Controlling your gambling this Melbourne Cup day

by rodney on November 4, 2013

melbourne cup gambling adviceIt’s that time of year again. The time where ladies dress up in frocks and hats, when everybody starts drinking early in the day and the day the rest of the country curses Melbourne for having a public holiday. That’s right, it’s Melbourne Cup day.

The Melbourne Cup is an important event in the Australian calendar. Known as the race that stops the nation, it is rich in over 100 years of history. For a few lucky people dreams come true and fortunes are made.

However, for many Australian punters, millions are lost from bets that just didn’t come through.  Over 115,000 people in Australia have a gambling problem with another 280,000 at a moderate risk. Gamblers loose around $19 billion a year, with many gamblers end up experiencing depression, anxiety, stress and some even resorting to suicide.

So how can you prevent yourself from losing a heap of money on the Melbourne Cup when the rest of the country is going crazy? Here are 3 ways you manage your gambling this Melbourne Cup day so you don’t lose your shirt, or pants, car, house, wife and kids or your mind.

Limit your alcohol intake.

It’s easy to lose track of our drinking and end up over doing it, especially on a day like Melbourne Cup day.  However, when we drink too much, we don’t make rational decisions and end up doing things we would regret, like gambling too much (also, heavy drinking is expensive, I reckon we lose nearly as much from buying alcohol as we do gambling). By limiting your alcohol intake, you will stay sober for longer meaning you’re in control of your decisions and less likely to go overboard with your gambling.

Budget how much you gamble.

By working out in advance how much you can afford to gamble and sticking to that budget will ensure that you don’t end up gambling money that you can’t afford to lose.  Be realistic about setting your budget. If you can only afford to lose a small amount then stick to it. Don’t gamble a little bit more than you can afford and needing to make a win to recoup some of it back. Also on that note, expect to lose it all. This will help you to stay on a realistic budget. Treat like you’re paying for something and any winnings as just the icing on the cake.

Don’t “chase” a win.

Chasing a win is when a gambler will bet more and more money in order to win back losses or get out of financial trouble.  This is when gamblers get into big trouble. Firstly, chasing causes a lot of stress, anxiety and negative emotions, particularly when they continue to lose. Secondly, gamblers often lose a lot more money chasing a win than did originally. This is when gamblers get caught up in a cycle and many find it difficult to get out. Usually, professional help is needed. Instead of chasing a win, accept a loss as a loss and make sure you don’t lose any more by not betting any more.

Don’t get me wrong, I’m not saying don’t gamble, don’t drink or don’t have fun. I’m saying it more fun to have fun without getting yourself into trouble later.

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