Never Expect Consistent Winnings From Gambling - A Lesson I Learnt. - page 5.

Franctoshi

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Quote from: Fivestar4everMVP on April 26, 2023, 12:26:57 PM

A supposed friend, he working and has been gambling for a while, recently got lucky, won consistently for 3 good days consecutively..

1st day, he won $670+
2nd day, he won $702+
3rd day, he won $692+
This are the ones I know and saw the slip myself...

Long story short, 2 months after the whole winning spree, this guy lost everything back to casinos where he gambled on, he made gambling his day job, probably increased his bets so as to win more, but as of today, this guy is joblessly roaming the streets, depend solely on friends to feed, as of yesterday when I overheard him discussing with some one I am also close to, he was asking to help him look for a Job, that what he planned didn't work out - what ever he planned that didn't work out, I don't know, but this is a lesson for us all to learn from.

That's very sure you can't win regularly all the time, what matters is if comparing your wining rate to lost rate, if wining rate is higher you still on the profit side despite losing some.
This scenario is what I experienced from a trade that I took today, had a straight winning run that got me some reasonable amount of dollars, but guess what, instead of me taking a rest for the day, and due to some times one can just act stupid, I ended losing the profit plus my side of money. Once you've gotten a reasonable amount of winning, don't be too confident to place further bets take a break and do fresh a calculation next day or more.

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Quote from: Peanutswar on May 09, 2023, 08:58:10 AM

This serves with the outcome of the gambling base on the experience of other people and even you there's a factor that you could lose in gambling and this serves already a lesson but still continuously playing?, its because the factor of the money and the satisfaction the player always got, if you think gambling can give you an instant money this can give you instant lose back all your gains and more on it, no one will give a huge win every day to the gamblers, that's why its called gamble the factor of chance of winning and luck. You can lessen the risk but you cant remove the risk as always there it is.

Yes, that's why gambling has to learn from the experiences of other people or yourself, after all to be consistent is difficult if you haven't been able to control yourself or get rid of greed as a human being, sometimes when you win you don't feel satisfied so you keep playing until the end until you finally lose your winnings again, that is the risk of playing gambling.

When playing, we also have to play with the risk of not always winning every day, sometimes when we experience defeat, we should be able to learn that as a lesson not to repeat it in the next game, after all, gambling is not a place to make instant money, so just play and enjoy the process, because we know will not be able to get wins consistently.

CryptSafe

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There is a saying that says "pride goes before failure" that was the attribute of the young man. Arrogance and ignorance altogether made him crumbled and that is the root of his challenges encountered.
There is also a sayings that says "do not forget the days if your humble beginning" he ignored his friends as result of his stupidity. Forget his early struggling days with his friends just because of the feelings that he has arrived and it has landed him in a pool of regrets.

However, it is wisely advised to gamble responsibly. If he had been with his friends, I believe they would have advised him. These kind of people are the type that easily get distracted when a little change enters their pockets. As you can see for yourself, he Messed up to the point of resigning his job and not even thinking of starting up a business for himself and that is where he landed himself hoping on gambling wins to sustain him without having a thought of the future.
This should be a big lesson for him to learn since he choose to be deaf ears.

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Quote from: lienfaye on May 08, 2023, 04:48:04 AM

Quote from: Fivestar4everMVP on April 26, 2023, 12:26:57 PM

Gambling is not a business, and neither should you ever take it as a day job, in reference to this thread - it is likely impossible to make a consistent winning from gambling, there are day you win, even much more than $100, and there are days you will lose it all, to make a consistent $100 or more every day in gambling is a mirage, wishful thinking that might never happen.

Indeed. Don't quit your day job for the reason you chose gambling as your main source of income believing you can earn each day by winning consistently. Those who think that way don't know how gambling works to be treated as their source to earn. This is the problem of some gamblers who experienced to win decent amount and decided to be a gambler full time.

Gambling is not a job and should not be treated as one. If you want to gamble, do it for fun because it's more satisfying to win if you less expect it.

There is absolutely no reason to have gambling as your main income, that would be the silliest thing anyone can do. There are only a few professional poker players who does that, but aside from that nobody should do that. House always wins is a truth and not a lie, it is backed up by the house edge as well and that means you are going to end up with a loss.

