Are you thinking about turning gambling into a profitable side hustle?
While there is plenty of money to be made in a casino, there is also the real chance you could lose it all — and that’s where budgeting comes in. Here’s everything you need to know about how to set a budget for your gambling casino money.
Figure Out How Much You Can Lose
Setting a gambling budget is not nearly as challenging as it sounds. One of the oldest rules in gambling is, “never bet more than you can afford to lose.” While it may seem like a jinx, the best way to figure out how much you should gamble is by assuming you’re going to lose it all.
Even if you plan on using gambling as a source of income, think of your gambling budget as “fun money” — that’s to say, the money you would spend on something like a vacation or new tv. While there’s a chance you could triple the amount you bet in a matter of hours, there’s an equal possibility that you could lose every last cent. So, make sure you’re not betting the cash you need to pay your bills.
Once you figure out how much you can afford to lose, put that money into a separate checking account and leave the rest of your cards at home. That way, you won’t be able to spend past your budget.
Set a Winning Goal
Every avid gambler knows your odds can turn on you in the blink of an eye. So, unless you want to fruits of your hot streak to wash down the drain, it’s equally important to set a limit on how much you can win in a single evening.
Your winnings cap can be as high as you like. That said, a good rule of thumb is to start by setting a cap that is around 1.5-2x your initial budget. Remember, if you’re serious about using gambling as a means of income, it’s better to think small and plan for the long term rather than banking on big wins.
Reaching your winnings cap does not have to be the end of your evening, however. Once you get to your earnings goal, cash out, pocket the profits, and start again using your initial budget.
Learn When to Walk Away
Finally, one of the most challenging budgeting techniques is learning when to cut your losses and call it a day. As we said before, your luck can change at the drop of a hat, but that doesn’t mean it will. Once you drain your gambling budget, you need to walk away from the evening.
It can be tempting to withdraw just a little bit more, especially if you feel like you’re on the verge of a win. But, you must stick to your initial budget and call it quits.
If you’re coming off a losing night or are working to refill your gambling reserves and need something to help you scratch that itch, you can try doing a little research into strategizing by checking out a few of the best online sportsbook reviews.
Budgeting Your Gambling Casino Money
Now that you know a bit more about setting up a budget for your gambling casino money, it’s time to get to work figuring out how much you can spend on your new hobby.
Are you looking for more gambling tips and tricks? We’ve got you covered. Check out the rest of our blog for more helpful articles today!