Safer Gambling – Money Management
While gambling is an enjoyable leisure activity for most of our customers, gambling can become problematic for some users, with huge consequences as a result.
At Better Collective, we support that our employees as well as all the industry users enjoy gambling in a fun, but also controlled and mindful manner.
In this article, we will speak about the first method of several that can be applied to prevent a gambling disorder. The methods presented in this article are related to ‘money management’. Controlling your cash flow is an effective way of preventing problematic gambling and reducing the risk of negative monetary consequences due to gambling.
There are multiple ways to use money management to limit gambling consumption as described below.
- Make a budget
- Set limitations
- Don’t borrow money for gambling
- Withdraw your winnings
- Keep track of your losses and winnings
- Cash withdrawal restrictions
- Stick to your plan!
First consider how much money you need to put aside for basic living costs such as food, insurance and rent. Then decide how much money you are willing to put at risk or lose on sports betting and gambling over a specific period. That could be a certain amount for a day, a week and/or a month.
Set a limitation on how much money you are allowed to deposit, lose or use on a single bet. To help you stick to your limits, it is recommended that you use the limit functionality offered by most operators. This makes it easier on you to stick to your plan.
Avoid borrowing money from friends, family or other lending opportunities. Playing for borrowed money will increase the risk of your game. Furthermore, your potential losses will not only potentially harm yourself, but also others around you.
If you experience a large win, it is recommended to take out some money. Avoid increasing your gambling consumption following a larger win as this may increase your risk of gambling related harms. Avoid having large sums of money on your betting account as it then can be more tempting to play more risky.
Keeping track of your historical performance will help you realise if sports betting and gambling is actually a sustainable revenue stream for you – for the majority it is not…
Ask your bank to put restrictions on how much you can withdraw.
Most importantly – stick to your plan! If you have decided to uphold a budget or set limitations on each bet, then remember that. If you find that you are sometimes unable to stick to your limits, it is always a good idea to seek help to identify actions that can be taken to avoid development of unsustainable gambling behaviour.
If you are experiencing difficulties with gambling yourself or believe one of your colleagues potentially have gambling related issues, then please reach out to HR. Every case will be handled with confidentiality and individually according to the situation and together we will form a plan to help get the needed support.
You can also use our Whistleblower Policy if you want to raise a concern.
If you have any other ideas regarding how to handle gambling related harm from a money management perspective, then feel free to comment below.
