Betting, as with all gambling, is a sort of drug. The deeper a hole you dig yourself into, the harder it will be to escape. By setting a budget that you know you can afford to lose, you allow yourself more freedom and peace of mind, knowing that win or lose, and you’ll be secure financially.
Set a budget, and stick with it. As much as you may want to keep on betting after losing your initial investment or striking it rich, you’re more likely to lose than you are to gain. The odds are stacked against you, and you don’t want to fall into the money-sucking pit that betting sites are designed to pull you into.
Your budget should be dependent on how much you are willing to lose. Don’t put a large part of your savings into this venture; after all, however certain you are that you will make money, there’s a reason why betting sites make a profit. If you lose, then you’ve had your share of thrills for the month. If you win, then it’s just an added bonus!
Plan accordingly for your respective situation, and set limits for how much you’re willing to lose and how much you want to win prior to cashing out. Once you hit either of those limits, stop betting and take a moment to review your situation.
Do you really want to lose more money? Are you willing to let your winnings slip out of your hands because of a couple of bad bets? If you’re not, then you shouldn’t risk it. If you are, then you’ll have to accept the risks.
If you do want to continue betting, you should keep your budget, either adding or taking from it depending on your respective situation. If you have lost most or all of your budget, take some time off. Don’t jump back into it right away; that’ll most likely result in you losing even more money than you already have.
If you were one of the lucky (or skilled, if you believe in that sort of thing) few and managed to pocket some money, it’s recommended taking those winnings and setting them aside for the future betting. This way, you’ll keep your initial investment no matter what, win or lose, while having a chance to make even more.