Topic: Risking 1% in Gambling - page 25. (Read 4380 times)

It's up to the user how much money they can afford to lose in gambling. Many people can't even risk 1% for gambling, they can only take a risk in effort and time because they gamble using faucet or worthless token in order to earn specific amount to turn it to money.

As long as it's not larger than 100% (which is taking a loan) it's fine.

We all know that the higher the percentage of our gambling capital the higher the chance of liquidation. The lower we pour money on gambling the lower the profit we gain if we are lucky. This is really important to know our limits so we can figure out when we have to get out of the game.

Yes, that's why it's important to control yourself when gambling because if we can't control it, we will lose control. For this reason, never chase losses or recover from losses experienced when gambling because that is not recommended and will only add to new problems that might create problems. the more messy it gets, gamble wisely, use a fixed budget, bet sizes like OP did to reduce bigger losses.

The fewer bets we make, the better it will be because we don't have to bet big bets to win either. The point is to always limit your budget because this is very important to train ourselves so as not to make ourselves addicted after experiencing defeat, the limits we set will be a barrier for us to go beyond the limits.

Even if you don't take into account the amount of your monthly income, if you can gamble with an amount that is smaller than your income then that is good, in fact it doesn't have to be 1% because if we only have small income then that amount is also very small.
In my opinion, 5% to 20% can still be said to be a decent amount because of course with that amount we can accept it when we lose rather than pushing our abilities but not being able to accept it if we lose.
What you apply is included in an attitude that limits finances in gambling and this is really good because other gamblers may not be able to do it.

If you and most gamblers have monthly income of thousands of dollars then that is quite large amount for 1% but I don't think all gamblers have an income of thousands of dollars from their work.
For example, if someone has monthly income of $1000 then 1% of that amount is $10 and I don't believe gamblers will only gamble in one month with only $10
Moreover, equalizing monthly income will never have the same common ground if it is only calculated with benchmark amount of 1%.

This is a good way to avoid spending a lot on gambling, but at the same time, I am sure that many fans of betting and casinos will say that this is too small an amount, and it is not enough to play properly in a casino or betting. Or maybe poker. I recently participated in a Multiplier contest from a casino - the point was to get a bigger multiplier among other players. And I allocated myself $15 for this contest. I was very surprised when I found out that other players had allocated $150 each for it! It's just a competition with modest prize money. But apparently everyone has their own money management.

Honestly, I have never heard of this strategy about gambling only 1% of your household income. What I am telling and believing is about gambling only with your spare mone but I think this sounds better than that.

No more than 1% of your combined household income shall be spent into gambling and with this, you're able to track your expenses and the risk that you're taking with that amount is bearable and not that much.

But with that, the control is also on you and you have to manage yourself that if ever you got out of the 1%, you're going to stop. The struggle is there for some gamblers that when they attain that amount, they can't help themselves but to continue and slash more from their incomes.

That's a very good way of engaging in gambling, basically that's how it should be, by putting a small amount then the level of risk you take is also small and also with that then I would say that you are a responsible gambler by only putting a small amount especially that you can afford to accept whatever the final result is. Putting 1% of 100% of the money you have will really make you safe and comfortable, I think you will not suffer a lot of pressure there because the amount you put is quite small which means it doesn't really matter if you end up losing.

On the other hand it will also help you to avoid some out of control actions, as we know that usually people will get emotional and lose control when they lose a large amount of money they bet and after that of course I'm sure the main thing you do is you will chase the loss with the intention of wanting to break even which is basically very difficult. So if you can't quit gambling then it's better to only bet small amounts, you'll stay safe as I said above and some unwanted things might not happen like addiction.

I also gamble with small amount of money but for sure, I have not gambled with my crypto or any crypto currency at all because it's shows like I am extremely gambling more than what I have budgeted for gamble, why because imagine you bought Bitcoin with $100 and you gambled with the $100 worth of Bitcoin, then some days to come Bitcoin increase, that means your $100 and the profits from Bitcoin has lost (I don't really know if you are getting what I am trying to say).
But for me I am satisfied betting with fiat currency instead of crypto (Bitcoin).
However, I don't keep a record of my bet expenses but I know that I done use more than 2 and a half percent of my income to gamble.

Good for you my friend, after all, you have found a way to gamble with less risk and not waste your money. Just know that it's not risk-free as you insinuated, it is a way to lessen the risks to a very high degree. I do something similar to yours in casinos, although my risks are not as low as 1%, mine is about 5% which is still reasonable when the money excitement is also part of the reason you are gambling. But note one thing, most people will never follow this path, and you should know it's for a clear reason. Most people gambling are doing it for the money and not for the fun. Are you kidding me? They will never agree to earning only a fraction as low as 1% of their bets, and in some cases, it could be less than that depending on the game in question.

People will see this as a waste of time and energy and as reasonable and responsible as I am in gambling, I still do not buy this idea to, unless for fun, not even in trading as I can't possibly be wasting my time. All these avenues of making money like trading and gamblers can only give you a reasonable amount if you increase your risk. Nevertheless, I do not advise anyone to increase their risks to an unreasonable extent, but to an extent that would at least make the time and efforts invested in gambling not to be a waste. Mind you, not all people have that big money as their trading or betting capital, and you could imagine what the person who could afford just $100 for betting will be gaining with a risk of 1%. This is not just feasible even with the average class, they will get angry and discouraged unless they are rich and betting with a huge amount or they are merely gambling for the fun part.

