Topic: Do not gamble with Loan Money~otherwise you will be in danger like me - page 38. (Read 4603 times)

Actually it will not become a problem if OP had handled it with care like doing some calculated risk. The problem with OP was that he got so ever to win back his losses and probably be profitable that he already forget how to manage the risk. I know there are gamblers out there who borrow money who are successful but they have a focus mindset, their actions arent' dicated by their emotion but by proper planning.


The moral of OP's story here is don't be too emotional in gambing, learn how to accept losses as this is what will happen if we can't accept our losses, we'll continue to chase and we would only stop when don't have something to gamble anymore. It's hard to accept this, as OP mentioned, it needs for him to work 2 years to pay the amount he borrowed that he lose due to bad decision in gambling, but it is what it is now, everyone mistakes so he'll have to accept it and face the problem and solve it.

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I'm sure OP will learn or had probably learned beacuse he already stopped gambling and now just sharing his unfortunate situation.

This is where newbies should see this as learning from the experience of others, they don't need to lose huge amount of money just like OP to learn, so OP is such a blessing to gamblers who are aggressive enough without thinking the negative possibilities.

That is a story that should be an example for people on this forum, thank you for sharing your story here because the lesson from this story certainly attracts the attention of all of us to play responsibly and wisely so that we don't get addicted to gambling, as you said, you have consciously make mistakes and casinos will never be wrong because they prepare games for entertainment but it seems like you are playing too seriously.

I know that it is difficult to recover losses, sometimes there are those who succeed and there are also those who fail, but those who succeed are definitely not many of those who fail, that's why never chase and recover losses, let alone losses in gambling, don't always bet all the money It is hoped that you will win, because in gambling there is always a risk of loss and defeat, I hope this will be a lesson for all of us to gamble with money that we are ready to lose and not try to borrow money to gamble.

I always say that gamblers MUST only play with money that are ready to throw in the garbage!
it is obvious that asking for a loan is a gesture not to be repeated.
thanks for sharing OP. other users are probably tempted by such activity but now probably are informed with consequences.

last but not least, there are never any "sure" bets. these are not offered by bookmakers.

Thanks for sharing your experience, really appreciated.

Although we are all aware that borrowing money to gamble is too risky but there are times we break that simple rules. OP here is sharing the outcome of being irresponsible in gambling, yes, it's called being irresponsible as he would not be addicted and make bad decision if he was responsible. You know, there's a saying on responsible gambling, right?  Like... "gamble what you can afford to lose"... so borrowing showed he can't afford gambling anymore but still continue hoping he'll at least recover his losses, that's how dangerous addiction is.

All I can suggest to you OP is take it easy, it has already happen so you have to accept the consequences of your action, and hopefully you'll learn from your mistake although in a hard way.

Yes op faced such a big loss due to his personal mistake. And I think he realizes that.  And also seen in his post that he is very sorry about this matter and asked others to refrain from it. His actions seem to have helped him overcome his gambling addiction

It would be great if you can always stay within a limit because the only way to avoid gambling is to keep yourself under control and not panic. And if you gamble with a limit, the amount of loss will also be reduced and you will be saved from the deep addiction of gambling

I'm sorry about your losses you have to double your effort or find other means of income to pay that huge loan, this is what's going to happen if you break one of the golden rules of gambling, in case you break two rules and these are taking loans and trying to recover your losses through loans, these are two deadly combinations that you will regret.
We only feel sorry after we make grave mistakes, this is a hard lesson for gamblers who easily fall into temptation or a mindset that they can really make money from gambling, we have a lot of topics and discussions about not taking a loan in gambling even if you are good even if you have an inside tips on sports that you're going to bet, its way too risky and you're going to regret it.

What happened to you is really unfortunate. I hope you get back on your feet again. Don't lose hope and think of a brighter future, don't let this thing happen again to you after you overcome this one.

It is really sad to see even with so many reminders here in this forum, where you also probably read before, a reminder saying not to gamble with loan money. There are multiple threads created with that topic which everyone should really apply to our life to avoid this kind of situation.

We know you can overcome this challenge, just think positively and don't ever lose hope. This is an experience that taught you to be better. You will surely realize so many things because of what happened. Use it to be better in the future.

That is the biggest mistake a gambler will make: that the money to gamble with comes from debt. Most of the gamblers who did that did not become successful, maybe even more in debt because the loan was probably used up immediately after losing.

Maybe there are still people doing that, and maybe not all of the loans were used for gambling, but overall, this style remains a bad habit. This shouldn't be a good habit for the gamblers here.

Many reminders like "Don't trade, don't gamble if you can not afford to lose your money". It is about your own money and if it is a loan money, it's worse. Generally it is terrible to do trading or gambling with people who can not control themselves in emotion and psychology. If they feel themselves are uncontrollable in emotion and psychology, don't trade and don't gamble is the best.

You do it but you are safe because you are good at control yourself and you can have expertise in gambling too. For other people, it is very risky and they should not do this.

Losing control can cause a small loss to bigger losses like losing own money to borrow more money and repeat same mistakes to revenge and cover the initial loss. The ending is like losing more and even losing a chance to correct mistake.

You are a victim of your own mistake, this should be the right statement instead of "real experience" because you wont be a victim if you can control yourself and avoid such a mistake.

