We all know gambling isn't designed to make the player profits. That's just not how gambling odds work. Those big companies are out to make a profit out of you, after all.
That's why you've always got to remember gambling isn't a money making scheme. It's a form of entertainment, end of story. But inevitably, you'll end up with more gambling proceeds than you deposited from time to time.
So what do you do then? We're going to tell you the responsible way to deal with gambling proceeds. It'll help equip you to keep you on the straight and narrow and stop you throwing away winnings and turning them quickly into losses.
At this stage, we hope that everyone knows that before you do any sort of gambling, you should have your budget worked out. The basics are you should never gamble more than you can afford and you should also never gamble with money that isn't already yours. That means step away from the credit cards or loans of any kind when you gamble.
But when you're setting your deposit limits and all that, you might forget to plan for gambling proceeds too. You should have a clear plan in place for when your account is up, whether it's from several small wins or a big payday.
What we'd suggest is to always withdraw when your account is over a certain level. So for instance, maybe your limit is €50. So when you hit that €50 milestone, withdraw anything over that amount. The minimum withdrawals tend to vary depending on gambling provider and withdrawal method, but this is a good rule of thumb. Even if you're just withdrawing a little at a time, it's a good habit to get into.
The answer to this question is personal to everyone. And of course it depends on how much you are withdrawing. But as a rule of thumb, we'd suggest putting a good chunk of your gambling proceeds into savings or paying off debts like car loans. And then use a smaller proportion of those gambling proceeds of it to do non-gambling related activities. If you've just withdrawn a small amount, even treating yourself to a nice coffee or lunch out can feel good. And of course if it's a bigger amount, then you can take a little longer to decide.
But here's the thing. A lot of people tend to inject gambling proceeds right back into gambling. This is kind of how gambling psychology works. When you win, it gives you a surge of endorphins, encouraging you to try to chase that feeling again. But stop that cycle. Don't gamble differently because of a win. That's when you start to make mistakes. Keep gambling how you always do and use your winnings elsewhere. Because lord knows, the more you put in, the more the gambling companies profit from you in the long run. So let's try beat them at their own game.
If you've had a windfall and your gambling proceeds are pretty substantial there are lots of things to consider. So before you spend it, you need to think. Don't rush to make decisions or else you're more likely to squander it.
Just like smaller winnings, strive to use a proportion for savings and paying off debts. Then use a smaller amount on something to treat yourself, say 10-20%. Again, we wouldn't recommend putting this money back into the online casino.
You might also find if your win's big, friends or family might ask you to share your winnings. This can be nice to do under certain circumstances, but make sure you do it on your own terms and only if you're comfortable with it.
If you want to get a little more advice on responsible gambling or you'd like help to stop gambling completely, there are organizations world wide that can help:
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