In moderation and with a pre-set budget in mind, sports betting can be a fun and exciting way to interact with sporting events. To this end, it is essential that all players familiarize themselves with the importance of responsible Gambling and how to become responsible gamblers themselves.

Read on for safe gambling tips and guidelines, as well as a breakdown of how Betbuzz365 Bangladesh supports and promotes safe Gambling through all of our products and services.

What does Responsible Gambling mean?

Responsible Gambling means betting on sports (or any other event) in a safe, fun, responsible way without negatively impacting your personal life or the lives of others around you. In other words, Responsible Gambling is how you should go about ensuring that your bets do not become an addiction.

This is because Gambling can start as a casual practice and, unchecked, can quickly turn into something problematic. If you don’t have a plan of action with pre-established rules and strategies, you can develop a gambling behavior disorder that will negatively affect your life. This can lead to problems financially, in daily routine, in personal relationships, and even in mental health.

Therefore, your ultimate goal should always be to ensure that your sports betting habits do not impact your personal life, work life, or simply the opportunities you have in life, which you need to establish from the outset.

What does it mean to be a Responsible Gambler?

Are there specific “boundaries” set that dictates whether a person is a “responsible” gambler? Are there different “levels” of “responsibility” when playing that a person can fall into? Unfortunately not – especially considering how one person may be able to afford to lose a much higher amount than another. In other words, it’s not just how much you spend (or don’t spend) that makes you a Responsible Gambler – it’s how you approach Gambling in general.

How can you gamble responsibly?

Here are some tips to keep in mind:

  • Only gamble when you are in a good mood, looking for some fun and awareness. Avoid resorting to your favorite bookmakers when you are feeling sad, angry, lonely, under the influence of alcohol, or with the intention of winning money.
  • Base the success of a betting session on how much fun you had, not on how much money you came out with.
  • Surround yourself with other responsible gamblers. It’s amazing how “contagious” unhealthy gambling habits and attitudes can become when you are around them for extended periods.
  • Manage your expectations. It is wise to go into a new session with the expectation of losing to avoid disappointment or any temptation to continue playing despite exceeding your previously set budget.
  • Always work to find and maintain balance in your life. If other aspects of your lifestyle are well balanced – for example, you are happy at work, you are nurturing healthy relationships, and you are devoting time to your self-development – you are less likely to feel the need to develop gaming habits that can have unfortunate consequences.
  • Be aware of gambling myths that can mislead you into thinking it’s safe to continue playing despite exceeding your limits.
    • Some examples:
      • The belief that your luck will change if you keep playing after a losing streak
      • Playing multiple games at once increases your chances of winning big.
      • Knowing one game will increase your chances.

A Responsible Player:

  • Plays for fun purposes only
  • Does not rely on Gambling as a source of income
  • Takes regular breaks between gaming sessions
  • Sets a specific budget on a daily, weekly, or monthly basis – and sticks to it
  • Only gambles with money they can afford to lose and treats any money lost as the cost of having fun

Responsible gambling: the 10 principles

To help you become more responsible with your Gambling, we’ve outlined our ten principles of Responsible Gambling.

They have all been gathered from research and years of experience.

Follow these guidelines, and they will help you protect yourself from losing control over your gambling habits. The ten principles are as follows:

Don’t chase your losses.

A big problem with sports betting is that people tend to get excited while placing bets, and when they lose, they tend to try to win that money back. A loss of 10 can lead to a bet of 20 next to get that money back and so on, being the start of a vicious cycle.

“Never chase your losses” – this mantra holds true for sports betting as it does for stock market investments. Accept that there will be days when you may not win much and that it is absolutely fine. You need to keep your game plan in mind and not deviate from the strategies you have prepared.

Always be aware that losing is also part of the game, and that’s the beauty of sports betting – they depend on teams and athletes. Like many things in life, there will be good days and bad days too. Just because your team lost to their rivals today doesn’t mean they will lose throughout the league. Games change, and athletes’ performance varies.

So always keep a calm, balanced mindset throughout your journey and stick to your strategy.

Establish a fixed budget.

