I know this is common sense to the majority of people on this forum but I can't stress how important it is to gamble responsibly.
Gambling responsibly is indeed important, but it cannot be emphasized because every gambler has two different characteristics.
- Ordinary gambler
- Gambling addict
Maybe ordinary gamblers are more receptive to suggestions like the ones you say. Gambling addicts will not be able to accept any advice because all they think about is winning.
The gambler lost $12,000 in a single bet and then tried to chase that initial amount but ended up losing his life savings.
One mistake that is too bad for a gambler is just thinking that gambling is a place to make money instantly but not looking deeper into the risks of betting using his savings budget. I'm sure he's a gambling addict.
I am a seasoned and experienced gambler and my one piece of advice to people is to only bet what you can afford to lose otherwise you are setting yourself up for failure.
This can begin with good risk management and having gambling budget. 1% of weekly income is recommended.
I agree with you, financial management is always one of the first ways to become a responsible gambler.
But in my opinion it depends on the income of each gambler. Let's say I have $100 in income in a week and I shouldn't use 1% because it's only $1 and that's not enough to bet on. Or maybe 5% is enough for weekly gambling budget.