Topic: Avoid Miscalculated Risks In Gambling. - page 5. (Read 549 times)

Why it sounds like betting on high odds is wrong? there are nothing wrong if you bet on high odds, many people feel entertained when they bet on high odds since it will be exciting if they won. Actually, I don't like to bet on low odds because I only bet small amount of money, many people bet on low odds with big capital.

Actually, most people didn't even calculate the risk before they gamble.

Before we playing gambling, we must calculate how big the risks that we will gets. If we comes to the casino with small money, the risks will not becomes bigger but it is depends on our money we used to gambling. We an avoids the big risks if we don't deposit more money and continue playing gambling.

But most people lose control when they lose their money. They thinks that deposits more money and playing gambling for more can gives them a chance to recovers their money and wins some money. That will not always happens because we knows that gambling is not place to make money.

If people takes the big risk by placing a big bet, they accept the risks of losing their money. But that will not recommended, especially for people who doesn't have much money. The chance to lose the money will be bigger than we can wins the money. So we don't have to takes the big risks to playing gambling.

I am curious to ask if you (by someway); interviewed those supposed experts who bet heavily on high odds, and they told you that that amount which they bet isn't what they can afford to lose?
There is one mistake I see that most of us make constantly, and that mistake is; we believing that all fingers are equal, when of course we all are supposed to know that all fingers are not equal.

And by fingers, I mean our financial capacity and capabilities, for example, I can afford to throw away $1 due to my financial level, while my neighbor can afford to throw away $1000 due to his financial level, and this is possibly because, that $1000 to him is absolutely nothing, compared to his or her networth.

This is the difference many of us fail to understand, we mostly or often see gamblers betting high as wasting money, forgetting that they may be dollar millionaires, and even billionaires.

Some of the people that use huge amount of money to gamble aren't just risk takers but rather, they are just greedy with what they want to win should the bet go in Thier favour. The fact that you used an amount that's small to place a bet and won doesn't mean that if you play similar bet next time with a bigger amount that it's going to end up playing out. I have seen lots of people who had a range of amount they use in placing bet going too extreme because they want to win more. What they forget is that if you're playing to win big, when the loose also happens it will be a huge loss for you.

Everyday people go above there range and risk way too much than is expected and when they loose, it's usual for them to keep playing hoping that they can win again and recover there lost funds. The issue is that when you're playing a bet to win back what you've lost, it's always a negative outcome that comes with it cause you will in most instances keep loosing the bet.

Making plans and calculating the extent of risk that's associated with what you're putting your money into isn't only necessary when you're doing an investment or making plans for a business. Any gambler that refuses to do proper planning as regards how much is necessary to be used in cause of his gambling would in no time join the association of addict who are going too extreme just because they want to recover what they have lost while going above there limits.

Gambling is never about 50/50 chances unless you play coin toss or bet on red/black on roulette!
Seriously, there is so much wrong in your advice I'm starting to think you don't even gamble!

Why take higher odds? Simple, because higher odds do work, for example
Royal Ascot Festival yesterday:

14:30 1 Shareholder 12/1
15:05 1 Going The Distance 9/1
15:45 1 Port Fairy 12/1
16:25 1 Kyprios 11/10 F
17:05 1 Mickley 15/2
17:40 1 Jayarebe 7/1

Now please ELI5 how your 50/50 odds would have worked?

Calculated risks only apply to sports with enough knowledge under your belt, blackjack and poker tournaments. When you are talking about multipliers in sports for example, those numbers doesn't really represent ratio of winning probability.

And if you really think you will lose less because of calculated risk of winning odds in any other games, i don't think you have thought this trough. Because more games you play, those changes start to even out, because house edge or rtp is same for everyone.

If you are doing just couple big bets, then calculated odds come in handy as you know you most likely would win. But that win is only relative to your bet that you are risking, and that "risk management" at the time is your big bet that you are risking. And no matter how unlikely that risk is, it exist and can be against you several times in a row.

