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May 2020

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The word ‘gambling’ has always been known to raise a few eyebrows and get people all worked up. We have grown up learning that gambling ruins lives and leads to monetary and legal problems. This idea is not entirely wrong, but this is just one side of the coin. There is more to the story than what we know today. The problems with gambling arise from a lack of control on yourself and developing it into a habit. Gambling, in itself, is not an evil space that sabotages lives. It is, in fact, fun and acts as a stress-buster. And to make this point clearer, here are a few things that we need to know about responsible gambling, and learn about the ways to gamble responsibly.

What is Responsible Gambling?

Responsible gambling is where an individual exercises self-control and restrain while indulging in their gambling activities. An individual is said to be a responsible gambler when he/she keeps a weather-eye on his bank balance, does not chase losses or resort to unfair means while gambling. There are several other ways of practising responsible gambling, and we are going to discuss some of them in the sections below.

Gambling

Gamble Only for Entertainment

One must gamble for fun and not for money, if he or she is to gamble responsibly. The minute you think that gambling could earn you some money and start gambling primarily because of that, you shall end up losing your sense of control. Therefore, the first tip to be able to gamble responsibly is to gamble only for entertainment, and not for money.

Do Not Chase Losses

It is important that you ditch the habit of chasing losses if you are to gamble responsibly. Chasing losses might sound like a great idea. You might think that you shall be able to make up for all the lost money once you start playing more. However, that is just your illusion. You might just end up making mistakes and lose more money in the process. Therefore, the second tip for gambling responsibly is to not chase losses.

Losses

Set a Timer and Check Your Balance Frequently

Always make sure that you know how much time and money you are spending on gambling. You could end up losing track of time and money if you are not conscious about these two factors. Set a timer if required and allot a specific amount for gambling. Do not go beyond the time and money that you have allotted for yourself. This is the best way to gamble with responsibility.

Wrapping Up:

Responsible gambling can help you break your habit of problem gambling if you are facing the issue. It does not require you to ditch the habit. It only makes you more responsible and manages your habit in a better way.

Betting strategies are methods or particular strategies in gambling that help in increasing the profit or making a substantial profit while gambling. Betting strategies perform statistical analysis on the house odds, house edge and the system to calculate the best possible means to increase the chances of either winning, making a profit or booth.

Statistically, no betting system or a gambling strategy can produce or promise long-term profit, due to the changing house odds from one game to another. But some of the betting strategies mentioned in this article, will aid in producing long-term profits.

Martingale strategy

It is a progressive betting strategy that is aimed at increasing the chances of winning by doubling the stakes on every hand. Many of the sports betting strategies are also employed using this method.

For instance if you wager 10 dollars on the first hand, and you lose, then you wager $20 on the second hand and if you fail even this one, then you wager $40 on the next hand. The pattern is basically doubling the money on the previous bet. In case you win, then you make up for all the losses in the previous to bets.

Betting

Fibonacci strategy

Fibonacci series is a series of number which runs like 0, 1,2, 3,5,8,13,21,34… and so on. This sequence is used in many of the different strategies from hurricanes to galaxies. Two consecutive numbers are added together to form the series For instance, you bet $1 on the first hand and lose the hand, then in the next round, you would raise the stake to two dollars.

If you lose the next round again, then the stake is increased to 3 dollars and then 5 dollars. This strategy is reminiscent to the above-mentioned martingale strategy but can only be applied for the draw results when the probability is above 2.6.

Fixed wager betting

Although the above mentioned betting strategy sounds a bit complex, it is still used by the pro-gamblers and Millenials. But if you find those systems complex and complicated then fixed wager betting is an easier strategy to follow. As the name suggests, this strategy encourages betting with a fixed amount, regardless s of the amount you win or lose. This will give you a chance to keep the same amount without giving a chance to blow it all off.

Although this system is popular, it is not suitable for all as you’re restricted to choose the amount for betting.

Conclusion

Even though the above three strategies are the most popular of all the betting strategies, there exists other strategies which are not so popular, like

  • Card counting for card games
  • Hand capping for all sports betting
  • Kelly criterion strategy
  • Split martingale strategy
  • Anti-martingale strategy
  • D’Alembert system
  • Oscar’s grind

Depending on your comfort and the level of expertise in the plan, and other reforms, it is your choice to choose the ones that work the best for you.