Topic: Gambling experience using loan money - page 17. (Read 2230 times)

I haven't taken a loan just to gamble, but for sure, those who do it are really out of their minds and just keep thinking of winning so that they can pay back their loan. This is really difficult because you are pressured to make sure you'll win because if not, you'll have a hard time paying it back. Also, I dont want to experience this because, for me, it is very stressful, and I don't want to know how stressful it is. Just imagine if you lose 80% of your money that you borrowed. I don't know what kind of mindset you'll have.

Like Oshosondy already mentioned, using a borrowed money gamble is nothing but pure stupidity, and it becomes pure madness if you take a loan and the your sole reason for taking that loan is gamble and playing sports betting with it.
Although we all have our personal strength and weaknesses, there are many who will borrow for whatever reason and feel very comfortable and relaxed even when the payment date for that loan is approaching and they have not raised the money or even have any means of raising the money.

But for my kind of person, it is directly the opposite, one of my biggest weakness is owing some person somewhere money, it doesn't matter what that i borrowed was used for, but as long as I haven't paid it, I hardly have rest of mind, now, imagine I borrow money from someone and use the money to gamble, and then lose the money in the process, that will be suicide, i will never try such, its nothing but stupidity.

What makes you think they borrow money to gamble?

I don't think that forum members borrow money to gamble. In my opinion they need money for other purposes. To be honest I think that most forum members are educated enough to realize that gambling on borrowed money is a very stupid thing to do. One of the rules of gambling says that gambling should be played only on free money, which is not sorry to lose. Adhere to this rule and share it with someone you care about.

I know someone who did this, after using his own money to gamble and lost everything he start going around to loan money from different people, thinking he is one step closer to become a millionaire, why can't gamblers ever learn? You lost everything you had and your brain is still working dead, you don't know that you did something wrong that's why you lost all that money.

This person ended up getting arrested multiple times because he failed to pay back all the people he borrowed money from, he is a well respected person and people never thought he is into gambling, this how cruel gambling can be, I don't how who teach him about gambling that he became so obsessed with gambling.

Now he is regretting his decisions as he is not out of the debt till today, he have to work everyday and pay back what he owe, the only money that remains on him is for food only, imagine that kind of life.

I will always advice against taking loan or borrowing money to invest in anything or the worst part, gambling.

When I think those who take loan to gamble have one excuse and that is if they don't have any money to gamble. Now their argument is that if we do not have any money how can we gamble and try our luck.

So these people will take loan and hope they will win in gambling and then they will return the loan and keep the profit with them. They know it is risky for them to play with the loan money but they have no other option.

I don't understand why the people who do not have money to gamble think that they are the luckiest people and they want to try their luck?

It would be riskier for them if they wanted to gamble using borrowed money. They should be gambling using their own money so that they have no obligation to return the money if they lose. It would be a good choice for him and he could also prevent the trouble that could arise if he borrowed money to gamble. Apart from that, he can also gamble calmly and not think too much about getting a win.

I have never heard about people borrowing in order to gamble even online. What I always see and witness that people advice is that you should avoid using money from loan to invest in Bitcoin or other cryptocurrencies. This is my first time of understanding that people used to borrow in order to gamble.

I honestly did not think that that is a good idea because you'll be under an external pressure even more than the pressure of the gambling. This means that you will be double pressured and will not make sane predictions anymore.
However in offline casino I have read where a casino agent borrowed a customer money to play more in their casino.

Gambling on the loan of a person who is completely addicted to gambling and cannot think about anything else then gambling. Knowing that it is high risk, they do not shy away from it.  Because they think that they can win gambling and earn several times the loan amount in this case he will have no problem paying off the loan. They don't want to accept that no one can guarantee winning in gambling and he can also lose his money by losing gambling.

I don't like gambling with loans. I have seen some people who gamble with loans. After gambling with loans from banks, they lose money and sell their money editors. Gambling is dangerous.  Money has lost wealth. Be careful before gambling. Do not get addicted to gambling. Gambling should be done at leisure. Gambling should never be greedy.  Many problems will be faced.

This kind of things  also often happens in land-based casino.  I have a friend who is working in a gambling casino and he often witnessed  millionaires selling their cars and other things just to keep their gambling activity.  What surprising is that they are selling them in a very cheap price.  So if someone wanted to buy a very cheap slightly used car or item, they can find it in the lobby of a casino.


If I am not mistaken there are conversations from years ago where someone defaulted due to his gambling addiction, I do not know if he is able to repay it and redeem himself.

