Topic: Risking 1% in Gambling - page 6. (Read 4423 times)

While responsible gaming allows for safe and enjoyable participation, the potential pitfalls of exceeding reasonable limits and misunderstanding the inherent risks can lead to negative consequences. This necessitates addressing the core issue: the mindset and goals of individuals engaging in gambling activities.

Many gamblers set unrealistic expectations, believing that winning is easily achievable. This optimistic bias, combined with the allure of potential large wins, can overshadow the reality of predominantly losing outcomes. This discrepancy between expectation and reality fuels the tendency to disregard previously established limits and chase losses, ultimately leading to potential financial and emotional harm. Gambling should be viewed as a form of entertainment, not a viable means of financial gain. Prioritizing enjoyment over enrichment fosters a healthier approach, minimizing the risk of excessive spending and chasing losses.

I agree with you, after all if you allocate money only 1% of the income generated, the amount will not be large and our finances will remain stable. but if it can last for one month I doubt it, because allocating money for gambling only 1% is in my opinion not enough. but it all depends on each individual if we have good self-control maybe with the budget set it will be enough for one month. in my opinion only people who really don't care much about gambling will gamble with a budget of 1% for one month.

It's true what you said, it's hard to resist and resist the temptation of gambling, that's why many people lose a lot of money and even risk their next month's payday for gambling. this indicates that gambling has a strong attraction, so many people are tempted to lose their property, including those who are addicted to gambling. but obviously if you really want to do gambling, you have to do it with money that you are willing to lose, because there are even many people who gamble but are not ready to lose the money they put...,

As long as we are considering gambling here in this context, there's nothing to risk about, not even when its lesser than one percent because gambling on its own is full of risk, we cant afford to make additions on the already risk being involved in gambling because we want to get the best winning opportunity on it, anything we cannot afford to loose in gambling shouldn't be taken including the decision made, the money or financial engagement used among others.

Yes, this can really work for those who want to play safely when gambling. As long as it is a 1% bet per day, then you are fine. But for me, this tactic won't work for those people who easily get bored and want to get the bag and hit big every day. Most gamblers gamble because of the chances of getting a lot of money from it. For example, if they have a $200 gambling portfolio, most of the gamblers will gamble 50$ so they can get back a minimum of x2 of the $50. Most of the gamblers want that quick cash, so I think this won't work for those impatient ones.

But this tactic will work. Just to add something, as long as they bet 1% only every day, that bet will hit like x10. But if you do not get too greedy, then it will be fine.

the reality here is that most gamblers rnt theoriticaly set out an amount they wouldn't gamble above but in reality they end up gambling based  on thier mode an nature of the game for the day.

For someone like that started off as a sports gambler, the amount I and my friends mostly use in our gambling is 100 of the Nigerian naira since we aren't all that financially strong. We only gamble above that amount in some games we very certain that a particular team is smaller although the ode is in most cases too small but we still can go as far as shifting from the regular 100 Nigerian naira to using around 2000 of the Nigerian naira. It's good to set out a percentage we can use in the process of gambling but going above that should be an occasional situation although sticking to the set out bench mark isn't all that easy.

Yes as I said above that limiting the amount of budget along with putting consistency as you said is indeed a recommended approach in gambling and one of the reasons as I said above limiting the amount of budget will be able to make you avoid the possibility of losing large amounts, but still you can't rule out other suggestions as I said above that limiting the time to gamble also needs to be considered, try not to be too frequent and adjust to your finances.

I will add another suggestion that is no less important is to apply firmness to the plans that you have made, especially risk management, on the other hand from the incident you experienced it seems that you were carried away by the seriousness of the atmosphere that happened there, which I think is a natural thing, or I mean it is quite reasonable if you overdo it because when you gamble with friends the atmosphere will be more lively but this situation often makes someone forget the plans they have made before and this really happened to you where instead of stopping and resting but you continued the session and it was all none other than because of the influence of some of your friends.

You are right, having boundaries and management will be very easy, but the most difficult thing is being able to have consistency with the boundaries and management that have been set.
This will be the same as gamblers who start, it will be very easy for them to start and it will be difficult for them to stop, so it will have big impact on their continuity in gambling.
For gambler who is able to have consistent attitude towards whatever they set, it is clear that they will be able to be in comfort zone where various problems and mistakes can be greatly minimized.
Many gamblers have stated that they can have control, limits and management but they still often fail because there is no consistent attitude that is truly maintained.