I heard of that. Deciding to implement the 1% rule in gambling brings a sense of security. Now, with each bet where you can only risk 1% of your total portfolio, it does not only safeguards you from significant losses but also ensures that even if a bet goes south, you are  only losing a small fraction of your overall capital. It's akin to a safety net, preventing the gambler from going all in on any single bet and mitigating the fear of losing everything. I think this is a good approach to start with because you can be more comfortable and systematic in games and you have a room for multiple bet so less potential losing streaks.

I am fond of using $10 that it has mastered me, where is my $10 coming from next? This is the question I have for myself when I miss gambling, thing is, if I don't have the $10 I am not going to gamble, as a man who have lots of responsibility on parents and family, I make sure that I use only what I can afford to lose, there is no fantasy of me getting rich someday from gambling, it's even ridiculous to think about, because it's like dream that will never come true, I gamble mostly for the fun part of it, not to enrich myself.

I don't do calculations because it is not necessary, when I have free $10 then I will use it on gambling, there are other fun things I do with family that cost more than $10 but I believe it's worth it, gambling takes away your money most times but going to amusement park with your family leaves a good memory and makes your home a happy one, this is something that gambling can't do..

You don't have to be told to be a responsible gambler, the examples are everywhere in the world, it's very rare to see people that make life changing with gambling, for me, this says a lot about gambling, just accept it, you will lose most of your money but the strategy you chose to use is what will determine your result on the long run, always risks what you can afford to lose.

It's going to be either you stay safe but lessened the fun in gambling, or try to go for a higher risk and enjoy. I would choose the latter, because the purpose of gambling is to entertain ourselves, with the right discipline although we don't follow all the time the 1% of our income rule could already give us the entertainment value while able to minimize the risk at the same time.

You know, problem would only arise the moment you chase, that means you are losing control already, and once you are in that position, regardless if it's gambling or not, it's pressume that you arent' thinking straight, so bad decsions will be made.

I usually gamble with small amounts of crypto, but I've never calculated the exact percentage of monthly income I use for gambling.
I'm sure that the percentage is bigger than 1% , but not more than 5% of my monthly income.
Setting such limitations might ruin your gambling experience, because you are always aware that you shouldn't spend more than a certain amount. This is kinda annoying, but on the other hand, having such spending limits is important to keep you away from "chasing loses" and getting addicted to gambling.

That is why, before starting to gamble, we need to allocate some funds so that we don't gamble excessively and can use gambling as entertainment only. The allocation amount is adjusted to the amount of income minus all expenses that we prepare in a month. If there is still some left, then we can use it for gambling, but if there isn't, we shouldn't need to allocate funds for other needs because those other needs are still more important than gambling.

We also have to know how much we will spend and the amount of money we will save in savings and also as investments. Once we get the remaining amount of money, we can use it to gamble.

What he means is that if they know that they are bad at controlling their emotions and greed, they should not touch gambling. Because they definitely won't be able to Gamble Responsibly.

Maybe because 1% is such a small amount, they feel that if they lose all their money, they need to deposit some more funds to continue gambling. If they continue to do it, slowly, it will become an addiction where they will not realize it and it will become a habit so they will not be able to have the discipline to gamble.

A gambler must limit his gambling activities so that he does not experience gambling problems, which can become an addiction. By limiting his gambling activities, a gambler can get pleasure from gambling and can also become a responsible gambler. Meanwhile, to become a responsible gambler requires many things that are not easy to learn. So when playing gambling, a gambler really has to limit the amount of money and always obey the rules.

This 1% risk strategy is something I do when it comes to trading forex with a profit target of 5X which is 1:5, but the thing with gambling is that the risk factor is much lower as compared to trading and it doesn't make it any easy risking a percent of your capital as this would mean looking for high odds which increases your chances of losing using this approach!

Why not risk more say 10% and try to get a lower ROI by targetting lower odds, I know the idea is to protect our capital but imagine using a capital of $100, 1% is a big ask to grow an account though on a big account of $1k or $10k a percent risk can be considered good risk management.

I bet even less than that and there are several reason for this, the first one is that as you state by making low bets and never increasing them you can be in complete control of your gambling and you will reduce to zero the chances of losing everything in a single bet, however another reason is that by making small bets I can increase the time I gamble while reducing its costs, so I can obtain a great deal of fun for an amount of money that is pitifully small.

The less money you can participate in betting on a gambling platform, the better for you/me. The conclusion the OP has made here is perfectly reasonable. If we participate in betting with 1% of income then surely there is no risk for our betting platform and no risk for our family. 1% of income can be taken as entertainment. But not considering that there are many people here, they take the whole share of income for betting, so one time they lose betting and develop hatred towards betting. Moreover, there are other people who lose more money and are more attracted to gambling and later participate in more bets to recoup their losses and become addicted to gambling. So bet with at least 1%-2% percentage income in bet should be participated first.

You're a very loving husband. Personally, I don't tell my wife that I gamble. It's not that I don't want her to worry; rather, I view gambling as a form of personal satisfaction, much like her shopping with her friends. I don't mind whatever business she's doing, and I'd like my pursuits to be treated in a similar manner.

That's why it is advisable to gamble with the amount based on your personal budget. This way, an aggressive gambler won't think of adding more money to his account and gamble again after spending the initial amount for gambling. It's not bad to limit our budget in gambling, just allocate the amount that can satisfy our desire in gambling. As I have said, this is only one of a few strategies, if this does not fit someone, some people do.

thank you for sharing about your strategy now , it is also good that you now know how to manage a responsible gambling.
best that you have decided and can stand for this all your gambling days so you will never regret what have you done for your life.
Now that you share this? yeah i may consider doing this but first I will review my daily income to make a deal with my wife 

but 1-2% is just a small amount to spend and risk(also to take chance being lucky) now that I may spend that small amount then i can play the maximum winning I may try .