I would say it is our choice to know what's good and what's bad, what will affect us and what will not. There is a risks that we can take that will have only a little impact on us and there are some risks we would take that will affect us massively that it will be difficult for us to recover.

I think when gambling we should know the limit of risk we should take. I don't see anything wrong in taking risks, but our risk should have a maximum limit. Such that we won't put ourselves in situations that will be difficult to scale through. Going all in with our profit might lead to one using the remaining capital to gamble thinking he would win back the profit.

And there's no such thing as 50/50 game in my opinion, and gambling is business, so there is house edge and the longer we play the bigger chances of losing. And even if it's sports bet, again there are favorite and then there are the underdog.

Of course, just play the money that we can afford to lose, or we should keep our senses if we did lose our bet. Because there are individuals that can't take losing and they wanted to recoup and it will just make them worse. And I don't agree with not taking risk in gambling, it's part of parcel of it, otherwise it will not be called gambling at all. Even lower odds are not a safe and guaranteed.

That is true, I have come across alot of thread here that mostly talks about gambling with a huge sum of money all in the name of taking Risk, I cant advise anybody to gambles with such a huge amount of money like that, knowing true well that the money can serve for many porpos. In as much as we take risk In gambling I think we should avoid miscalculated risk in gambling as the thread implies

I don't see the reason why a gambler will risk a huge amount like that, knowing very well that gambling win and lose is 50-50. It is indeed an unwise and unnecessary risk attempt. Though they might be pretty lucky to have double their money by playing 2 odd or 3 odd games, staking huge amount is good when people win, but when the lost comes, how to overcome the tension will be hard or it becomes very hard for people to bear the pain.

When we gamble we take risks... you can feel safer while betting on lower odds, but there are no guarantees. And what "avoiding numerous losses" should mean? If we knew we were going to lose, we would certainly avoid that loss, but who here knows what will happen?


Well, again I need to ask what it means "taking unnecessary risk in gambling"? In some games, you know the odds and possible risk/gain, but in some games, we don't know the odds... I guess buying bonus rounds while playing slots is very risky, and we really don't know what will be the result until the end.

Maybe your post is only about sports betting, but you should point that out... if you talk about gambling in general it's foolish to say that taking unnecessary risks is mostly done by ignorant people, it can just be a strategy for most players. Nobody plays Plinko to hit x1.5 or x2, we all wish the ball to go to some higher payout.

I consider that if your upcoming event only has a 50% chance of winning, then there is no need to play the game at all. And if you still want to play such a game, then at least make sure that if you lose, you won’t lose much. You don't need to do anything complicated to do this. Just play for small amounts. After all, when you play for small amounts, you play primarily for fun. You are afraid of losing your money, but you want to have fun.

This is exactly what I am talking about. Gambling is not a way of making money and it should not be regarded as a way of having success. I see gambling like I am having fun with friends in a club.

I think this should not be the definition of success or a successful person. What you are saying is true but I prefer to discuss about avoiding losses alone than relating it to being successful. But it is possible that gambling addiction can make someone not successful and it can hinder someone to succeed. But not addicted and not wasting money on gambling dies not mean someone is successful.

But we will missed all the fun and excited if we won't take the unnecessary risk that the OP is taking. And for me, I wouldn't mike going for the underdog in sports betting or looking for a good odds at multi-betting because that where the excitement lies to us gamblers.

And to see us winning and defying the odds higher that 5x and I have seen gamblers going for a parlay with 100x and winning. And that we will not have that kind of "what if" scenario that might haunt us for the rest of our natural life if we didn't go for that big risk big reward ratio.

So if you have this kind of attitude, better be not gambling at all, just saying.

Even a 1.01 odds can lose to as it’s a bet so the point is no matter what odds you choose as long as you enjoy betting on it is already good since sports betting is still a form of gambling which is dedicated for entertainment purposes only.

