Ask any gambling expert and they’ll tell you that managing your betting bankroll is one of the most important horse racing tips, and general keys to success. But there are many factors that affect how much you should be spending, from the amount your gambling to the types of bets you’re placing. Around the UK, more than £15 billion is spent on gambling, including horse racing, football, bingo games and the National Lottery. Online gambling accounts for most of this figure though, with almost £6 billion spent on online gambling in the form of casino betting and games. There’s no single answer as to how much anyone should spend as it’s subjective to your financial situation and various other elements, but here’s a guide to how much people bet on average.
Make Sure You Are Managing Your Budget
The first thing to remember when choosing how much you should be spending is that the figure should never exceed what you can comfortably afford. It can be all too easy to stretch your finances in the hope of winning big and replacing the money. But it’s a risk that could end up putting you in a difficult position financially, so always be sure that the money you’re betting with is money you’re comfortably losing, should your bet not go to plan.
Consider the Bet You’re Placing
The type of bet you are placing can help you determine how much you spend. For example, if you’re playing poker, it can be easy for your bets to quickly escalate out of control in the excitement of the game. So, with this in mind, it can help to set a stricter budget compared to other types of bet such as betting on sports. Perhaps when it comes to playing poker or casino games, you may not want to bet more than 15% of your overall bankroll compared to sports betting where you may be prepared to double this amount but limit yourself to just 5% on a single bet.
Remember: It’s Entertainment
Many people determine how much they should spend based on how much they would be prepared to spend on entertainment. When gambling stops being fun, it’s an indication to stop playing, so this is a great way of achieving the same perspective with your budget. When you spend money on entertainment, you don’t expect to see that money again, so treat your gambling money again. If you go to the casino with £50 and are happy to accept that you won’t see the £50 again, you can consider this to be a good amount to spend. However, if it would pose difficulties for you to pay bills or purchase things later in the month if you didn’t have that money then it’s a sign that you’re overspending on your betting activities. While it would be great to double your betting spend on a night of gambling, there’s no guarantee, so it’s important to treat it as entertainment money that you may well lose.