Of course I wont, although I do gamble with loan money some times but I am still able to control myself and knowing my own limit.
Knowing the limit how much to get a loan based on my own income and how much should I spend on gambling.
Based on your experience, I'd say that you make 2 mistakes here.
First is that you take a loan but you did not calculate it wisely and 2nd mistake is that you use all the loan for gambling.
Actually the main problem here is not about "gamble with loan money" but it is more about "addiction" which make you lose your own control.
Sorry to hear it, it is an expensive lesson for you and hopefully you can overcome it without making other mistakes.

There was a time when I got addicted to playing blackjack because I was chasing my losses. I thought then that I had a higher chance of winning in this gambling game because its odds were lower compared to other provably fair games. However, luck really determines whether you win or not. And of course, responsible decision-making also plays a significant role in deciding whether to continue or stop.

But one thing I really want to avoid is getting into debt, especially if it's just for gambling. However, if it's for business, that might be acceptable. I don't want to imagine getting buried in debt.

Same here! I'm not fan of borrowing money if it's for non important things like gambling. I also have loans but I used it for purchasing important things that helps me in my daily life. I'm a firm believer that once you use a loan money in gambling, it will bring you misfortune. Loaning money for gamble is not advisable because we are not sure if you win or lose the money, If you're going to lose money, think about where you're going to get the money to pay off your debt.

I never borrow large amounts of money to gamble, usually I borrow for family needs. However, I had loans that I should have paid off, but I used some of the money to gamble. It was a careless act on my part and of course it looked bad for me.

But from your story, it seems like you deliberately borrowed money to gamble, and $2000 is a large amount. Were you so confident at first that you would win that you decided to borrow from the bank and use it to gamble? How long would it take you to spend $2000 on gambling?

Like are you actually surprised? I'm neither surprised nor shocked at all because is not everyone here that practice what they preach. Besides, you can be a victim and still be advising others so as not to fall victim and it's normal. The OP went to far from spending huge amount of money on gambling to the extent of taking loan and spend it on gambling. It's understandable if you are addicted gambler but you are using your own money to gamble and not with the loan taken from bank. The good thing here is that he's realized the mess he got himself into and probably learn the hard way. It however baffles me that people don't usually raise alarm when things are still in process in order to seek for help until it gets out of hand before they speak out when it's mostly not fixable.

Some people I know who are stuck in the same thing as the OP are, when he panics about having to pay bills that are due soon, he looks for loans to gamble in the hope of winning. When he doesn't get the expected win, his debt increases, while his other bills are due to be paid. In the end he experienced financial difficulties with very bad conditions.

I don't think op discovered anything early as you stated, we consider one to have discovered a potential issue early only of he or she finds out about the potential disaster of doing something, and then avoid doing that thing completely. But here, op knew or had some clue of the potential danger but still went ahead to engage in that same thing which he himself must have one or two, or even more times advised other gamblers not to engage themselves in.

This can be linked to the story i shared on the bitcoin discussion board some weeks ago, about a guy who bought bitcoin in 2011 and even till recently was holding the bitcoins on his mobile wallet, and also saved the keys to the wallet online on one of this password manager sites, he has advised hundreds of thousands of people to buy a hardware wallet and store their cryptocurrencies there, but he himself doesn't have one, even while holding bitcoins that are worth almost a million dollars, unfortunately for him recently, he got hacked and all his bitcoins since 2011 was moved to another wallet he had no access to, or have a clue who owns it .

This is what happens to people who teach others what themselves do not practice.

This just goes to show that some of us here in this forum don’t actuall Practice what we teach or the advice we give to others we don’t follow them.


I highly doubt that the Op would be able to do that, since he confirmed that he’s struggling with gambling addiction, so it would be hard for him to just go on without gambling. He’ll most likely feel the urge to just log into his account and deposit a few dollars to gamble with.

I have been a gambler for a long time and I have always been able to control myself but this time I developed a confidence in myself that I could play blackjack very well and win and because of this I suffered greatly from placing large amount of single bets. Through this I have gained a great teacher.  And now I have decided to quit blackjack for life

Gambling addiction is very strong but I can control myself but this time gambling changed me from my normal behavior and force me to gamble panicky with loan money. I am very disappointed about this.

It is sad to hear that you are now in debt because of a gambling disorder. I also give you kudos for coming out to discuss your struggles because many gambling addicts hide their disorder and it will gradually consume them because they refuse to seek help. Your main focus now should be to control your gambling activities to enable you to pay your debt. This is because if you don't control how you play bets, you might not be able to save enough to pay your debt. If quitting gambling for some time will help you save enough to pay your debt, you can consider it.

You should also consider getting a side job that will help you make extra cash to pay up your debt faster. Gambling has destabilised your finances for two years but this is not the end of the world. With proper planning, self-control and diligence, you will be able to recover all you have lost and enjoy a good life with your family. This a lesson to all of us not to use money earmarked for family expenses to gamble. And taking a loan to gamble is going to the extreme because it could have a bad financial effect.      
 
Beware of irresponsible gambling.

Among us will be addicted gamblers. Some will know the truth but they can not just control it until one day that something not good happened to them financially. I am only thinking that OP may be addicted or getting towards addiction. But it is good that he realized this very early and he should only gamble with the amount of money that he can afford to lose and not with borrowed money. He stated that he knew that it is against one of the gambling rules but he still just fall victim of it.