When the Stakes Are High - Gambling Responsibly

We all want a better life - to break free financially. There are lots of ways to get started, but betting (though has made just a few out of millions of bettors rich) isn't a recommended way. Bet if you must for fun or to make some money with an amount you can afford to lose but losing your head and turning it into a daily routine (addiction) is what I preach against.

Betting is neither a crime (at least where I come from) nor is it bad (though many would disagree). I have engaged in betting and I still do. Nobody around me knows that I bet, I'm totally in control of that aspect of my life. I can go weeks and even months without. I usually bet when I've got a little money to play around with.

But the same cannot be the same about everyone else. Aside from those I read and heard of, I've witnessed the impacts sports betting addiction could have on people - It has ruined dreams, relationships and rendered people bankrupt.

Too much of anything is bad

Gambling is addictive if not properly controlled.

The Nigerian bulging youth population has been inundated with sports betting. The rate of gambling is alarming and this is driven by the quest for quick money, unemployment, greed, and economic hardship amongst others.

There are betting activities all over the globe but our problem in Nigeria is that we tend to overdo things all the time, be it chances, opportunities, privileges, name it. Once it starts making sense we overdo it immediately…sadly we all are guilty of this somehow.

Though there are gambling laws in the country, their activities are not properly regulated and laws are not effectively enforced. You can spot betting shops in most streets and even teenagers have access to these facilities.

Betting Responsibly

Gamble with an amount you can afford to lose.

I know quite a few people who have turned sports betting into livelihood without doing other hustle.

You earn 30,000 Naira monthly and you bet with 10,000 or more that's not betting responsibly.

Your rent is due and you've got some money. Instead of paying it off, you want to first double it with 2 odds. That's irresponsible gambling.

As a student, your parents sent you 50,000 to pay your school fees. You used 10k to stake on a game you are confident in winning. But end up losing it. Believe me, you'll want to win the money back. You'll bet again and again until you end up losing everything. A bad decision.

If you must bet, learn to bet responsibly and accept defeats as part of the investment...

Use your head while betting.

I mentioned earlier that I bet, right? But I don't bet with my salary, My betting bankroll is from a little percentage of what I make from my side hustle. And once I exhaust that little amount for the month, I won't bet again till the next month.

Avoid Greed

Greediness is ruining most bettors. Some want to win 1 million with a 100 naira stake. For this to happen, they have to select a lot of games which reduces their chances of winning. And some forget to "stake only what you can afford to lose" and go in huge and end up losing big time. You end up bankrupt when you're trying to win what you don't deserve

Don't Get Addicted

An addicted bettor is ruined. Whenever you get hold of any amount the first thing that comes to mind is to stake it on the next game. Betting should be for fun, don't turn to an addicted bettor.

Don't Chase Your Losses

Always know when to stop.

It is also very important that you do not chase your losses with bigger bets. It is common for some sports bettors to be down money and feel to win it back they need to increase the size of their bets. This is putting yourself in the wrong mindset and will often lead to you losing even more money.

Gambling is a game of risk, if you are not willing to take it you should quit. If you lose, accept your loss and move. And when you win, you smile. Stop trying to win back what you've lost, most end up losing more.

Have a good bankroll management strategy

If you are serious about sports betting, try to have a betting bankroll. You can set aside a certain amount of you that you can use to bet for the week, month, or even season. If you want, you can create a separate account for betting, where you can put a certain amount of your income. And once you exhaust that amount for the set period, you should stop.

My Take

Avoid gambling if you can. But as long as you don't depend on winning to make the next expenses and you can control your gambling habit to not get addicted, then you are on the clear. If you don't have a job or any high-income skill that earns you money consistently, then it is a problem.

Let’s all be guided and bet responsibly if we must.