash bonuses, free spins, and more. In many cases, free spins can last upwards of a month, allowing you to save serious money while potentially giving your bankroll a major boost.
Put Limits on Your Spending if Required
It’s now extremely common for online gamblers to also put limits on their spending via the betting sites they use. From sportsbooks to online casinos, the Gambling Commision reports that (by law) all licensed gambling sites are legally obligated to provide players with the option to set financial limits.
The way this works is that a player sets a specific amount of money on their betting account (e.g. $100) that they’re allowed to bet each month. As soon as they reach that limit, the gambling website will lock their activity and not allow them to place any more bets until the following month. If you’re someone who has struggled with gambling responsibly before, this is an option to consider.
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