Yes it's something we hear a lot in sports betting, but the truth is that setting a limit on your bankroll applies to any type of betting or any type of gambling you engage in. In gambling, you can win at any time and in any amount but of course you can also lose in amounts that are usually much larger as time goes by, and the majority of gamblers forget this which in the end makes them continue gambling without setting any limits on their budget.
In gambling, placing limits on the amount of your budget can be one of the main keys to avoiding bad effects such as losing large amounts of money, and also usually the majority of gamblers who always bet large amounts always find it difficult to accept the situation of losing, and I think that's normal. because after all we don't like losing money, therefore there is no other way than to limit the amount of our bets, the benefit is that it can prevent us from getting emotional and also from losing large amounts.
You are right and I completely agree wit you, when it comes to gambling, setting a limit to the amount in hope or want to spend gambling is a very good practice to be honest, this is something I've been, or started practicing for as long as I was like 2 to 3 months old into gambling, and since then, ive not regretted it one bit.
And there are actually some who can not really take such practice serious because they have made alot of money, and really don't care how much they spend it, as long as they are spending on what brings them fun and excitement, this is totally understandable as well, but in all, it is often said that we cut our coat according to our respective sizes., a gambler should always take note of their financial level and never gamble without setting limits to funds that is to be used for that purpose.