Don't bet more than you can afford to lose. - page 3.

Ziskinberg

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Quote from: Lucasgabd on January 10, 2022, 09:23:56 AM

Quote from: Smartprofit on January 10, 2022, 05:49:51 AM

Gambling is not an investment. Investment is an investment of funds for the purpose of making a profit.

The investor always has a well-grounded plan according to which he will make a profit. This plan is based on mathematical and economic calculations. The investor controls the process of making a profit. He doesn't rely on luck.

Gambling is a direct interaction with chance (luck, fate). The player has no control over the end result of the gambling game.

This is the key difference between investment and gambling.

you are right, there are crossovers in term of risk management and managing bankroll but mindsets are really different

investors usually think about the downsides too and are prepared in case of losses, something that gamblers should do
as mentioned many times here: planning a max amount to lose is quite helpful.

I do consider the chance of losing although I'm very optimistic when I'm gambling. As they say, bet what you can afford to lose only, we should strictly follow that rules as that's for our own good only. We can aim for a bigger winning but we should do it slowly and consistently, if we are good enough unlike the majority of gamblers, then eventualyl we will reach to the point that we become successful.

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Quote from: Smartprofit on January 10, 2022, 05:49:51 AM

Gambling is not an investment. Investment is an investment of funds for the purpose of making a profit.

The investor always has a well-grounded plan according to which he will make a profit. This plan is based on mathematical and economic calculations. The investor controls the process of making a profit. He doesn't rely on luck.

Gambling is a direct interaction with chance (luck, fate). The player has no control over the end result of the gambling game.

This is the key difference between investment and gambling.

you are right, there are crossovers in term of risk management and managing bankroll but mindsets are really different

investors usually think about the downsides too and are prepared in case of losses, something that gamblers should do
as mentioned many times here: planning a max amount to lose is quite helpful.

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Quote from: madnessteat on January 09, 2022, 03:48:17 PM

Quote from: Erdogan on January 09, 2022, 03:18:16 PM

^

Personally, I believe that if a person spends no more than $100 a month on gambling is the first sign that he does not have a gambling addiction and is quite able to control their budget. It happens that I spend $200 on gambling but I always split this amount into two different deposits and do not allow myself to spend more than $100 per day.

Gambling addiction is not something you can see just based on the amount spent in gambling. You give an example of spending no more than $100 a month, what do you think if the one who spend that amount has no stable monthly income or have stable income but less than $100 or even less than $150? That's an addiction for me, because the gambler is not able to manage his money wisely based on his own income.

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Quote from: ajochems on January 09, 2022, 06:07:34 PM

Quote from: hello_good_sir on January 09, 2022, 05:30:41 PM

Quote from: madnessteat on January 09, 2022, 03:48:17 PM

Personally, I believe that if a person spends no more than $100 a month on gambling is the first sign that he does not have a gambling addiction and is quite able to control their budget. It happens that I spend $200 on gambling but I always split this amount into two different deposits and do not allow myself to spend more than $100 per day.

I think that is way too much unless your monthly income is $10k+.

You shouldn't allocate more than 5% of your income to gambling. You should treat it as an expense because you are mathematically guaranteed to lose it all given that you play with the funds for long enough.

Would you spend $200 a month on movie tickets?

Probably not.

Have the right mindset.

Based on your monthly income, you can inverse your on gambling. Actually investment in gambling will be made without any contradiction and investigation. So it will purely based on your luck. With a luck, you need to be patience to get a decent amount as your profit all the time.

Gambling is not an investment. Investment is an investment of funds for the purpose of making a profit.

The investor always has a well-grounded plan according to which he will make a profit. This plan is based on mathematical and economic calculations. The investor controls the process of making a profit. He doesn't rely on luck.

Gambling is a direct interaction with chance (luck, fate). The player has no control over the end result of the gambling game.

This is the key difference between investment and gambling.

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Quote from: _BlackStar on January 10, 2022, 03:44:04 AM

I think it's much more understandable if you say don't gamble greedily. It is true that being greedy in gambling is much worse after losing quite a lot. You should never gamble without controlling your emotion and the amount of money you will spend, it is the fastest way to get into trouble with gambling. A gambler is encouraged to gamble responsibly and that should be understood by all gamblers.