So, if you want to make an income from gambling, then you should either own a casino or should have a lot of gamblers you affiliate networked into a casino so you could make a profit, aside from that there is no reason to keep gambling. I believe that there are very few people in the entire world who can do that and trying to be one of them makes no sense, it just doesn't seem possible mathematically speaking so why risk it?

Peanutswar

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This serves with the outcome of the gambling base on the experience of other people and even you there's a factor that you could lose in gambling and this serves already a lesson but still continuously playing?, its because the factor of the money and the satisfaction the player always got, if you think gambling can give you an instant money this can give you instant lose back all your gains and more on it, no one will give a huge win every day to the gamblers, that's why its called gamble the factor of chance of winning and luck. You can lessen the risk but you cant remove the risk as always there it is.

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Quote from: Fivestar4everMVP on April 26, 2023, 12:26:57 PM

Snip

These aspects are often overlooked by many gamblers and also one-time gamblers. By "one-time gamblers," I mean those who only engage in gambling for the sake of having fun from time to time, disregarding the fact that luck is not consistently on their side. Not every day can be like Christmas, and that's why, in all my years of playing, I have never exceeded my predetermined betting budget irrespective of how many winning tickets I may have, I refrain from increasing the amount I allocate for betting. If my usual weekly sportsbook budget is $20, even if all my predictions turn out to be correct, including those with high odds, I ensure that my next stake does not surpass that $20 because over-excitement can make one make a mistake in the next game's pick.

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Quote from: Negotiation on May 09, 2023, 07:13:54 AM

Correct, gambling should never be taken seriously and should be played as a means of entertainment. From an individual's point of view, a gambling addiction can turn a person from losing wealth to bankruptcy in an instant. Since there are gains and losses in the game, it is easy to detect when it is too much. Participating in regular gambling often leads to an addiction to trying to make up for lost money when you lose and the urge to make more money when you win, a never-ending cycle.

A cycle that will continue if not addressed properly and correctly. When gambling has become an addiction it will be dangerous. it is difficult to get rid of gambling addiction, those who are addicted will feel that every game is a chance to win, but in fact, he always loses and loses. to spend all his money and this will also have an impact on his social life and will be more likely to commit criminal acts to get money so they can do gambling.
Gambling is entertainment and as much as entertainment should be fun, winning or jackpots are just a bonus.

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Quote from: klidex on May 08, 2023, 04:31:10 AM

Quote from: slapper on May 08, 2023, 04:10:40 AM

Blame game, anyone? Listen, gambling's a risk, we all know it. So why cry foul when luck deserts us? It's like cursing the ice cream man for those extra pounds—you knew the deal! Sure, be smart, don't go overboard. But let's loosen up, folks. Gambling's all about fun and rolling the dice. Keep your dreams grounded. It's tempting to imagine Scrooge McDuck-level wealth, but let's be honest—most of us won't strike gold. So enjoy, gamble, and don't sweat it.

Gambling is just like playing video games we want to play for fun but silly people expect to get big money from playing video games, it is very impossible for us to get it all.
Just like gambling, which should be used as a place for entertainment, people sometimes misunderstand and expect big wins from gambling which can make them become addicted with thoughts of big money or big wins.
But that is very natural for me because some gambling addicts can get worse because they were once lucky to get a big win after that the mindset is always hoping for more and after that the winning money runs out and blames the casino.
I think a person can become a very bad gambling addict because his mind is only thinking about winning big and big money.

Correct, gambling should never be taken seriously and should be played as a means of entertainment. From an individual's point of view, a gambling addiction can turn a person from losing wealth to bankruptcy in an instant. Since there are gains and losses in the game, it is easy to detect when it is too much. Participating in regular gambling often leads to an addiction to trying to make up for lost money when you lose and the urge to make more money when you win, a never-ending cycle.

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Quote from: Helena Yu on May 08, 2023, 09:01:15 AM

Quote from: JooBra on May 08, 2023, 04:29:44 AM

When you start winning and keep wining for some time (gamble/trading/other stuff) you feel like you can't lose. This is such a delusional state which is hard to predict first time you are in. I had it with trading and if you come from it with minimum loses it's such a worth trade in experience and money related stuff. I'm lucky it happened to me when I was pretty young and didn't lose much money. Be careful when things go bad, and even more careful when things are going good.

