Responsible gambling
I took bets for a living, so I know which way the arithmetic runs. Most players lose over time. Betting is fine as long as you decide what it may cost you before you start, and stop when you get there.
The price of a weekend
Every bet has the book's cut in it. At -110 that cut is 4.55 percent of what you wager, on average.
Say you bet ten games a weekend at $20 each. That is $200 in action, and over time it costs about $9 a weekend; some weekends you win $80 and some you lose $100, but the long-run average is a small steady loss. More on the sum under what is the vig.
Look at it that way and betting is entertainment with a price, like a ticket to the game. The trouble starts when a player stops seeing it as a cost and starts seeing it as income that is running late.
Set the loss limit first
Before the first bet, decide what you are prepared to lose, for the day, for the week and for the season. I'd pick a figure you could lose in full and still pay every bill without telling anyone a story. Then treat it as spent. If it comes back, good. If it goes, you stop, and you do not top it up.
The limit has to be set when you are calm. Nobody makes a good decision about money at eleven at night, down four bets, with a late game about to start.
Bet size against bankroll
Your bankroll is the money set aside for betting and nothing else, and each bet should be a small, fixed part of it. Most professionals don't put more than 5 percent of the bankroll on any one bet, and plenty stay well under that. For someone betting for fun I would go lower: 1 or 2 percent.
| Bankroll | 1% a bet | 2% a bet | 5% a bet |
|---|---|---|---|
| $500 | $5 | $10 | $25 |
| $1,000 | $10 | $20 | $50 |
| $5,000 | $50 | $100 | $250 |
The reason is losing streaks, which are certain. A bettor who wins half his bets will lose five in a row about once in every 32 tries, and if you bet often enough that week comes around every season. With a $1,000 bankroll at $20 a bet, five straight losers cost you $100 and you carry on. At $200 a bet they cost you the lot.
There is more on this on the bankroll page.
When to stop
For the day, stop when you hit the loss limit. Stop as well when you notice you are betting on something only because it is on. For good, or for a long while, stop when any of these is true:
- You raise your bets to win back what you lost.
- You are betting with money meant for rent, bills or somebody else.
- You borrow to bet, or bet on credit you can't cover.
- You hide how much you bet from the people you live with.
- You bet games you know nothing about because you need action.
- A win doesn't feel like much, and a loss is all you think about.
The first one is the one I saw most. Chasing is how a bad day becomes a bad month, and the book is delighted to take the bet. It has no reason not to.
The tools in your account
Most regulated books have tools for this in the account settings, and some others do too. A deposit limit caps what you can put in per day, week or month, and you set it yourself; a loss or wager limit is the same idea applied to what you bet. A time-out locks the account for a period you choose, and self-exclusion is a longer block, sometimes across every licensed book in a jurisdiction.
Use them while things are going well. A deposit limit set in a clear moment does its work in the moments that aren't. If a book makes it easy to raise a limit and hard to lower one, that tells you whose side the settings are on.
A book working on credit has none of this. The only limit is the one the bookie gave you, and it was set for his protection, not yours, so be more careful there, not less.
Why the book won't stop you
A sensible bookmaker doesn't want a player ruined. A man who loses a little every week for twenty years is worth far more than one who loses everything in a month. That is a business reason, not a kind one, and it doesn't mean the book will stop you. It won't. Stopping is your job.
If you can't stop
Some people can't, and it has nothing to do with being weak or stupid. It is a recognized problem, and there is help for it.
In most places there are free, confidential helplines and counselling services for problem gambling, and support groups run by people who have been through it. Regulated books are usually required to list them, often at the foot of the page. Search for the problem gambling service where you live; a doctor can point you to it as well.
If you are reading this section because you think it might be about you, close the accounts first, and make the call today.