You can’t call a gambler that bet on higher odds as fool since it’s a part of gambling. Taking 50/50 or lower odds is not the standard for being a good gambler because it all involves risk. I believe those people that consider gambling as source of income are the one that is ignorant because you can’t keep winning on gambling despite choosing lower odds.

But isn't it the definition of gambling? You take (unnecessary) risk because you don't know what the outcome will be. If you will always like betting for the favorite or even 1.01 odds, it's not a assurance that you will always win or you have 50/50 chance.

Just read this news, Gambler Loses 1.4 million USD in a bet with lower than 1.01 odds!

Of course what you have advise like stick to the limits and gamble what you can afford is good and we have heard it many times. But sometimes, even if you are not that addicted, you will lost control of yourself. But then again, who knows, that gamble that you take might be a life changing win for you and then are times that you will have to go and test the unknown and take that big leap of faith.

Bet wisely in a 50/50 chance? Hmmm, that seems impossible.

Anyway, I do agree with what you say but this kind of statement is for those who live just to gamble. Taking low risks odds because you want a sure win but it requires a heavy amount of money to feel the profits that you will get.
The high-risk method on the other hand doesn't need way too much money to make profits but it's nearly impossible to win it. Parlays. I had my share of winning loads of tickets in one parlay and the happiness it brought to me was hard to explain.
I don't need to spend much but I may win a good amount. Plus, there's the cashout button which is always ready if you want to get out so that you can keep the profits safe.

All of this depends on what kind of gambler a person is. We cannot judge those who are taking high risks, maybe they prefer it that way.

So because gambling is for fun and entertainment, does that mean people shouldn't worry about losing? What i expected you to say is that people shouldn't consider gambling as a major source of income, cause people still gamble for fun and make huge profits from it. Also, there are successful gamblers and my own point of view concerning a successful gambler is one who has less losing streaks, one who adhere to the risk management of gambling and avoid getting addicted or one with good strategies and has numerous wins from it. If there were no successful gamblers them what's the point of coming up with good strategies when you'll never win from it, but I put it to you that despite the fact that the house would always have the upper hand, there are people who's winning streaks are much more than times they've lost and those are the people I consider as successful gamblers, those are the people that try their very best to stick to those tips I mentioned thereby gambling responsibly and it works perfectly for them.

Even the low risk games still fails and that’s why some gamblers have turned to high odds games - to them they feel if they are able to get one correct it will cover for what they have been losing and also they’ll have some profits. There are some gamblers out there that still bet on a seven odd game while some do some parlay, they’ll just accumulate games to the extent that the total odds would be more than 2,000 - to them they feel once they hit that 2000 odds game or do partial cash out they would be able to gain back all they have lost in their previous tries and still make enough to keep them going. That’s just the logic some gamblers work with.

Immediately I finished reading this post what came into my mind is Drake who usually place bet with around $500k to 1M$ have you reasoned about this person does it bet with his personal funds or a kind of trying to trick people to spend such amount in gambling to bring credit to site he usually post about?  Well to me I found out that drake is well known influencer and artist who has made name already but I don't know how wealthy he is to keep gambling with such huge amount does it mean that he can keep risking such heavy amount in his game he bets or does it mean that $500k is a peanut to him while gambling because converting this money into our currency its something that could sustain a community for about 6months to 1 year before needing anything more.

Everyone who is gambling knows there worth and what they can afford to lose except for the chronic gamblers who don't really look at any amount they had used to gamble, but what they are after of is to make huge winning. Is only this people who can take such deadly risk to gamble with amount they afford to lose even if they lose it they don't care about it instead they could look for another alternatives to cover up their lost.

No person that is gambling should think he or she can be successful in gambling. Gambling is for fun and entertainment and not a way to make money. The possible success from that but almost impossible to achieve in gamblling that some people are thinking about makes them become addicted to gambling. Some people can be successful from gambling, but not when they are gambling continuously but when they use small amount of money to win huge amount of money luckily.