Moreover, in gambling activity we ourselves feel satisfaction and we use the money we have ourselves without any support from anyone, so we must really avoid various forms of things that can influence it.
We may feel feelings that are difficult to suppress because of various statements that make us more curious, but we must be able to control them and not be influenced.

It may sound all nice when you allocate percentages in this manner especially as it is small and seemingly insignificant. But what will actually determine the percentage risk is amount the gambler deposited. For instance, a gambler that deposited $10 may not risk 1% per bet as this will be far below his risk appetite. Conversely, a gambler with account balance of $100k may not risk up to 1% per set as this may also be way above his risk limit. So, the balance is an important factor of consideration in the risk. The key thing is knowing and understanding ones gambling strategy, knowing the risk to reward ratio and from there what percentage of the capital to risk so that one will not run out of balance.

I see a lot of sense in your response because I just realized that people who may not have time to gamble regularly can just play few times per week and allocate a good portion of their capital to the games. This is indeed another possibility provided the risk is bearable to the gambler.

The method goes beyond budget to include time and psychological restrictions. I agree that restricting investing to 1% of income is prudent. However, your focus on temporal limits resonates. Spending and engagement matter. Frequency of attempts can increase losses even with low stakes. This conversation emphasizes control's essence. We control our time, resources, and desires. The powerful and sometimes deceptive appeal of gambling tempts us to chase losses in search of happiness. Herein lays the problem: gambling satisfaction is fleeting.

In addition to financial and time limitation, lets promote self-awareness and discipline. Gambling may quickly become a dangerous fixation if not handled responsibly. Its about balance, right? Balance between fun and duty, thrill and pragmatism.

Spending 1% of income on gambling for a month of course this can keep our finances stable, but I think it will be difficult for us to do it because gambling addiction can destroy the boundaries that have been made including 1% for 1 month, if you can do it quite consistently and continuously of course I really applaud you, but can you be confident enough to do this because in general with 1% of course it only takes a short time to spend it gambling, if we win maybe we can save that money, but let's say you lose 1% of that money in just 1 day, then will you be able to resist the urge to gamble for 29 days?
I think it will be difficult to resist the addiction to gambling and we cannot deny that some people actually gamble not just for fun and many of them even have to lose their possessions because gambling.

limiting the allocation of funds to gambling would probably be good. but the most important thing is our consistency when we set these boundaries. Don't let us create these limits but we violate the limits ourselves.
I've experienced something like that. The situation occurred when I played an online casino accompanied by friends. it was a really fun weekend. There is a lot of time that can be spent in the casino and with the capital that I have limited, in the end, it doesn't provide satisfactory results for me.
There's indeed no need to force the satisfaction you're looking for, but sometimes we get advice from friends that can convince us to continue playing.

I'm using this 1% on my bet size when playing Blackjack slowly because I have enough room to absorb lose streak like what you mention and wait formy winning streak and blackjack to come for recovery to potential profit. But this 1% bet size is not always small since it depends on the bankroll size ofthe gambler. Sometimes I have a bankroll of 10K but which means 100$ is my 1% bet size that is too high for me.

I always bet near the minimum bet size in case the 1% equivalent amount is already too big for me. I usually deposit huge bankroll when I'm farming rakeback slowly to boost my VIP level. I'm not sure how others gamble using slow gambling method but there's really no fix percentage for the right amount of bet.

Besides that, before they risking any money, they can use demo mode to check the game which that can help them to avoid the losses. If they are sure with the games, they can deposit some money and follow the rule 1% to be used for gamble. They will not waste their money by losing it in many gambling games because they already know how prevent the loss. They can take care themselves when playing gambling and not risking too much money.

I don't use big percentage to playing gambling because I already seen some gamblers who is my friends, losing their money in gambling. They can't buy something to fills their needs because they used almost all of their money to gamble. That's why I always try to limit my money that I want to use to playing gambling. The key here is only use the money you can afford.

Yes because in gambling we should pay more attention to risk management such as setting limits in various aspects because of the possibility of losing that will not always be avoided completely, in terms of budget, putting the amount of 1% of the total income we get is indeed a good approach and recommended in gambling, this way will make you feel safe and will not lose balance in terms of finances and will not experience problems in your finances.

