When you want to take a gamble by playing online casino games or doing sports betting, you want to set a budget. Betting is okay within reason, but it can take over your income if you do not set a proper budget.
So how much of your income should you set towards sports betting? This would depend on your other recreational spending endeavors, but the rule of thumb is that 30% of your income can go to recreational spending since that is what sports betting falls under.
The 50/20/30 Budget Rule
You can calculate your base budget for online casino gaming and sports betting by following the 50/20/30 rule. Half of your after-tax income goes towards your needs such as paying bills, purchasing food, and buying clothes.
You allocate 30% of your income for your wants, or that can be called your recreational spending. The other 20% is contributed to any debts you have to pay such as credit cards and large medical bills, for example.
Income Allocation Example
Say that you get paid every week. Your after-tax income is $1,000. The following would be the income allocation on what you can contribute to the 50/20/30 budget rule:
- $500 for needs.
- $200 for paying off debts.
- $300 for wants and recreational spending.
If you only want to use your recreational spending for sports betting, you can use the whole $300. If you have two or three categories for your recreational spending for that week, you can allocate $100 to $150 for betting.
Keep to Your Recreational Spending Budget
Once you have exhausted your designated recreational budget for betting, then do not fund your account any further.
If the temptation is too strong, tell your debit or credit card company to not allow any purchase amounts past a certain number For example, if your designated betting budget is $300, then tell the card company to not let you make any purchases after that one $300 purchase on the online casino.
Do Sports Betting or Casino Games Once a Month
So that you have more money at once, save your recreational budget for one to two months so that you can enjoy the betting games longer. Split up your betting budget into three to four deposits so that you do not bet it all at once.
Do Smaller Bets
If you want to engage in more sports betting or casino games, split up your bets into smaller increments. You can enjoy the thrill of betting more so when you do smaller bets. Even some small bets could turn into large rewards if you are lucky. Remember that not every bet will net a win, so be careful how much you bet.
Conclusion
If you are having trouble keeping within your betting budget, try to find an activity that will help you take your mind off of sports betting. Have a person in your household or a trusted friend to keep you on track and remind you that you are already over your betting budget for the week or month.
Before you engage in more betting in one sitting, be sure to set aside your recreational budget for a while until it gets to a higher amount. It may be hard to accept that you do not have any more of your betting budget once it’s all gone, but staying with it is important so that your hobby does not eat into your bills or pay off your debts.
