Topic: Everyone looses in the long run - page 128. (Read 96765 times)

Well I think the most dangerous think in gambling is the peoples mind, addiction to gambling is spreading like wild fire, and many sets their mind in it, thinking they could easily win sum of money towards gambling, addiction start with your knowledge in the game that is you are getting hooked without even noticing it. 

Are very rare the people which gamble and don't be addicted from this kind of disease. All the kind of gambles (including those mentioned by you in the above posts). Important in this story is the time. If you will continue to gamble for a long time you for sure will be addicted by that. Even from the most "innocent" of those (like the lottery, sport betting or worst, the poker). It is not the edge who is dangerous in itself (even this is the bigger and the most known danger) but the use of money to win. Using for fun in the long time become desire to win. The desire to win need always more money to use. If you arrive in this point have no importance what you gamble. Whatever it will be the gamble (even the above mentioned by you), you will use and you will need always for more and more money. You are addicted already if you arrive in this point.

Yes I mentioned this on a previous post and that's actually the main culprit, human emotion. Even if you somehow manage to beat the system for a while, this plays against you since it gives you a sense of false power making you lose that money quicker actually.

One idea we didn't discuss I think was to make your betting career a one-off. We all know it's not sustainable. That's what I actually did without knowing, I've gambled for months only to lose a big cut of my profits in just some minutes. I immediately stopped gambling on casino games (my story was with real casinos). The problem is that I didn't even noticed my behavior, it was just natural. I was clearly not a gambler or really addicted to it.

So I think we can add one more rule for the curious ones, one can follow all the advise previously mentioned for a month and then vow to never seriously gamble again when a losing streak starts to creep.

That's why in simple gambling shouldn't played to make money in the long run or shouldn't try to depend on gambling earnings. If that happens then one will end up in bigger problems because no one can generate money continually from gambling. I usually bet on my favourite cricket sports with very small amount and will not bet on all matches but I chose few only.

But I guess it's not at all possible from my personal experience as the emotions over rule our plans. When we started to see the profits, then our emotions come into play.
This might be the reason, some people are able to make profits when they were novice and soon they are turning into loosing streak.

Reducing the house edge definitely is more fair than before. However it doesn't change the main idea we are discussing here. It actually kinda sends the wrong signal, like you can actually have the same chance as the house in the long run as the title says. You don't.

Like others, I agree that the best strategy is to consider the deposit money as already lost, withdraw the minute you are ahead and keep as cool as possible. And finally, bet as sporadically as possible.

overall, i do agree to what you all say about poker. it is really requires a huge amount of skills on top a huge amount of luck too. as you go higher level, % of luck goes down as % of skills go up. so if you are really skillful, you can win most of the time.

I was talking gambling in general and online, a combination of the two. What I have to say about cryptcurreincies and gambling though is that it has brought us the edge that was talked about a few posts ago. We have not experienced that before. Provably fair still does not mean you always win, it means you only win 50% of the time.

I think he means in a real life casino not online. The rules are completely different between the two mediums.

Where would you find those? Or do you mean that the odds are 100% to players just like it is for instance with Poker, where if you play at your friends place instead of a casino, you get 100% of the deposit.

If you find poker games with zero rake or 100% rakeback it probably isnt even right to call it gambling, a very average player could beat a game like that in the long run.  Its hard to find games with no rake/100% rakeback but for example on a site like stars the FPP games are a no rake game with plenty of players.

This is exactly why I wrote my post, please read it. No one can bend the rules. We are talking about casino games with house edge of course. Some other games, like sports betting, poker, prediction ones, they require certain skill and research (although you generally lose there too). But at least in those, in theory, you are the one choosing based on facts or just plain knowledge.

It isn't exactly true that everyone loses in the long run.  The correct phrasing would be, most people lose in the long run due to probability and stats.  There are always a few lucky people who bend that rule though.

It's true, everyone loses in the long run, but what gambling with cryptocurrencies has brought us is the infamous 1% house edge.

Now I'm not saying the 1% makes it easy to gamble and win, but it does make it easier.

Right now there are casinos with a fixed house edge that varies from (I'm guessing here; 2%-??%). Even in my country we have slot machines every where and they market their "91% of the time you will get your money back, these are the best chances you can find!". Now let's look at that number, 91% of the time you get your money back? So that's a 9% house edge already if not more, and that's their highest paying game, what in the fuck.

Now let's not forget that all these slotgames are programmed to win that 9% in the long run, it probably hits pretty close to 9% if you would look at the monthly gain of that game. What cryptocurrencies have given us here is the chance to be lucky 49.5% of the time. If this sounds like a lot, it's cause it is a lot. Not to mention you are able to verify your bets for provably fair, and that every next roll will always have a certain % of appearing, it's all up to chance. You can lose 20x in a row at 49.5% or you can win 20x in a row at 49.5%, just remember that the latter will always have a 1% chance of failing compared to the other having a 1% extra chance of losing.

To be honest, fuck all casinos and let's implement provably fair into all games and slots and change gambling world for the better.

The people that come out ahead are people who know when to take what the win and walk away. Casinos have predicted amounts of profits in the long run.

I know one guy, he have been trading stocks and options more than 10 years and have had some very profitable years. Unfortunately, many of those profitable years have been wiped out by years of large losses... Today he still trading because it's like a heroin for him.

Why I can nor turn as a professional gambler in some time. I do not understand that today's professional trader also a novice along back. He might learned how to make gambling profitable and developed his skills for gambling. Same way we can turn professional gambler in long run.

While its true that there is no particular strategy that can guarantee you will always win, you can somehow lessen the chance of losing every bet. One that I always control the most is my emotion when betting.

I agree. This is the one and only strategy which will work for you everytime you use it.

I've seen it before, but it was said in other words, but now it is really well said.

Wrong, Yes everyone needs luck.  But in the long run a Professional Poker player will destroy you.  You might win a few hands here and there but in the long run, he will take all of your money because he has skill and you don't