Safer Gambling Week: Minimise your stake to maximise your fun at the big festivals

It’s Safer Gambling Week this week and we at MyRacing are strong advocates for safe betting practices. As such, Liam Bramall has suggested some tips for keeping betting safe and fun at the major festivals, such as Cheltenham and Royal Ascot. The thrill of a winner at Cheltenham can be just as grand with £5 at stake as it is with £100, you just have a lot less to worry about when you lose! Click here for more safe betting tips and links to helpful resources if you feel like you have a problem.

Setting a deposit limit

This is a very important step which is an easy way of keeping your betting under control. Set a deposit amount which you can comfortably afford to lose and this will act as your bank for the entire festival. The Cheltenham Festival for example, is four-day meeting with plenty of races so you certainly don’t want to go overboard.

Tracking your bets

Keep track of how much money you’re depositing into your betting accounts. It’s vitally important to know much money is leaving your bank account. The best best way to do this is to use a spreadsheet, which will do the maths for you. Not everyone is well-versed with spreadsheets and may prefer a document. It can even be as simple as writing a note on your phone.

Keep the stake small

I only had a part-time job in my late teens and early twenties so my disposable income was limited. My solution to this issue was to make small stake bets. This ensured that I could enjoy betting on the Cheltenham Festival, whilst maintaining safe betting practices. I assure you that staking a mere £2.50 each-way on O’Faolain’s Boy at 16-1 in the 2014 RSA Chase did not dampen that winning buzz!

Chasing losses is not the way to go and it can lead to major problems. Betting should always be light and fun, so it’s important not to let it become anything else.

Please remember to gamble responsibly and if you are concerned that you may have a problem with gambling, click here for advice and links to some helpful resources.