I would say if you're always making money in trading, you can quit your day job, in case you're already make a lot money and you can earn passive income by investing your money you've make from trading. The passive income you get are expected to cover up your daily spending, this mean if your trading goes wrong, you can still life with your passive income. Having a business is a good decision too especially if you're interested in business.

But the problem is many people have not been able to make money trading but have decided to quit their day jobs. They forget that in trading, there are cycles that make the market go down and they will find it difficult to survive if they don't have enough expertise.

But if they still have their day job, they can use their salary to survive while improving their skills to profit in trading. But passive income is different from trading profits because you get passive income by owning something that can give you money without working. But in gambling, you can not expect getting the win because you may lose many times rather than win.

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Quote from: Fivestar4everMVP on April 26, 2023, 12:26:57 PM

Long story short, 2 months after the whole winning spree, this guy lost everything back to casinos where he gambled on, he made gambling his day job, probably increased his bets so as to win more, but as of today, this guy is joblessly roaming the streets, depend solely on friends to feed, as of yesterday when I overheard him discussing with some one I am also close to, he was asking to help him look for a Job, that what he planned didn't work out - what ever he planned that didn't work out, I don't know, but this is a lesson for us all to learn from.

Gambling is not a business, and neither should you ever take it as a day job, in reference to this thread - it is likely impossible to make a consistent winning from gambling, there are day you win, even much more than $100, and there are days you will lose it all, to make a consistent $100 or more every day in gambling is a mirage, wishful thinking that might never happen.

Feel free to chip in your contribution.

I think you really need to separate gambling into two categories - bets over which you have some control and bets where you have no control. The vast majority of casino games fall into the second bracket, the casinos have engineered it so they will always win in the long run due to a weighted advantage in their favor - although you might get lucky short term. Then there are skill based games like poker and even sports betting to a degree, where you may be able to eek out a small advantage if you follow some sort of strategy.

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Quote from: Helena Yu on May 08, 2023, 09:01:15 AM

I would say if you're always making money in trading, you can quit your day job, in case you're already make a lot money and you can earn passive income by investing your money you've make from trading. The passive income you get are expected to cover up your daily spending, this mean if your trading goes wrong, you can still life with your passive income. Having a business is a good decision too especially if you're interested in business.

I agree with this.

You can definitely make a passive income from trading especially if you already established your portfolio and if you are really that good in market analysis. Trading requires effort, time, and of course money. It is a risk very much different from gambling because gambling is mainly for entertainment and bonus if you can generate profit. While trading is intended to profit and earn money. Taking advantage of the market volatility, knowing when to buy, sell, and cutloss.

Leaving your job because you can make trading as your everyday means of survival is possible. As a matter of fact, I knew some who did this and has a very stable and financial independent life nowadays. But if you will do it because of gambling, think twice, even ten times because gambling is different. It's mostly based on luck and it couldn't possibly be sustainable for the long run.

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Quote from: Z390 on May 06, 2023, 02:37:51 PM

This is stupidity at it's finest, how can one leave his job for gambling? Something that doesn't rely on your skill or hard work, gambling is completely a gamble, hundred percent on luck, how can one take this as a month salary earning job? LMAO

I don't feel pity for this fellow or anyone who do the same, there is no other words to describe this than stupidity, he deserves everything that happened to him, he is also greedy but that's normal, something you can learn the hard way but losing your job because you believe that gambling is the answer is crazy.

As crazy as it may sound this just shows how weak is the understanding of the subject of probabilities among the general population, anyone with the most basic understand of this topic will know that even when you have the odds against you it is possible to produce profits over the short term, but this is only a temporary thing, and if given enough time then not only you will lose that amount of money but you will lose a part or all your capital, but someone which does not understand probabilities may come to believe their profits can be sustained and they could make a living out of them, a huge mistake of course, which is caused by their ignorance about this topic.