But on the other hand I think limiting the budget amount is still not enough to make you in a safe situation and away from bad possibilities in gambling, because limiting the budget tends to lead to minimizing the number of losses and the other thing I suggest is that we also have to limit the time of involvement because it's useless even if you put a small amount but in fact you do with more attempts then obviously the number of losses must also be quite large, and that's why limiting the time of involvement is also something that must be done because by limiting in terms of time then you will not experience an increase in interest in gambling which of course it is likely to make you more curious about gambling. I think don't be too concerned with satisfaction, because of course it can increase the amount of your budget, simply put even if you put a small amount like 5% but if it turns out to lose and you feel still not satisfied with the gambling session then it is possible for you to re-deposit money to continue the session.

1% is indeed safe and certainly you won't notice the losses incase you are in bad streak. This is ideal for those who wants to try different games yet don't want to spend much or afraid to have huge losses.

But It depends for every gamblers since many of us probably don't want to waste our time (like those whale gamblers) using a small amount when playing especially if you're after profit. In my case, 5% of my day job salary is sufficient already to spend for leisure. IMO, regardless what percentage of your money is meant for gambling, as long as you'll be satisfied then that's what matter. Don't try to follow others who can spend more than what they can afford because often that's the start for someone to have a problem related to how they gamble.

Yes that's right, indeed in a game based on luck of course everything can look different as you said all games have risks, and if the game requires capital then the risk of losing money is clearly there. But in my opinion in the game of luck the percentage of losing will be greater than the percentage of winning, and betting with 1% is enough to manage risk, although indeed everyone does not have the same economic situation as you said, but betting using 1% of income may be enough, the point is that we ourselves must be able to balance it ourselves. But maybe there are some people who may still feel less risking only 1% of their income so they can't balance it.

That's right, your advice is very effective. Because it can reduce the risk of periodic losses. And everything must be done carefully, lest we do things carelessly, let alone tie tightly to money. In addition, being able to balance funding for gambling is also in my opinion a responsible action. Because many people cannot balance the funding for gambling with their income so that it actually harms them.

If we go to risk management or safety in gambling involvement then yes obviously I would agree that 1% is the recommended budget amount because that amount will not be too much of a drain on your pocket, I understand that everyone has freedom in terms of putting a budget amount on their gambling and maybe for some people who have a pretty good income in their life they will definitely be more courageous to put a slightly large amount but still anyway what is more recommended is to put a low amount and not exceed 10% - 15%. On the other hand you can't say that the percentage is not important because obviously allocating a large amount of money is too risky even if you have good discipline, but for another thing I quite agree with you that we must be able to really be consistent in maintaining the small amount that we allocate and the conclusion is that the recommended approach is to put a small amount along with maintaining it and never you dare to increase the amount because what is worried is when you are unable to accept defeat.

1% is too small i should say and for sure that most gamblers will really be definitely be adding up the percentage on the time that they would be easily bust up with their initial capital.
Budget could be small that it would really be just that ending up on a few seconds if you do deal with casinos or some few bets on sports betting. It would be actually depending on what you are dealing with but if you are really that dealing with those fast pace games then you do know on whats next?. You would be having those emotions that it wasnt just enough, you would be on good position
that on the time that you have lost those amounts then you do immediately stop and doesnt tend to make more deposits on which this is something the approach that should be done.

It's quite reasonable that we will feel comfortable with losing 1% of our portfolio, this will apply if we have enough money, but if we have a little, it's not wrong to add no more than 5%. In my personal opinion, this is still relatively safe.

I think that we can play with a chance not of 1%, but go beyond, perhaps some will consider $10 so that it can be distributed in the month, and that is something that we can see how to play it although in my very opinion Personally, I would not say 10%, I would say a maximum of 8% to risk, because it is something like when I trade I am also able to risk 10%, it is always less than 10% because for me that figure can be significant .

In games of chance things can look very different because for any game there is always a risk, whether it is 1% or 10% whatever, the important thing here is that things can happen very differently for a particular situation, that is That is to say, not everyone has the same economic and financial situation, not everyone is under the same conditions and expenses, according to that, we see that gambling can be seen as a luxury, a luxury that many cannot afford, so it is difficult to establish something very general.

What I can advise is that a person who can afford to play has to be very careful so that their decision will not affect them in the future, because the people who risk their basic balance and leave behind many things that they cannot cover that they should Addressing this now enters the realm of irresponsibility, and that already attracts other problems and that is what leads to desperation, stress and pressure that many cannot endure and collapse.