The logic is that gambling is a game between winning and losing. It still depends on the luck factor and house edge so we can't be too sure we can win without considering the risk of losing.

I believe that being a gambler doesn't always stands on the counter part of the greediness, I mean each and everyone have their own reasons why we gamble. Also, we know the end result when greediness takes over a person emotion while gambling and that's mostly take us to a failure and a much larger loses. As a gambler we should practiced a self limitation whenever we are gambling and I bet that it must be a mandatory protocol to our selves and not just a simple reminder like what OP had mentioned in the title of the thread.

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Quote from: Masplanc on January 10, 2022, 03:34:55 AM

Quote from: Oshosondy on January 10, 2022, 02:45:26 AM

Quote from: lienfaye on January 10, 2022, 02:22:22 AM

Quote from: Gosgosking on January 10, 2022, 02:07:05 AM

Not only the amount of salary will determine the amount of gambling that should be play always, sometimes too target on a game can make one play any amount of a game, if the person is really sure and convinced that he can win the game he may decide to play with any amount.

Its gambling so we cant certainly tell to win the game. The reason why a gambler needs to set limitation in order to control the money that he/she will going to spend in gambling. Having a budget can help, the question is how often you gamble in just a month? Because if you often gamble, you might excess the limit or the budget you allocate for that particular month.

Many people have tried what lienfaye posted, they have huge amount and use it to gamble. I remembered a friend of mine that told me about his school fee money, he wanted to double it and use it to gamble after having no where else to see the money as he did not have job but depend on his parent at that time. He gambled with his school fee on an EPL match and just a single match, not accumulation. He lost and he was depressed. Using a large amount of money to gamble is uncalled for to be sincere.

That is a big risk some people take thinking they can just get money, which is not so. Gambling is a game that is unpredictable ,people have to understand that and to use money to play gambling which they can afford. Some persons are deceived by their mind that they can make it by all means.

You know what brings them there? it is the Greediness that makes them have that thinking , the idea of they always looking for winning but the reality they are losing most of the time.
and also why would we consider Gambling a place where we can earn when obviously losing is what we've got most of the time?

The title says if completely that we will only gamble the amount we can afford to lose like what in Investing this is the common advise we receive to invest what we can afford to lose.

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Quote from: Masplanc on January 10, 2022, 03:34:55 AM

That is a big risk some people take thinking they can just get money, which is not so. Gambling is a game that is unpredictable ,people have to understand that and to use money to play gambling which they can afford. Some persons are deceived by their mind that they can make it by all means.

I think it's much more understandable if you say don't gamble greedily. It is true that being greedy in gambling is much worse after losing quite a lot. You should never gamble without controlling your emotion and the amount of money you will spend, it is the fastest way to get into trouble with gambling. A gambler is encouraged to gamble responsibly and that should be understood by all gamblers.

The logic is that gambling is a game between winning and losing. It still depends on the luck factor and house edge so we can't be too sure we can win without considering the risk of losing.

Masplanc

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Quote from: Oshosondy on January 10, 2022, 02:45:26 AM

Quote from: lienfaye on January 10, 2022, 02:22:22 AM

Quote from: Gosgosking on January 10, 2022, 02:07:05 AM

Not only the amount of salary will determine the amount of gambling that should be play always, sometimes too target on a game can make one play any amount of a game, if the person is really sure and convinced that he can win the game he may decide to play with any amount.

Its gambling so we cant certainly tell to win the game. The reason why a gambler needs to set limitation in order to control the money that he/she will going to spend in gambling. Having a budget can help, the question is how often you gamble in just a month? Because if you often gamble, you might excess the limit or the budget you allocate for that particular month.

Many people have tried what lienfaye posted, they have huge amount and use it to gamble. I remembered a friend of mine that told me about his school fee money, he wanted to double it and use it to gamble after having no where else to see the money as he did not have job but depend on his parent at that time. He gambled with his school fee on an EPL match and just a single match, not accumulation. He lost and he was depressed. Using a large amount of money to gamble is uncalled for to be sincere.