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Quote from: Slow death on May 07, 2023, 03:08:53 PM

~
Harry Kakavas

Total amount gambled: $1.43 billion
Incurred losses: $20.5 million

this guy was someone very skilled in gambling, according to the article he played for 16 months and managed to win $1.43 billion, but he lost 20 million, compared to the profit he had losing 20 million was not something to worry about, this is also a very interesting fact and rare case, unlike most people who leave casinos with high losses he left the casino with high profit, luckily for him, but people shouldn't copy this guy, hardly anyone can achieve that success nowadays, winning at the casino is a very difficult task, not to say impossible
~

Am I the only one who thinks this is some wild nonsense? What losses are we talking about if the dude won 1.43 fucking billion dollars? Probably I have not seen more crooked statistics and erroneous accounting of money. It seems that someone had the task of writing only about losses, so he wrote down even obvious successful cases there under any pretext.

danherbias07

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Quote from: Fivestar4everMVP on May 07, 2023, 05:04:07 PM

Quote from: Slow death on May 07, 2023, 03:08:53 PM

after I made a post on this thread, and today I saw it again I was curious to know more about the people who already lost everything in gambling, they also thought that they would have consistent gains, but unfortunately the reality is that you don't make money with gambling bad luck, for example in these cases:

Biggest Gambling Losses Ever: Horrific Gambling Stories About Gamblers Who Lost It All

A very great article indeed, and one i believe every gambler must learn a thing or two from, gambling is one of the ways to have fun, but like they say that too much of everything is bad.
From what I've personally experienced, gambling is always exciting until we begin to attach emotion it, that is emotion can come in form of need to make profit at all cost, which is when we begin to realize that we are loosing money, and this realization triggers an urge that pushes us to want to at least, win back the money we've lost, this is where chasing after losses come into play, and little by little, addiction sets in..

This is a warning we all must never stop sounding to the gambling community, in as much as some times, we want to make some profit gambling, gamble with your head and not your heart, for the moment you start gambling through your heart, be rest assured you've just began your journey on the path of destruction.

Indeed. It made me stop to read everything clearly.
I didn't know Sir Charles already lost that kind of amount in gambling, I thought he was the guy that would do sports gambling more because that is where his focus is instead of casino games.

Tiger Woods - $58 million. Whew!
Allen Iverson - $200 million. WTH!
These guys wasted a lot of their hard-earned money but I think they have more to spare that's why they can do it. I just don't understand why there's no one stopping them. I mean, my wife would probably leave me if she finds out I am betting $1000 in just one game or one round. Grin

That's just crazy in my world unlike those guys who make millions.

Helena Yu

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Quote from: JooBra on May 08, 2023, 04:29:44 AM

When you start winning and keep wining for some time (gamble/trading/other stuff) you feel like you can't lose. This is such a delusional state which is hard to predict first time you are in. I had it with trading and if you come from it with minimum loses it's such a worth trade in experience and money related stuff. I'm lucky it happened to me when I was pretty young and didn't lose much money. Be careful when things go bad, and even more careful when things are going good.

I would say if you're always making money in trading, you can quit your day job, in case you're already make a lot money and you can earn passive income by investing your money you've make from trading. The passive income you get are expected to cover up your daily spending, this mean if your trading goes wrong, you can still life with your passive income. Having a business is a good decision too especially if you're interested in business.

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Quote from: lienfaye on May 08, 2023, 04:48:04 AM

Quote from: Fivestar4everMVP on April 26, 2023, 12:26:57 PM

Gambling is not a business, and neither should you ever take it as a day job, in reference to this thread - it is likely impossible to make a consistent winning from gambling, there are day you win, even much more than $100, and there are days you will lose it all, to make a consistent $100 or more every day in gambling is a mirage, wishful thinking that might never happen.

Indeed. Don't quit your day job for the reason you chose gambling as your main source of income believing you can earn each day by winning consistently. Those who think that way don't know how gambling works to be treated as their source to earn. This is the problem of some gamblers who experienced to win decent amount and decided to be a gambler full time.

Gambling is not a job and should not be treated as one. If you want to gamble, do it for fun because it's more satisfying to win if you less expect it.

In fact, we have this gambling for the reason to become one of our sources of income or our main source of income but it was just a sort of entertainment. And deciding to quit a job for this is really a big mistake, I can't really imagine doing this because we know the sentiment in gambling gamble more, lose more and win less.

