People need some means of leisure or recreation every once in a while. It could be through travel, shopping, or even gaming or gambling. It’s very important, however, to be in full control especially when it comes to the expenses. It’s easy to overspend when you are enjoying what you are doing. It’s easy to lose track of how much you have been spending when you are doing something pleasurable.
Responsible gaming
One of the most addictive ways for recreation is gaming. Millions around the world get hooked on these recreational activities without realizing that they are already spending more than what they earn. They don’t realize that it’s becoming a problem for them. That’s why it really helps to be aware of the idea of responsible gaming.
A 2016 paper published in the Journal of Behavioral Addictions examined research works conducted on adult gambling and problem gambling. The paper cited the high prevalence of problem gambling in different parts of the world. Of note, studies included in the paper reported a problem gambling prevalence for the United States at 3.5%, Canada at 2%, Brazil at 2.3%, South Korea at 3.8%, and Singapore at 4.1%.
Source: Journal of Behavioral Addictions (screenshot of one of the tables summarizing studies on journal addiction)
Fortunately, many gaming sites nowadays come with features that help address potential addiction to gaming. There are sites that provide self-exclusion options. What this means is that players can prevent themselves from accessing their gaming accounts so they can momentarily put a halt to their gaming habit. Self-exclusion entails the temporary deactivation of an account for a particular period. It could be for a week, a month, a quarter, or even a year.
Self-exclusion is a voluntary decision given to players. This option can be activated by a player anytime. It is included in the account dashboard, usually with its own tab. This tab can be labeled as “Responsible Gambling,” “Gambling Limits,” or simply “Self-Exclusion.” This is a simple tab that usually only presents the option to set the preferred period for self-exclusion and a “Submit” or “OK” button.
Screenshot of the Responsible Gaming / Gambling Limits interface of a casino
Source: Dasist Casino (screenshot of UI)
During the self-exclusion period, a player cannot access any of the games that used to be accessible before the activation of the self-exclusion period. The player also stops receiving gaming offers, promos, and other information (usually in the form of newsletters or emails) that would entice them to play. In other cases, the gaming account becomes fully inaccessible within the specific self-exclusion period.
For many, this is a good way to control excessive gaming as it is “voluntary but somewhat compulsory.” It reinforces self-discipline as it is something that should be initiated by the players themselves, but it cannot be reverted until the configured period lapses. However, there are some gaming sites that provide the option to cut the self-exclusion period short What usually needs to be done is to simply contact customer support and indicate the request.
Age and identification verification – It’s worth mentioning that legitimate casinos and gambling sites also impose rules that help ensure responsible gaming. In particular. they require players to be of legal age or at least 18 years old. Their terms and conditions include provisions on the need for age and identification verification. These ensure that only responsible adults get to gamble and that there are hindrances not to make it too easy for anyone to become a casino frequenter.
The identification documents required vary from casino to casino but generally, all government-issued IDs are accepted. Company IDs as well as IDs issued by known organizations or institutions may also be used. This identification requirement, of note, is also a good mechanism to prevent anomalous access to accounts, especially when it comes to online gambling and credit card use.
Preventing money laundering – Money laundering is a major issue in the casino business. Casinos are wary of being suspected for criminal activity that they are implementing measures to avoid potential money laundering imputations. In addition to the identification document requirement for players, high rollers are also being asked to prove that they have legal sources of funds. Casino operators are especially careful when it comes to players who are in politics or those who are politically-exposed, players coming from a high-risk jurisdiction (countries or states known for money laundering or those included in a sanctions list). In the European Union, casinos are obliged to undertake identification and verification routines for all customers entering the casino promises and to do another identification and verification process when a player approaches €2000 in deposits, bets, or wins (for a day).
Potential money laundering activities are a responsible gaming issue as anyone can be used by syndicates to launder illegal funds for a commission. As such, players and casinos are expected to cooperate with each other to prove that the funds being used are legal and within the means of the players.
Establishing and managing a bankroll
This is in relation to gambling. You need to decide what a “comfortable” bankroll is for you. This should always be kept in a separate account away from the money you need for your other expenses. The bankroll fund should be based on what you can realistically afford. Once your bankroll is set up you should try and keep it consistent, it’s OK to let it go up, but you don’t want it going down too much. This is where being sensible with your bets come in to play. If you have a bankroll of £100 and you bet high, say £50 it is only going to take 2 loses before your bankroll is gone and you are left with nothing. So when betting you need to take this into consideration and be sensible with your bets.
Making your money difficult to access
To avoid overspending, make sure that you can’t just easily get and use your money. This will make it difficult for you to do things that will lead to overspending. Find ways to prolong the time it takes for you to access your funds.
In online gambling, for example, deposit only a small amount for your bankroll. Don’t be too bothered by the transaction costs or transfer fees everytime you make a deposit. Yes, you may end up spending more dollars on the transaction costs but this is better than ending up overspending by the thousands. Remember that the house always wins so it would be better to take better control of your money. This is what the house edge or house advantage is all about. A certain percentage of all bets automatically go to the casino regardless of whether players win or lose.
House edge for popular casino games
Source: UNLV Center for Gambling Research
When it comes to shopping, as much as possible avoid using your credit card. Using a credit card makes it easy to go beyond your budget as your limit is only your credit limit, which can be quite high. You can use a debit card, which is separate from your main bank account. It’s the same with online shopping. Don’t rely on your credit card to pay for purchases. The key is not to resort to credit or the use of money you haven’t earned yet.
This is not to say that you should not have emergency funds. It does not make sense preventing yourself from accessing your money when you seriously need it, especially while you are traveling. Just be sure to have strong self-discipline not to unnecessarily and prematurely access your emergency funds.
Not getting deceived by “sales” or promos
Many tend to be deceived by the idea of missing on a “sale” or other promotional offerings. The typical mindset is that they have to buy something now while its price is discounted otherwise there may be no other time to buy it at such a low price. It greatly helps to avoid having a sale-chasing mentality. You become more efficient with your spending when you have everything planned instead of impulsively spending on things because of “sales” and other promos. Be aware that stores may be deceitful with their sales pricing. They could be using fake or deceitful “original prices.” Macy’s and a number of other retailers were sued for doing this practice.
Casino Comps – When it comes to casinos, you may encounter bonuses or promos in the form of comps or complimentary points. These are usually accumulated as a player plays, the amount of which is typically based on the amount of bets placed and the length of time a player has been playing. The comp points accumulated can then be exchanged or redeemed for cash, merchandise, and services including free travel and gadgets. Comps are a way of enticing players to play more and one of the reasons why gamblers couldn’t resist gambling. It’s important not to fall into problem or pathological gambling because of comps and other casino promos designed to make players crave for more playing.
Being with good friends
Another effective way to avoid overspending is to make sure that you are doing recreational activities in good company. Having friends who can boldly tell you to stop because you are already overdoing something is always an advantage. It’s great to do recreational things with friends; you just have to make sure your friends will help you control your indulgence instead of prodding you to go beyond your financial limits.
To recap
The five points mentioned above may sound like simple ideas, but they are highly effective in helping prevent excessive spending on leisure. Consider doing them and learn to develop strong self-discipline as you try to satisfy your desire for recreation.
Image: Pixabay.com
