Budgeting for bingo: Knowing when to stop whether you’re winning or losing

This is a guest post by Angela Stevens. Angela is retired at 61 but takes on the occasional freelance writing gig. She’s been getting herself some guilt-free fun each Thursday at the Bingo hall for the past 13 years, and loves to read up on the Bingo business.

It may be cheap entertainment, but it’s still important to keep an eye on your bingo spending

bingoForMoney Bingo has been enjoying a surge in popularity of late. Both brick-and-mortar halls and online bingo games are starting to play nice in their own respective niches. And the game is even starting to shed its “game for little old ladies” (giggle!) image thanks to bingo variants like Musical Bingo that are proving to be popular among the younger set.

As Bingo! The Documentary shows, there are people out there who want to live the bingo dream – that is, hitting a huge jackpot and becoming rich. Don’t we all? This applies to both the old school bingo hall regulars like myself and the younger foxybingo gamer generation. )

Hitting the bingo jackpot and becoming rich the easy way certainly is possible, but there are a few caveats. For example, bingo is a game of chance. You’ll need skill to be able to play with multiple cards, sure, but it all comes down to what numbers the ball caller announces. Hence, it’s important to keep a few things in mind when playing bingo.

First of all, you need to set a budget for your regular bingo outings. Always make sure to stick to that budget whatever happens. You can make money by playing bingo, but conversely, you can also lose some. It’s important to set a limit on how much you can stand to lose. Continuing to play past that point is as poor a decision as you can make. It’s like continuing on foot in the Indy 500 after your car slams into a wall. Yeah, you’ll finish, but your ride is gone and you might even get run over.

With that tortured analogy aside, there’s another limit you should consider setting: a “win” limit.

Maybe you’re thinking – “What? A win limit? Nonono – I’d better make the most of my bingo night while I’m on a lucky roll!”

A few bingo wins can give you an adrenaline rush that could push you to play on and open yourself to the risk of losing your original bankroll. Yes, you may win even more than what you currently have, but it’s important to set a target win amount and punch out when you hit that number.

That way, you get to walk away a winner.

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6 thoughts on “Budgeting for bingo: Knowing when to stop whether you’re winning or losing”

  1. Not a bingo fan, but I’ve always played a reverse lottery. You pick your lottery numbers, but do not buy a ticket – only keep them in your head. At the night of the draw you automatically win the price of a lottery ticket if your numbers are not drawn. Well, if they are you may loose on millions, but come on – this is soo unlikely to happen.

  2. I’ve never been into bingo or casino games – I don’t even play the lottery :) But I think your strategy is like, you telling me that looking at chocolate and eating chocolate is the same thing, only the latter costs more. Don’t you ever come between a girl and her chocolate! :)

    Seriously though, your strategy works in your case because you are, as you said, “not a bingo fan”.

  3. Nope, you didn’t get me.

    I am sying that if you want to eat the chocolate – if you enjoy the thrills of gambling, then you should definately do it as a leisure activity with a strict budget (you wouldn’t eat 5kg of chocolate at once, would you?)

    If you play Bingo/Lottery for financial gain reasons, then it is better to do my style of play as you’d definately be better off in few years time playing “reverse” lottery.

  4. Oh! Okay, gotcha. Of course if you want to make money and your only plan is gambling, then it’s not much of a plan. (Although there are pros that actually do this like a job.)

    And then there’s the fact that whatever you do in life, it’s a little like gambling, because there’s always, ALWAYS the luck factor.

    But yeah, if you’re going to the bingo/lottery, you shouldn’t get carried away and you should have a rule for when to stop. Both for losing (duh!) and winning.

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