Responsible Gambling Guidelines
Here are some tips on Responsible Gambling Guidelines from those who have been at it for a while.
Be responsible: Bet only what you can afford to lose. A bet can be lost just as easily as it can be won. Take care of your basic needs and that of your family. You can place bets with the cash left at hand.
Do not involve minors: Young people under the age of 18 should not be betting because they do not have an income and might be tempted to steal or divert money meant for school activities.
Do not chase losing bets: If you place a bet and lose, do not place more bets hoping to win back the money you lost in the previous bet. This is called, “chasing a loss,” and it can only lead to bigger losses. If you are having a string of bad luck, it is better to take a break from betting.
Do not bet when desperate: The rent is due and you have only half the cash you need. If you bet with that money, your frame of mind at that moment could push you into placing risky bets that are highly likely to fail. It is tempting to bet your NAIRA 10,000 hoping to grow it ten times into NAIRA 100,000 but such a bet is very likely to fail (the higher the odds, the higher the risk).
Make a budget: If you don’t plan your betting expenses, you might spend too much. Give yourself a daily or weekly limit on betting and stick to it. Related to that is setting a time limit for betting. Allocate yourself a fixed time each day when you can look at games and place bets. Without such a limit, one could easily spend the whole day analysing games.
Don’t borrow money to place bets: What happens if the bet loses? You will not be able to repay the loan.
Avoid getting superstitious: Betting is all about luck and chance, and no amount of superstition will change the outcomes. Lucky charms and witchdoctors (waganga) have no effect on the outcome of games.