That is a big risk some people take thinking they can just get money, which is not so. Gambling is a game that is unpredictable ,people have to understand that and to use money to play gambling which they can afford. Some persons are deceived by their mind that they can make it by all means.

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Quote from: Oshosondy on January 10, 2022, 02:45:26 AM

Quote from: lienfaye on January 10, 2022, 02:22:22 AM

Quote from: Gosgosking on January 10, 2022, 02:07:05 AM

Not only the amount of salary will determine the amount of gambling that should be play always, sometimes too target on a game can make one play any amount of a game, if the person is really sure and convinced that he can win the game he may decide to play with any amount.

Its gambling so we cant certainly tell to win the game. The reason why a gambler needs to set limitation in order to control the money that he/she will going to spend in gambling. Having a budget can help, the question is how often you gamble in just a month? Because if you often gamble, you might excess the limit or the budget you allocate for that particular month.

Many people have tried what lienfaye posted, they have huge amount and use it to gamble. I remembered a friend of mine that told me about his school fee money, he wanted to double it and use it to gamble after having no where else to see the money as he did not have job but depend on his parent at that time. He gambled with his school fee on an EPL match and just a single match, not accumulation. He lost and he was depressed. Using a large amount of money to gamble is uncalled for to be sincere.

On the core of gambling is the ability to regulate one's behaviour- not to go above the stop limit one has set for gambling. However, I don't think people from LMIC ever think of a drawing a gambling budget. Of course, one needs to earn enough money monthly to even have a budget. When I was in the university, one of the students who gambled so much. He even used his footwear to place a bet and lost. One a Sunday, committed suicide by hanging in his room.

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Gamble responsibly

Quote from: lienfaye on January 10, 2022, 02:22:22 AM

Quote from: Gosgosking on January 10, 2022, 02:07:05 AM

Not only the amount of salary will determine the amount of gambling that should be play always, sometimes too target on a game can make one play any amount of a game, if the person is really sure and convinced that he can win the game he may decide to play with any amount.

Its gambling so we cant certainly tell to win the game. The reason why a gambler needs to set limitation in order to control the money that he/she will going to spend in gambling. Having a budget can help, the question is how often you gamble in just a month? Because if you often gamble, you might excess the limit or the budget you allocate for that particular month.

Many people have tried what lienfaye posted, they have huge amount and use it to gamble. I remembered a friend of mine that told me about his school fee money, he wanted to double it and use it to gamble after having no where else to see the money as he did not have job but depend on his parent at that time. He gambled with his school fee on an EPL match and just a single match, not accumulation. He lost and he was depressed. Using a large amount of money to gamble is uncalled for to be sincere.

Masplanc

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Gambling having the mindset that you will always on the winning side is a big risk, though thinking positively is good. Always thinking you can win can make one not to manage his money well. Gambling is planning and wisdom should be apply to it very well.

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Quote from: Gosgosking on January 10, 2022, 02:07:05 AM

Not only the amount of salary will determine the amount of gambling that should be play always, sometimes too target on a game can make one play any amount of a game, if the person is really sure and convinced that he can win the game he may decide to play with any amount.

Its gambling so we cant certainly tell to win the game. The reason why a gambler needs to set limitation in order to control the money that he/she will going to spend in gambling. Having a budget can help, the question is how often you gamble in just a month? Because if you often gamble, you might excess the limit or the budget you allocate for that particular month.

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Quote from: Gosgosking on January 10, 2022, 02:07:05 AM

Not only the amount of salary will determine the amount of gambling that should be play always, sometimes too target on a game can make one play any amount of a game, if the person is really sure and convinced that he can win the game he may decide to play with any amount.

If you feel too confident winning the games, I am afraid that can make you lose money, no matter how much you use. You will not see clearly that it is wrong to continue playing instead of stopping from the games and saving your money. If you do not realize that you can not bet more than you can afford, that will be a matter of time you will lose everything you have. So before it is too late, it is better to stop while you still have time. Otherwise, you will regret it later, especially if you add more money to gamble.

