5 Risk Management Tips for Safe Gambling

Contrary to popular opinion, gambling online isn’t entirely the game of chance, hit-or-miss; in other words, something uncontrollable. A player, certainly, can’t have any control over RNG, but he can manage the risks in order to make sure that the bankroll keeps growing. And remember, discipline and responsibility are key when betting on sports, playing casino games, or video slots. 

Table of contents: 

1. Assess the risks.

2. Establish your gambling limits. 

3. Keep your emotions in check. 

4. Don’t hesitate to use support. 

5. Deposit and withdraw funds only through reliable exchanges.  

Assess the risks 

The meticulous calculation of every move taken when wagering at the online casino or betting on sports is essential to be safe - and successful - at gambling. Otherwise, it is just a fun pastime or downright recklessness. But first, one has to accept the fact that gambling is inherently associated with high risk, especially in the games with very high variance. Note that the less predictable the outcome of the game is, the higher is the variance, and design your gambling strategy accordingly.  

Establish your gambling limits

The rule of thumb in gambling, as well as other activities that involve risking money, like trading, is to set strict limits on how much mBTC you are willing to risk on a wager. Simply put, you must avoid betting the amount that jeopardizes your bankroll. The hardest thing here is to ignore the “gut feeling” that might tell you to risk more than you can afford. Plan the bankroll and set betting limits ahead of time, and stick to them even when the temptation to up the stakes seems unbearable.

Keep your emotions in check 

Stress and anxiety are among the worst enemies of responsible gamblers because they affect the judgment, the ability to analyze the situation with the cool head, which leads to impulsive, and, most of the time, erroneous decisions and bets. If you find yourself engaged in the so-called “stress relief gambling” that is a major red flag - you need to rethink your approach to gambling right away and maybe even seek consultation regarding the root of the problem - the stress. 

Don’t hesitate to use support 

That advice is especially relevant to novice gamblers or newly registered members of our sportsbook and online casino. Whenever you have any inquiries about bonuses, deposits, withdrawals, etc., go straight to the corresponding section and create a ticket stating your question. A top-notch online casino always has a competent and responsive support team available around the clock.  

Deposit and withdraw funds only through reliable exchanges 

Efficient risk management in gambling involves not only keeping your bankroll and emotions under control. You also have to make sure that the exchanges or other payment gateways are safe, reliable, and offer adequate transaction fees.

There are many established platforms like Skrill, LocalBitcoins, and CoinPayments that have a positive reputation among users. Check our exclusive guides on how to use these, and several other popular online payment platforms here. And remember, always stay safe, especially when betting online.