Topic: Risking 1% in Gambling (Read 4380 times)

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You are making so much sense here, this 1% depends on the gambler, his plan and the amount he earns, as it could be too much to gamble at once in some casinos due to their terms and conditions if it is a huge amount of money or too small to gamble if the gambler is such that makes a very low income. This is a good reason why it can't be a basis for everyone, and in my last replies here, I made it clear that whether or not it even goes in line with my income, it can never go well with my personality and my gambling plans, so it is dead on arrivals as far as I am concerned.

I do not measure my wagering amount in gambling with any modality, based on my discretion, I only earmark a certain amount that is convenient for me to gamble and that I can lose without being hurt. That is the money I gamble with, and it's so far so good for me, which I ever intent to keep. However, I know this is so precious to the OP according to how he has shared his view and it is not entirely bad as well, which is why I say we should go for whatever we love in gambling so long as it is convenient and working for us.

At the same time, 1% might be too small amount to even qualify for a minimum bet, or also it could be too much and be over the maximum bet in a casino.

It really depends on what the gambler is comfortably losing. For some, that will be more, and for others it will be less than 1%.

Setting it to a specific percentage seems not to be a generally good idea.

I used to keep a record of lost and won money in gambling and I admit to you that this activity does not make any sense. When I looked at my accounting file it made me sad. In the last few years I have not kept any gambling records and I quickly forget about the losses. We all live once and it's foolish to waste our time on such nonsense if it doesn't do any good. You want to not lose money - quit gambling. If you want to gamble, then be prepared for losses, because it is a high-risk entertainment.

We should participate in gambling considering the aspects of our income. Most gamblers regret participating in gambling without realizing it. It is a good idea to use 1% in gambling because it reduces the gambler's risk but also reduces the regret if he loses. If you go beyond your limits in gambling, you will never understand that everything will end. Those who understand the rules of gambling will never go beyond their limits.

This is a very good idea of using just one percent of your money to bet that is a very nice idea because you will not regret whatever you have lost after losing your bet because the money you took out from your portfolio is just one percent of the total portfolio and that is a smart move. It won’t really affect your portfolio and you won’t lose more than what you can afford. I will advise so many persons to stick on this ideas. This is one of the best idea to run through Bey2 and to avoid some issues and lost of money and this is a strategy of betting wisely .

Well, you don't expect everyone to do the same thing, things have never worked like that, even if it is stamped into law that all gambler must not exceed 1 percent of their total monthly income on gambling for that money, you will see those who will lie about how much they earn in a month, just to enable them have more resources available for them to play gambling with, while there are others who will deliberately break or go against this rule.

And another aspect we must also see this from is in the aspect of low income earners, those who earn very small amount of money on monthly basis may be unable to practice this idea, because reason is, their income is already low in itself, and 1% of that may as well be in cents and a very limited amount like $5, $10 and lower, so at the end, it still boils down to the golden rule of gambling, which is to only gamble with or using amount one can afford to lose.

It might sounds good on paper, but in reality there are some issues with it.

For example, if you have a small amount of money, 1% of it might not even cover the minimum bets...

On the other hand, if you have a lot of money, that 1% could be such a massive amount of money that it could be much better invested somewhere else.

Also, if you have that much money, I don't think you would want to be gambling anyway.

This is a very good idea of using just one percent of your money to bet that is a very nice idea because you will not regret whatever you have lost after losing your bet because the money you took out from your portfolio is just one percent of the total portfolio and that is a smart move. It won’t really affect your portfolio and you won’t lose more than what you can afford. I will advise so many persons to stick on this ideas. This is one of the best idea to run through Bey2 and to avoid some issues and lost of money and this is a strategy of betting wisely .

It looks great to be spending such a small amount monthly from a 70000 dollars yearly.The problem with most people is that they don't make any calculations before jumping in and gambling and that is why many persons do not take notes on how much they lost or earned during their gambling activity.That is the main problem I think that people risk much more than 1% during their gambling activity so that 1% is ideal yet no one seems to apply it.

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Gambling is more than numbers. The head game is key. Winning and losing are what hook people.

Many gamblers say 1% of income isnt enough. Big spenders can place huge wagers, but most cant. Needing at least 10%? Interesting things happen there. Know the games, have the correct mindset, and have the discipline to handle it all - not just the money.

Gamble for fun, not retirement. Though nice, "responsible gambling" is hard. Call it responsible to spend 20% of what you make? Thats overkill. Anyway, whatever works for you. The key is identifying the risks, setting limitations, and sticking to them. I've made some money, and its not about how much you toss in, but knowing the odds and playing intelligently.

