Gambling can be an entertaining and exhilarating pastime for many individuals. Nonetheless, for some, it may lead to serious financial, emotional, and social consequences.
Just this week, the government increased the tax on betting and gaming stakes from 7.5 per cent to 12.5 per cent, effective July 1, 2023, to discourage betting and gaming.
So, if abstinence+ is not an option, this is how you deal with your gambling problem.
Educate yourself
I won’t tell you to stop gambling or how bad gambling can get, I’d rather you find that out yourself. But I’ll tell you this, before it’s too late educate yourself about the risks and consequences of problem gambling. And If you think education is expensive, try ignorance. Ensure you understand the signs of addiction and seek help at the earliest indication. Stay informed about local gambling regulations and seek licensed and reputable gambling platforms if you choose to gamble online. Being well-informed empowers you to make responsible decisions and safeguards against potential pitfalls.
Budget! Budget! Budget!
Just like drugs, gambling is addictive, and once you are in it, it controls you and your money. If you have to gamble, then establish a gambling budget. In this economy, determine how much money you can comfortably afford to lose, if any, without impacting your essential expenses or financial stability. Set a limit on your gambling expenditures and adhere to it strictly. This ensures that you don’t spend more than you can afford and it reduces the risk of financial hardship.
Set and stick to your limit
By limit, I mean both time and money. Once you have set your budget, know when to gamble. Unless you aim to become a full-time gambler, I suggest you set strict time limits for your gambling activities. Create a schedule that allows for a balanced lifestyle, including work, family, socializing, and other interests. Avoid spending excessive time gambling, as it can lead to neglecting other important aspects of life. Setting boundaries ensures that gambling remains a recreational activity rather than a consuming obsession.
Avoid chasing losses
This by far is the biggest trap. Thinking that you can recover your losses. Abstain! Honestly. One common setup for gamblers is chasing losses. If you experience a loss, resist the temptation to keep playing in an attempt to recuperate your losses. Accept that losses are a part of gambling, and chasing them can lead to further financial harm. Take breaks, reassess your strategy, and remember that gambling should be viewed as entertainment rather than a means to recover lost funds.
Identify and Manage Your Triggers
At some point, some things will make you want to gamble occasionally and unhealthily. Being broke, trying to prove a point, stress, name them. As a gambler and a safe one, you need to be more self-aware. Know what triggers you and get hold of it as soon as possible. If need be, put measures in place that makes it harder for you to gamble. Whatever it takes do not lead yourself into temptations.
Lose not the sight of why you started gambling in the first place. And my guess is you did it for enjoyment. Always remember, responsible gambling is about enjoying the experience while safeguarding your well-being and financial stability. Let that sink.