Building financial literacy in relation to gambling can help you play safer by avoiding the behaviours that increase the risk of experiencing gambling-related financial harm.
- Budgeting is important to keep track of your play and make sure you don’t spend more than you are willing to lose.
- Make sure you have a game plan and know how much you’re willing to lose and how long you want to play.
- Most financial advisers recommend that you spend up to 5-10% of your after-tax income on entertainment and recreation.
- Lower risk gambling guidelines suggest spending 1% or less of your household income on gambling.
- Play within your gambling budget. Once you hit your budget, it’s time to move on to something else.
- You should not use credit or borrow money to gamble. It increases your risk of experiencing gambling-related harm.
- Credit is more than just cards. It’s also lines of credit, credit card cash advances, PayPal, and loans from credit unions, banks, friends, or family.
- Using a credit card enables debt to pile up quickly.
- Leave the plastic at home and only take cash with you to in-person gambling venues.
- Gambling is a form of entertainment, like going to a concert, not a way to make extra money.
- The gambling odds are stacked high against you. Expect to lose and remember you’re playing to have a good time.
- Never chase your losses, it almost always leads to bigger losses.
- Don’t leave the fun to chance. Only gamble with money you have budgeted for entertainment purposes.
- Live support: GameSense Advisors & free 24/7 counselling
- Playing Smarter: A Little Guide to playing smarter
- Budgeting tool: PlayNow Budget your money tool
- In-play budgeting: PlayPlanner budgeting tool
Lower Risk Gambling Guidelines
- Lower Risk Gambling Guidelines (Canadian Centre on Substance Use and Addiction)
General Financial Literacy
- Your Financial Toolkit (Financial Consumer Agency of Canada)
- Financial Education (Credit Counselling Society – workshops, webinars, online courses, building your budget, money tips, debt reduction tips)
- Financial Resources (Credit Counselling Society – blogs, calculators, workshops, budgeting tips, understanding credit)
- Financial Literacy for Everyone: Budgeting (Practical Money Skills Canada)
- Budgeting and Savings Toolkit (Prosper Canada Learning Hub)
- Budgeting Guidelines (My Money Coach)
- Debt Money Quiz (Credit Counselling Canada)
- Credit Counselling Society (Vancouver Chapter)