You have marked a logical point. A gambler can never be satisfied in gambling with 1 percent of income. Because there are many low income people who gamble and they spend a large part of their income on gambling. According to me a person who understands gambling or is attracted to gambling needs minimum 10% or more money otherwise he cannot gamble. As you said, how can he gamble with 1% of his income on $100. Because depositing $1 on some online gambling platforms will cost $1 or more, which is almost impossible. If he has $100 monthly income and deposits 10 percent in gambling every month, then he can manage gambling. Although that amount is very little.

If a gambler is not addicted and if he is gambling the money left over after meeting the family expenses it will not have much effect either. But regardless of income, if a gambler spends 20% of their income on gambling, I think he can practice responsible gambling. However, due to various reasons, it is difficult to follow the rules in gambling. But if one wants to control himself, he must conduct responsible gambling as possible.

You mentioned some great ideas in this paragraph that all gamblers should take into account:

- Calculated risk avoids being affected by emotions.

- We usually forget to enjoy our winnings instead of spending them back in the casino.

However, I'd like to remember that the OP wasn't talking about spending a percentage of his salary, which could lead to emotional distress if it is too high, but about a percentage of his separated money for gambling in each bet.

Yes, the 1% Risking strategy is suitable for high-risk types of businesses or games. Some people will accept a higher level of risk, but I think 1% is quite suitable to help us more easily manage our accounts. It helps us minimize risks to the lowest level, and does not affect our total capital, thereby making our playing psychology more comfortable.
However, it must be added that this is just a tool to help manage risk in gambling, we need to combine it with knowledge, skills and analysis to achieve the best possible results.

Yes, the 1% Risking strategy is suitable for high-risk types of businesses or games. Some people will accept a higher level of risk, but I think 1% is quite suitable to help us more easily manage our accounts. It helps us minimize risks to the lowest level, and does not affect our total capital, thereby making our playing psychology more comfortable.
However, it must be added that this is just a tool to help manage risk in gambling, we need to combine it with knowledge, skills and analysis to achieve the best possible results.

I had already commented on this idea or strategy of using 1% of winnings to bet or play in casinos, not being a good idea or strategy for the simple fact that there are cases of people who earn $100 in salary per month, in that case if the If a person took 1% to play per month, then the person would have 1$ to play per month, how the hell would it be possible to use 1$ to play per month? no one would be satisfied with 1$ to play for 1 month. That's why I say this 1% strategy doesn't work. The ideal is for each person to take their monthly income and pay all the bills first, then look at the money they have left and start analyzing what things they want to do for fun that month and how much money they will spend on each thing they want. Gonna have fun that month

Your concern is certainly genuine and factual, if you risk too little, you gain too little, and this could be frustrating to the point that you will just be gambling but have nothing to show for it. It gets worse when you are such that are gambling with a very low amount of money, you can imagine what the 1% would result in in that sense. Just like the person who is gambling with $50 in his account, he can't be gambling more than $0.5, which is a very low amount of money that some gambling sites may not even allow you to play a bet with. But for the person gambling with at least $50,000, they can still be wagering with a $500 per bet, which is still very much okay.

Now, the question is, how many people can have as much as $50,000 in their betting account? This makes this kind of approach to be shocky, it can't be good for anyone who wants to make money from gambling but those who are gambling for fun. It would be so lovely if one could practise this when they do not want to gamble for the money but for the entertainment. They will be gambling many times and still not lose their money, and yet have that needed fun in full.

The amount of money a gambler spends depends on the weight of his income. Players with higher income can decide to shift it up to 5% or more, which amounts to a huge amount of money for a low roller. For a high roller, it's fine to wager such an amount per month, a low roller who wishes to try it out may end up regretting his actions. Because his bankroll will run dry. Hence, as a player, it's crucial to understand that the income earned plays a vital role in gambling. Wagering an amount quite too big to affect our financial stability, isn't right. The money could be lost, and the long night thoughts begin. Stabilizing and maintaining how money is spent while gambling boosts the confidence never to worry about losing the money. If he loses, he's not affected, as it's a spare cash.

Gambling with a smart strategy creates a vision for a gambler to observe the game he's into. At some point, if he wishes to embark on a risky session, he can do that calculative. Maybe accumulated spare cash is enough to multiply the game to a high amount. However, it's risky, but not enough to affect the emotions of the players, as he's ready for any outcome. Some players who wager a whole part of their money, face the trouble of dealing with loss. On a lucky day, they may also win big. Yet what matters is being able to withhold the funds after the big win. Not spending back into the game, helps the player at least to take a rest outside of the casino and enjoy his winnings.