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Quote from: Gosgosking on January 10, 2022, 02:07:05 AM

Not only the amount of salary will determine the amount of gambling that should be play always, sometimes too target on a game can make one play any amount of a game, if the person is really sure and convinced that he can win the game he may decide to play with any amount.

Or better yet, you don't gamble at all if you're worrying how much your salary is because whenever that happens, it's mostly likely that you're not paid enough for your work so why spend it in gambling when you can probably do something more worthy with that money more than anything else.

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Not only the amount of salary will determine the amount of gambling that should be play always, sometimes too target on a game can make one play any amount of a game, if the person is really sure and convinced that he can win the game he may decide to play with any amount.

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Quote from: sovie on January 10, 2022, 01:16:42 AM

Quote from: stadus on January 05, 2022, 07:46:59 AM

We always read the words "Don't bet more than you can afford to lose", but are we really following that safe principle in gambling?

So, I have a question here, if you are earning like $2000 a month, how much are you willing to gamble that you think you can afford to lose?
Please use the amount as a basis for your answer.

I think there are countries where $2k a month is more of an average salary, and there are places in the world where the same amount will make someone rich. The point is that the cost of living in poor countries is low, so paradoxically the poor can afford to spend more on gambling than someone who lives in a highly developed country.
Even so, I think it's best to use common sense and not to spend more than 10% of income.

I find 10% of your income a pretty high number for gambling. As you write it also depends on your expenses, so I would rather say 5-10% of your free income (after having deducted your fix expenses such as tax, rent, car, food, ... from your income) is a more reasonable number. Also do you accumulate a "betting depot" where you re-invest your wins or you see it as a one time gamble so that you can live a bit better for a month?

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Quote from: stadus on January 05, 2022, 07:46:59 AM

We always read the words "Don't bet more than you can afford to lose", but are we really following that safe principle in gambling?

So, I have a question here, if you are earning like $2000 a month, how much are you willing to gamble that you think you can afford to lose?
Please use the amount as a basis for your answer.

I think there are countries where $2k a month is more of an average salary, and there are places in the world where the same amount will make someone rich. The point is that the cost of living in poor countries is low, so paradoxically the poor can afford to spend more on gambling than someone who lives in a highly developed country.
Even so, I think it's best to use common sense and not to spend more than 10% of income.

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Quote from: stadus on January 05, 2022, 07:46:59 AM

We always read the words "Don't bet more than you can afford to lose", but are we really following that safe principle in gambling?

So, I have a question here, if you are earning like $2000 a month, how much are you willing to gamble that you think you can afford to lose?
Please use the amount as a basis for your answer.

From $2000 a month, certainly no more than $200. And since that would probably cover a lot of what someone can spend on leisure, that amount should last for the month. So something like 5$ a day and 10$ on Sundays.

Now if you have a girlfriend or worse kids, then that's definitely too much, you need to spend money on them first.

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Quote from: madnessteat on January 09, 2022, 03:48:17 PM

Personally, I believe that if a person spends no more than $100 a month on gambling is the first sign that he does not have a gambling addiction and is quite able to control their budget. It happens that I spend $200 on gambling but I always split this amount into two different deposits and do not allow myself to spend more than $100 per day.

Not true. There are gamblers who are losing $5,000 - $10,000 a month, just an example. but still, they can't consider themselves as already addicted to gambling. It's just that they really love gambling and that's their passion, activity, hobby. Maybe if they will be out of character after losing such, that's the time we can call them under the influence of addiction that now needs serious treatment.

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Quote from: stadus on January 05, 2022, 07:46:59 AM

We always read the words "Don't bet more than you can afford to lose", but are we really following that safe principle in gambling?

So, I have a question here, if you are earning like $2000 a month, how much are you willing to gamble that you think you can afford to lose?
Please use the amount as a basis for your answer.

I wonder how many people decide in advance how much to spend on gambling for the whole month Roll Eyes

I don't think many people do it. Definitely not me. Cheesy

However, if I had to look into my wallet and count how much of my income as a percentage is spent on gambling, it would be around 5% to 20% depending on whether I am lucky or not. Unfortunately, I am not a very responsible gambler and when I get angry I can lose too much.

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