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How To Set A Budget For Online Gambling

Remember: The games are set up to take control of your emotions so you lose control of your budget. A good way to keep your emotions and your budget in check when gambling, is to set an amount that you are willing to lose in one session. Once that amount is gone, the session is over. The next step is to determine how long the session will be. Then, depending on the game you choose, you will also factor in the time it takes for one hand or spin to play.

Start with your budget: $50

How long to play: 2 hours

Pick a game: Online Slots (Average 500 bets/hour or 12 sec a spin)

Bet: $0.05/spin

If the bet amount falls below the minimum, don’t worry. The safest bet is still the minimum, but you may want to add some free play to your session. It’s always a good idea to test out a game for free before playing for real money – something that is unique to online casinos.

If you win during a session, it’s up to you to decide whether it goes into the betting budget for that session or not, but a good strategy to keep in mind is to set a withdrawal limit. If your winnings reach a certain level, you simply separate them from your budget and withdraw them.

To set your own limits, you can use a free session to track your betting habits and find out how long it takes you to complete a spin or play a hand at your favourite game. Then, you can take what you’ve learned and apply it to your real money games.

It might not seem like a lot of fun when you’re tracking bet times and setting budgets, but gambling can be very addictive, and it’s important to create healthy habits so playing a little bit loose doesn’t end up in a disaster.

Safe Play At Choice Online Casinos

To us, a safe gambling strategy is paramount in having a great time at any casino, and since we love this risky past-time, we use a strategy to protect ourselves from poor decisions through every session so we can continue to play for the long term.

1. Setting a predetermined time to play

Setting a time for play allows us to figure out where our betting should start, and everything is flexible except for the deposit budget. Each time we sit down in front of our desktop computer or play on our mobile phone, we call it a session. During each session, we commit to a specified amount of time, but more importantly we commit to taking breaks. 

Sitting in front of a computer for an extended period of time is not healthy, and when you add gambling to the mix, the negative outcome can be magnified.

2. Set a deposit budget and bet accordingly

The deposit budget is determined by the amount we are openly willing to lose without any negative emotion or financial distress. The most important part of gambling, be it online or otherwise is mitigating loss. When the bright lights are shining and the sounds are buzzing, the only thing that has to remain steady is the budget. No exceptions.

3. Play for free

If that big win doesn’t come through, we’ll hop over to the free version of the same game to see what would have happened. Most times the win you’re waiting for is disappointing, so we prefer to find out for free. We recommend testing out every online slot for a few spins before making a real money bet. This is an under-valued opportunity because those few spins lost on each poor quality game will add up over time. Playing for free has extended our budget and helped us to spend more time and money exclusively on our favourite games.

4. Know where to get support

Gambling can be addictive, and the proliferation and ease of access of online gambling only increases the opportunity for people to fall into bad habits. We never recommend jumping into gambling without knowing the casino, the rules of the game and most importantly, where to get support. The online casinos we play, all have 24/7 live chat available and many of these casinos have won awards for their support team. In addition to the online casino support team, there are various sources for credible gambling information and support online.

Some of the top global sources for information on problem gambling are:

ResponsibleGambling.org

GambleAware.co.uk

LeoSafePlay.com

In Canada:

PlaySmart.ca

CanadaSafetyCouncil.org

GetGamblingFacts.ca

Further Reading Ahead

In the next post, we take a look at the Top 5 Online Casinos We Bet On.

If you have any further questions after reading this guide, please send us a message. We aren’t new to online casinos, but we’re new to sharing our knowledge and experience, and we’d love to know how we can be better at it. Email: hello@choiceonlinecasinos.com 

David Maxwell
David Maxwell

David is a hobby gambler and poker player who has played in casinos across Canada and loves to play online. David created Choice Online Casinos as a way to introduce others to the exciting world of online gambling.

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These Are Our Choice Online Casinos

Win or lose we have fun playing with real money at these casinos

We’ve visited and played at more than 50 other online casinos and found these to be our favourites. We love the convenience of being able to jump to another online casino in seconds, and it helps that every casino offers free spins and other bonuses.  Taking advantage of a few great online casino bonuses is one way we make our gambling budget last longer. All of the online casinos we play have hundreds of online slots, classic casino games and live games, but each of these offer something unique that we enjoy. Click the image to find out why we play at each of our choice online casinos.

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