There was a significant upturn in the hospitality industry in 2016 when renowned singer Bruno Mars signed a long-term agreement to partner with MGM. The singer would feature his exclusive performance across world-class entertainment centers, such as casinos where players can play real BlackJack online and other games. During the announcement of the agreement, MGM's president called Bruno Mars one of the best performers in the world, saying he was excited about the deal, which was expected to begin a long-term relationship.
However, the once smooth relationship appeared to have gone sour, with recent reports claiming he owns about $50 million in accumulated casino debts. Bruno Mars reportedly earns $90 annually from his deal with MGM. However, an insider revealed it wasn't enough to cover his debts when taxes were subtracted. Meanwhile, in 2013, Bruno Mars revealed to GQ how addicted he was to gambling when he was younger and before he became a superstar.
Gambling addiction is not uncommon. Many people lose millions of dollars daily to this problem. That is why responsible gambling is essential to avoid getting addicted and losing significant money. In this article, we will discuss what responsible gambling is, its importance, and practical tips to bet responsibly.
What Is Responsible Gambling?
Responsible gambling is simply the act of being disciplined when betting with money to minimize the financial risks that come with compulsive betting behaviors. Gambling responsibly ensures that you have a thrilling betting experience. Because you only bet within your limits, managing your winnings and coping with your losses is far more manageable as they'll be within acceptable ranges. Anyone can develop problems with gambling and addiction. Hence, the best way to safeguard yourself is to be proactive and avoid problem gambling before it rears its ugly head.
Importance of Gambling Responsibly
Gambling responsibly is essential for many reasons. First, without responsible gambling, you are exposed to significant emotional and financial risks. This implies that irresponsible gambling can lead to a wide range of unhealthy results, such as financial trouble, complex relationships, depression, and, in some cases, legal issues.
Some traits of irresponsible gambling are betting more than you can afford to lose, chasing your losses, and gambling with little or no knowledge of the game. All these significantly put you at a high risk of considerable financial losses. Still, the following tips will help you practice safe and responsible gambling if you follow them judiciously.
Practical Tips To Gamble Safely
● Don't gamble under the influence
If you are under the influence of alcohol or drugs, it is crucial to avoid gambling at this period. Being under the influence can give you a thrill and a false perception that you are in control. Casino games are fun and exciting, and you can go on winning streaks while playing them. Still, when you are under the influence, you'll likely make irrational decisions that will play beyond your limit and accrue significant losses.
● Set a budget and stick to it
This is one of the wisest things to do when practicing safe gambling. Ask yourself what the amount you can reasonably afford to spend on gambling is. Then, set a budget based on your answer and stick to it. Emphasis on sticking to it because it is useless to set a budget if you don't stick to it. Setting a budget will help you to ascertain how much you can comfortably spend that won't impact your finances. It will also stop you from overspending.
● Don't bet impulsively
Impulsive betting can throw you into financial ruin. When emotions are flying high because of a recent win or loss, these emotions can cloud your judgment and lead you to make irrational choices when betting. Remain cool and try to bet. You can make logical and well-informed betting decisions only when you are devoid of emotions. This will help you boost your chances of winning and reduce your risk of losing.
● Do research
Don't gamble on games you don't know how they work. Do diligent research on how a particular game or betting system works before you start placing bets on it. Know the strategies involved in a game, the odds, wagering requirements, and winning requirements. This will help you make better and more well-informed decisions.
● Don't bet more than what you can afford to lose
Gambling is a risky adventure. That is why knowing how much you can afford to lose before you start playing is important. Also, do not chase your losses. Trying to win back the money you lost can result in more losses. Consider it not your day, and simply walk away. You can always come back to play when the emotions of losing must have left you.
