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4 Simple Tips To Save Money When Gambling Online

Online gambling is a fun thing to do in your spare time if you want the casino experience at home. Responsible gambling is always encouraged and you should treat this like any other hobby! It’s an expense – just like buying cinema tickets or going out for meals – so like all expenses you should figure out ways to save money. 

The following guide will reveal a few personal finance & money tips that’ll ensure you save as much cash as possible when gambling. It won’t necessarily increase your winnings but it will certainly mean don’t spend too much money!

tips to save money this year

Withdraw Your Winnings Right Away

Do you know why lots of people spend far too much money gambling? Some keep spending as they chase losses and try to win but others spend money simply because they see it in their account. 

You bet £10 and turn it into £100 – a big profit, yippee! 

All of a sudden you have more to bet with so it tempts you into spending it all. Instead of gaining £90 you’ve now lost the original £10 and might have to deposit more money next time. If you withdrew your winnings instantly, you’d still have £10 in your account and would be up £90 total. 

It’s a simple concept and it works best at online casinos without ID verification for withdrawals because they don’t add extra steps after you win money. As soon as you win, submit a withdrawal request and take out your winnings. You’ll stop feeling tempted to place bigger bets that end up losing all your winnings and your initial budget and will begin saving a lot more. 

Make A Budget Based On Personal Finances

Speaking of budgets, you should make one based on your finances. Remember when we said gambling should be treated like any other hobby? This is a fantastic way to bet responsibly as it essentially forces you to set a budget for this activity. 

Investopedia recommends using the 50/30/20 budget rule to get started: 

  • 50% of your budget goes on essentials 
  • 30% goes to your savings
  • 20% is there for any additional expenses or hobbies

In this regard, part of the 20% can be set aside for gambling or other recreational activities. It’s up to you to decide how much you set aside – it depends on your other hobbies or different things you may wish to spend the “spare” money on. 

How does this help you save money when gambling? A budget immediately restricts what you spend while also ensuring you never lose “important” money. You’ve got 50% of your income going to the essential expenses and 30% in your savings, which means you can afford to spend 20% on whatever you want. Even if you lose all your bets, it doesn’t put you in a bad financial situation.  

Set Daily Deposit Limits

Budgets are powerful tools for saving money, but they only work if you can stick to them. When you work out a budget to save money on gambling expenses, you can easily break it if you become tempted. Not only that, but you could spend too much of your spare budget on gambling, leaving you not a lot to spend on other interests in life. 

Counter this – and save a fortune on online gambling – by setting daily deposit limits. Most casinos and betting sites let you do this to help you gamble responsibly. You pick a limit and the site won’t let you deposit more than that per day. It’s pretty much a non-negotiable for anyone gambling online; this restricts your spending so you save money while ensuring you don’t fall victim to bad gambling habits. 

Implement A Session Timer

What if you can’t set a daily deposit limit or maybe you keep hitting your limit every day? The latter happens fairly often and it means you’re constantly depositing money every 24 hours. Firstly, this is a bad sign and you should probably seek help. Secondly, you can prevent the problem in a couple of ways. 

The first is by setting weekly or monthly limits and the second is to use a session timer. Some websites have these built into them and you can limit how long you spend on the site. Let’s say you put a 30-minute session timer on. After 30 minutes, your account is logged out and you can’t log back on for a few hours. 

The less time you spend on a gambling website, the less likely you are to throw away money. This – when combined with all the other tips – will ensure you save as much cash as possible while still having fun at online casinos.