Gaming, in general, was not as popular in the past as it is today. A few decades ago, most people associated it with casinos tucked away in travel destinations or exclusive events reserved for special occasions. But now? The practice is everywhere, built into apps people scroll through and even casual games downloaded to pass the time during a lunch break.

And thanks to online platforms like Betway, the barrier to entry has never been lower. Because of this heightened accessibility, DemandSage says approximately 882 million people worldwide indulge in online gaming. It’s a significant factor contributing to Grand View Research’s estimate of the global digital wagering market at $78.66 billion, with expectations for it to grow to $153.57 billion within the next few years.

However, as more people adopt this practice, the need for proper budgeting becomes increasingly evident. You don’t want to treat it like a casual hobby, almost in the same category as grabbing a latte or buying a concert ticket. Unlike these predictable expenses, engaging in games of chance carries a unique risk that makes budgeting feel tricky. So, how do you even begin to classify something so unpredictable within a category that’s supposed to keep your spending predictable?

Approach gaming as a source of entertainment

When you buy a movie ticket, do you normally expect to make a profit? Of course, not! Why? Because you understand you’re paying for an experience, not an outcome. The same mindset should apply when logging into a platform like Betway to play your favorite casino games. Don’t fund your account on the platform with the hope that it will multiply, but as the cost of the entertainment you choose to enjoy.

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The moment a user starts expecting a financial return instead of a fun experience, the line between entertainment and risky spending gets blurry fast. That’s why many financial coaches suggest labelling your gaming funds as “spent” the moment you take them out, even before wagering on anything. It’s mentally freeing, and it prevents the dangerous spiral of chasing losses.

A helpful trick would be to pre-commit a fixed session budget and duration. A player can, for instance, decide beforehand to spend $40 and play for one hour. Once the session ends, they step away, regardless of the outcome. In this way, players are able to transform what would otherwise be an impulsive or emotionally driven act into a structured and enjoyable form of entertainment, where the focus is on the experience rather than chasing wins or losses.

Creating a gaming sub-budget within your entertainment category

Once the right mindset is in place, it’s time to move to structure. Many financial planners recommend allocating at least 5% of your take-home pay to general entertainment. Suppose your entertainment budget is $200 a month, and you decide that games of chance are part of that slice of the pie. In that case, the next step is determining the percentage of the budget you’re comfortable allocating to gaming.

Do it in such a way that playing games of chance on platforms like Betway doesn’t overtake other leisure activities. At the end of the day, it’s the variety of leisure activities that ensures no single pursuit, gaming included, monopolizes your budget. To get started, consider the envelope approach budgeting method.

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This budgeting approach involves physically dividing cash into labelled envelopes for different spending categories. After allocating the budgeted cash amount for a category, you can only spend from that envelope for that specific purpose. And once the money is gone, you stop spending until the next budgeting period. The envelope approach works because:

  • Using physical cash makes a person more aware of how much they’re spending, compared to using a card
  • The physical separation of funds makes it harder to dip into money from another category
  • It builds the discipline of stopping to spend in a category once the cash is gone, which can help a player stick to their budget.

Tracking, reviewing and staying honest with yourself

In a study titled Gamblers’ difficulty in estimating their gaming outcomes, the BASIS found that 69.6% of respondents underestimated how many bets they placed. If that’s not enough, 64.8% underestimated their losses. In other words, a good number of gamblers can’t account for exactly how much they’re spending on betting platforms like Betway. This can be problematic and quickly turn a controllable hobby into a financial strain.

That’s why keeping a detailed record is handy. And it doesn’t have to be complicated; just a simple spreadsheet or even a dedicated journal to note every gaming-related expenditure can go a long way toward keeping things under control. Besides recording the amount you deposit, also consider noting down the wins, losses and the time you spend playing. In this way, you’ll be able to see patterns and recognize when a session is eating more of your budget than intended and, in turn, adjust accordingly.

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So, is there a responsible way to classify gaming expenses within an entertainment budget? Of course, there’s! And while some people may view playing casino games on platforms like Betway merely as a casual hobby, treating it responsibly requires intention, structure and honesty. That’s why approaching gaming as pure entertainment and presetting budgets and session limits can help you enjoy the fun without letting it dominate your finances.