Risk is what makes gambling so enjoyable and thrilling. The bigger the risk, the greater the win. These facts lead to another statement – gambling and spending always go hand in hand.
Of course, you can play some online slots and casino games for free, but that would be no more than a simple arcade game installed on your PC.
The amount of money people spend on gambling varies depending on the country they live in and their salaries or income. Thus, Americans spent around $116.9 billion on the gambling activities that include land-based casinos, regulated gambling websites, and state-run lotteries. No wonder the US gambling market is the largest one in the whole world.
According to the Montreal Public Health Department, Quebec players spend over CA$3,000 on gambling each year, which is more than players spend anywhere else. Australians, for example, spend just around $1,000 annually on gambling. As you can see, gambling-related spendings are indeed different in each country, but the fact is, gambling always comes with spending.
How Much is Too Much?
Gambling is fun – that’s a true fact. However, not all people gamble with reasonable limits. When gambling causes problems for you and for people you love, it means you are addicted to gambling and spend too much on it. So, there is a simple and obvious question that raises in mind when it comes to gambling addiction: “How much is too much?”.
In order to answer this question, ask yourself how much you are ready to risk without your budget being tightened. Let’s assume you have a separate budget for entertainment. In case you are spending just a part of this budget on gambling, then it’s ok, and there’s nothing to worry about.
However, once you spend 1 cent more than it is budgeted, you have a gambling problem. If you spend money you need to pay for the essential items (like food, clothes, rent, bills, medicine, transport, etc.), again – you have a gambling problem. The problem is getting even worse when you start looking for more money to get back to the casino and win your money back.
In order to protect yourself and your family from being affected by gambling addiction, you should “put on the table” only that amount of money which can be lost without any regret. Of course, this amount of money varies from player to player. For some players, spending 10 dollars on gambling means refusing from the needed weekly products, while for the others, spending thousands of dollars in the Much Better casinos won’t make any hole in the budget. That’s why there is no exact figure of “too much”. You should set the upper limit yourself and never go beyond it.
Play to Win or Win to Play?
Now, let’s imagine you have recently hit a massive jackpot – several million dollars, for example. What are your next steps? What will you spend your money on? Will you give up working? Believe it or not, deciding how to spend the winnings is not an easy task. Many winners spend their jackpots irrationally, making premature decisions.
According to the official data, most UK millionaires created by the National Lottery spent most of their money on property and business investments. That was a great decision, but far not everyone did the same. For example, George and Beryl Keates gifted their winnings to the family and continued buying lottery tickets. Vivian Nicholson spent a major part of her winnings on luxurious clothes and supercars.
In order to prevent spending the winnings on what you don’t really need, you are offered to follow several simple but extremely important steps:
- Cool down. If you start spending your winnings right after you receive them, your decisions are likely to be made by your emotions rather than by your mind. So, take your time and rest a bit.
- Stay anonymous if possible. Once people know you’re rich, you will be bombarded by hundreds, if not thousands, of requests for borrowing your winnings or gifting some of your winnings to those who need money, or something like that. So, you’d better not tell anybody about your winnings.
- Pay off debts. If you have some debts, pay them off. That will be the best kind of investments.
- Think about your future. Your winnings should not only make you happier for a couple of months but also should help you feel wealthy in a long-term period.
- Protect your assets. Make sure no one can reach your winnings/assets/investments and use them for their own purposes.
Is Gambling Worth Trying Out?
Gambling is not about ripping you off. Gambling is about fun. If you start thinking of gambling as of entertainment but not as of a way of making money, there won’t be any reasons for worries. Simply divert a part of your budget to gambling and never spend more than you plan. Don’t let fun turn into a family problem.