A big problem with sports betting is that people tend to get excited while placing bets, and when they lose, they tend to try to win that money back. This should be not only a part of your Responsible Gambling plan but also part of managing all your personal finances.

It is imperative that you allocate a fixed budget for fun – it can be daily, weekly, or monthly. After all, you have a budget for your home (rent, electricity, gas, mobile phone, etc.) – why not have one for your Gambling too? Once you exceed the limit of that budget, don’t try to exceed it by betting a little more. It may be tempting, but it will be a deviation from your plan.

Always ensure that your budget is actually available, meaning that even if you lose all of it, it won’t impact your financial commitments.

After all, you have a budget for your home, rent, and, I don’t know – why not have one for your Gambling too?

If you’re interested in betting on multiple sports, this becomes even more important. Box, tennis, football – make sure you split your funds for each of them and stick to it.

If you intend to have fun with sports betting over a long period, you won’t go wrong by assigning a fixed budget and then making decisions from there. As you become more familiar with your habits, results, and the type of betting you do, you will understand what the optimal budget is and better establish your limits. This will take some time and require planning, of course, but it will result in a safe and healthy entertainment strategy in the long run.

Keep track of your bets.

The importance of this cannot be underestimated, especially from a sports betting perspective, as this is how you can get to know the game better and prevent exaggerated losses. Your odds, in the long run, will be determined by the type of bets you place, and the best way to make that happen is to identify what works for you. This is why you should get into the habit of keeping track of your bets from day one. Meticulously write down the games you bet on, the market type, the amount, and the outcome of the bet (you can also make a tracking spreadsheet). After a few weeks, you will have enough data to see what worked and what didn’t, and based on that, you can then formulate your betting strategies.

For example, if your bets on tennis are offering you high odds of return, then you can assume that you have a low probability of winning (because the more unlikely the win, the higher the premium for the bet). However, for you to reach this conclusion, you need to have information – as we said before, it’s all about the numbers.

Make decisions based on data.

In other words: research! Search! Research it!

Let’s take the example of betting on a football match between Liverpool and Real Madrid. You know both teams are strong, and it will be an exciting match, but what about the stakes? That’s where the research comes into play – you have your instincts telling you that the match could end in a draw or that both teams will score. Whatever the case, checking the stats won’t hurt your analysis. If nothing happens, it will improve your assessment of the potential outcomes of the match. Every move you make has to be driven by logic.

Look at the history of the teams, the performance of the athletes, goal scoring, the matches of one against the other in the past, their performance in the tournament, and other similar factors and arrive at your decision. Similarly, in tennis betting, look at the previous matches of the two competitors and their most recent performance in the tournament to make a safe bet. Remember that statistics play an important role in choosing the right bets in cricket- it’s all about the numbers! You can further extend this knowledge by following experts, previews, and betting tips such as those found on specialist websites and even Betbuzz365 Bangladesh.

Check out the consensus and place your bets on it. Of course, this won’t guarantee a 100% success rate, but it will definitely significantly increase your chances, much more so than playing on instinct or luck.

Be patient and disciplined.

It will be difficult at first, but once you get into the habit of gambling responsibly, you will enjoy this exciting world with confidence and security! And while you’re gambling, always keep your emotions at bay. If you are having a bad day or in a bad mood, it may not be a good idea to gamble that day. Your judgment may be clouded by your emotion, and this will only make it harder to make the right choices.

Bet on what you know.

The sixth fundamental principle of sports betting is to bet on what you know. This includes the leagues you are familiar with, the teams you follow, and the sports you love. The outcome of sports betting depends on the team/athlete. And the more you know about the team and the sport, the better your betting conditions will be. Likewise, you should also understand how the odds are set by the bookmakers and what they really mean.

You should also make a point of basing your decision on some research and hard data – we will talk more about this later. By doing this, you will be more secure about the bets you place, and your chances of making a mistake will be lower. The same goes for different betting scenarios (from simple outright winners to complex events like both teams scoring, the total amount of goals, the number of games in tennis, etc.). You should focus on those games you have better knowledge and more information about – otherwise, you might lose your bet to a pure technicality you failed to understand before.

Trust someone and share your journey.