I am not actually how does it differ from gambling your money for rent etc. In both cases, gambling your rent money and gambling borrowed money you are gambling away money that is budgeted for someone else as in both cases you owe that money. Even if you borrowed directly to gambling, i see using rent money for gambling is perfectly similar to me.

In other case you either lose you collateral, or you might get loan sharks after you. And in other one you might lose your apartment.

The funny part is that the gamblers never actually feels or know the implications of all this not until they finally gamble away all the money they use in gambling and that's when the feeling of remorse and regret kicks in. Like you said gambling is very risky and dangerous which can collect even the little funds the customer has, and they do go to some extent to even borrow more to gamble.

Yeah, I see cases like that, and it's just a common thing with some gamblers. There were some movies I watched back then when I was still a kid, and some men would sell so many properties to gamblers, and by the time they returned home empty-handed without their property, they began to receive a series of questions from their wives and even ended up having issues. I thought it was just in the movies that most of those things could happen, but it's just something that's happening around me even more frequently. Today I decided to visit a nearby casino. Just to my surprise, the cashier was fighting with one of his customers because the guy gambled without paying. Although he gambled there some times and paid, he has not paid for the last one, and the cashier taught him that since he has paid for the other ones, he will still pay for the last one. Unfortunately, he had no money on him again after some arguments, which resulted in a slight fight.

I also agree since a person's minds works in different way, others think that gambling with loaned money, they are using the money of other people and do a gambling spree until their balance is depleted then later they will just realized that they were so foolish to ask for a loan when the time comes that they have to pay for it with an interest.



Yeah, that first situation you stated should be a bliss since gambling with other's money, winning and paying back the lender while pocketing the winning amount is a dream like situation but the reality is that it is seldom to happen but rather these people ends up losing the money and paying the debt with interest.

I think taking loans can be viable strategy if you can really profit a lot through gambling OR loan rates being too low compared to your wage/income increases so you can close down your losses. People are "too" scared of taking loans honestly. Loans are important part of capitalism and they exist for many different reasons. When you take a loan you get money directly to payback later on which can be beneficial if currency is experiencing devaluation. Even USD experiences devaluation nowadays so do not be worried my friends.

This is already different level crazyness on gambling but I knew a lot of people selling their assets just to gamble and in fact one of my friend have this kind of business that lending money on IRL casino while they are asking for asset collateral such as car, luxury jewelry and even title of the house which gives him a lot of profit once the borrower defaulted to pay the loan.

Bit I doubt there’s someone here doing this staff since most of us here is well versed on gambling addiction implications. 

* Just replying the topic name*

Just dont do it, NO, a BIG NO!.

- But Ogami, why, "I found a good way to make profit with it

Well,

No bet is 100%, if you lose you will have less money than when you started, even if you had 0 it would not be a debt.
By losing the bet you will owe.

Only gamble with money you can afford to lose.

Value of a pizza, a coke, a cake, a movie at the cinema.

Be responsible, because your life literally depends on it. Your family.

Debts never bring anything good, gamble with responsibility.n.

Unfortunately, your experience is all too prevalent in the world of gambling. The two dont really go together like... well, you know.

To begin, remember that gambling is inherently a game of chance. There are methods and strategies to increase your chances of winning, but in the end, the house always wins. This is how gambling establishments make a profit. To believe you can cheat this system, especially with borrowed funds, is, well, optimistic, to put it mildly. And if you go bust, you'll be out more than just your chips; you'll be in the red as well. A double whammy, if you will.

Gambling is enjoyable, even thrilling, but only if you're risking money you can afford to lose. Not with borrowed money that could cause financial disaster if lost. Keep your love of gaming alive, but always gamble responsibly

In fact, it is not uncommon for gamblers to be tempted to seek or obtain loans just to channel their desire to gamble. after getting loan funds, we usually have high enthusiasm to carry out game sessions. in fact, not a few also had the belief that today we would win. then, pay the loan directly along with the interest. this sense of optimism is present, when we do not have a penny of funds for gambling. therefore, not a few are looking for loans to fulfill their desire to gamble. although some of us are reluctant to borrow and only choose when we have our own funds.

As you said, borrowed money can provide a sense of freedom, because at first we really didn't have the capital to carry out gambling sessions. if lucky, we get a win even repay the loan and have extra money to do the next betting session. but unfortunately, if what we plan is not in accordance with the expected scenario. which in the end, we lose everything and face reality like being hit by a brick with new problems faced to pay the money we have borrowed. ah sometimes it's funny, if I remember the past, I experienced this in the era of land casinos. uniquely, I made it a very memorable and meaningful experience to date. therefore, we do not recommend borrowing money just to fulfill the desire to gamble.