Always remember: betting is about having fun, playing and interacting with friends and loved ones, and sharing the joys and disappointments together – always with financial responsibility (follow your plan, respect your budget). One of the best ways to keep your online sports betting habit going is by relying on someone close to you to share your gaming experiences.

When you have a bad betting day, talk to your friends, fellow gambler, or relatives about it instead of feeling compelled to chase your losses. That way, you will not be alone but will have that other person’s support to stick to your plan and maintain your gambling responsibly. Keep them informed of your betting, your experience in general, and how it’s working out for you. You don’t have to provide all the details, but as long as they know what is going on with you, they will help you keep your habit under control. Also, if you ever feel like your habit is getting out of control, you will have someone to talk to.

Take regular breaks from gambling.

Just as we need a break from work for a short period, the same goes when it comes to gambling. Set for yourself the period when you should take a break from gambling. This will be a good opportunity to come back to reality and take a moment to think if gambling is not interfering with your other interests, hobbies, and pleasures.

Only gamble with Trusted Brands.

Only gamble with brands that promote responsible and healthy gambling and provide you with the tools and support you need to adopt such an approach. An important point about playing with trusted brands is that they have several measures already in place to let you control your play. They have various features like time-outs, self-exclusions, reality checks, and deposit limits, among others, to keep your betting habits under control. Trusted brands also have customer support teams to help them, providing tools such as blocking the account for a fixed period or permanent closure.

Additionally, an aid to identifying a trusted brand to bet with is to examine which organizations the brand you bet with is associated with. Large, established organizations will usually refuse to enter into partnerships/sponsorships with betting companies – unless they are reputable and trustworthy. It is also recommended to regularly check if the operating license of the brand where you bet is valid – information that good brands make available with easy access to their players.

When necessary, seek professional help.

If you identify that you have a gambling problem, we recommend that you approach a professional psychologist/therapist to address the issue, as well as talk to your friends and family about your situation. Here are two websites that you may find useful to learn more about problem gambling and how to deal with it:

Gambling Therapy is among the most popular portals for those in need of guidance (https://www.gamblingtherapy.org)

Gamblers Anonymous seems like a very straightforward page at first glance, but don’t let that fool you. What they do have is an extensive database of meetings and support groups.

The signs of problematic betting behavior

Fun and casual sports betting can become a problem when you are not aware of your actions. So, it is important that you are self-aware of your betting habits. As a rule of thumb, you have a gambling addiction if you constantly feel like gambling despite knowing its serious consequences. There is no self-control, no strategy – just an addiction that you need to feed. To help you in that effort, we’ve prepared this short list of signs of problem gambling behavior, which also serves as a kind of self-assessment for you to see how you’re doing:

  • Lying about your gambling habits to those around you
  • Chasing your losses
  • Losing track of time and gambling for longer than you intended
  • Feeling restless when you are not gambling
  • Feeling guilty about your gambling habits and the consequences of it
  • Borrowing/stealing money or selling your possessions to gamble
  • Always betting more than you need to and increasing the size of the bet to get that adrenaline rush
  • Scheduling your life around gambling
  • Obsessing about gambling
  • Gambling until you run out of money
  • Neglecting your family, friends, or work because of gambling
  • Gambling recklessly without a plan
  • Physically and mentally damaging their health through gambling
  • Using gambling as a way to improve your mood when you are feeling down
  • Inability to stop gambling or stop thinking about gambling
  • Massive debt incurred due to gambling
  • Gambling with money set aside for other crucial expenses
  • If you find yourself with signs of problem gambling behavior, we recommend you take urgent action. You may have a gambling problem, but with help, you can kick the habit and get back to living your life normally. There are many ways to do this.

How to protect yourself from sports betting addiction:

Opt-out request

As you may know, sometimes you need to take a break from your relationship, not because it’s getting suffocating, but because it’s very necessary. You know that you will benefit from that break. The same goes for sports betting.

With the Exclusion Request, you can choose to close your account for a fixed period, chosen by you. You’ll have to contact customer support for this, but rest assured that this is a great measure to keep your gambling under control.

To use this tool, please contact support (at) betbuzz.com