Honestly, we can't rely on our future in luck as it was impossible to survive and have a comfortable life.

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Quote from: Fivestar4everMVP on April 26, 2023, 12:26:57 PM

Gambling is not a business, and neither should you ever take it as a day job, in reference to this thread - it is likely impossible to make a consistent winning from gambling, there are day you win, even much more than $100, and there are days you will lose it all, to make a consistent $100 or more every day in gambling is a mirage, wishful thinking that might never happen.

Indeed. Don't quit your day job for the reason you chose gambling as your main source of income believing you can earn each day by winning consistently. Those who think that way don't know how gambling works to be treated as their source to earn. This is the problem of some gamblers who experienced to win decent amount and decided to be a gambler full time.

Gambling is not a job and should not be treated as one. If you want to gamble, do it for fun because it's more satisfying to win if you less expect it.

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Quote from: slapper on May 08, 2023, 04:10:40 AM

Blame game, anyone? Listen, gambling's a risk, we all know it. So why cry foul when luck deserts us? It's like cursing the ice cream man for those extra pounds—you knew the deal! Sure, be smart, don't go overboard. But let's loosen up, folks. Gambling's all about fun and rolling the dice. Keep your dreams grounded. It's tempting to imagine Scrooge McDuck-level wealth, but let's be honest—most of us won't strike gold. So enjoy, gamble, and don't sweat it.

Gambling is just like playing video games we want to play for fun but silly people expect to get big money from playing video games, it is very impossible for us to get it all.
Just like gambling, which should be used as a place for entertainment, people sometimes misunderstand and expect big wins from gambling which can make them become addicted with thoughts of big money or big wins.
But that is very natural for me because some gambling addicts can get worse because they were once lucky to get a big win after that the mindset is always hoping for more and after that the winning money runs out and blames the casino.
I think a person can become a very bad gambling addict because his mind is only thinking about winning big and big money.

JooBra

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Quote from: Wexnident on May 07, 2023, 07:58:10 PM

Quote from: Fivestar4everMVP on April 26, 2023, 12:26:57 PM

of yesterday when I overheard him discussing with some one I am also close to, he was asking to help him look for a Job, that what he planned didn't work out - what ever he planned that didn't work out, I don't know, but this is a lesson for us all to learn from.

I can already feel that this "plan" of his was getting rich off of gambling. I mean, it isn't that impossible from his pov, it already happened once after all. Sadly that "once" would probably be the maximum chances of his successfully being one through it.

I've made the same mistake before, not through gambling but well, thinking that money was easily gained after getting an opportunity, it wasn't long lasting though and after a few weeks I was luckily able to realize how dumb I was in assuming everything would remain the same till the end, so I don't really blame him. Even if he saw it happen to someone else and vow not to become one, some events just tend to push us in becoming really short sighted.

When you start winning and keep wining for some time (gamble/trading/other stuff) you feel like you can't lose. This is such a delusional state which is hard to predict first time you are in. I had it with trading and if you come from it with minimum loses it's such a worth trade in experience and money related stuff. I'm lucky it happened to me when I was pretty young and didn't lose much money. Be careful when things go bad, and even more careful when things are going good.

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Quote from: stomachgrowls on May 07, 2023, 03:28:37 PM

Quote from: romero121 on May 06, 2023, 06:38:24 PM

Quote from: o48o on May 06, 2023, 05:59:19 PM

Quote from: Fivestar4everMVP on April 26, 2023, 12:26:57 PM

-cut-
Gambling is not a business, and neither should you ever take it as a day job, in reference to this thread - it is likely impossible to make a consistent winning from gambling, there are day you win, even much more than $100, and there are days you will lose it all, to make a consistent $100 or more every day in gambling is a mirage, wishful thinking that might never happen.

Feel free to chip in your contribution.

Long time ago i heard a story from an old gambler. He told that right at the start of his gambling "career" he won a huge jackpot. I thought to myself that maybe i would be that lucky some day, but he stared at me and said that at the time he didn't realize that it would be his biggest loss.

What he meant by that was that now there was a seed in his head that this would be possible for him to recreate by gambling so he kept on gambling and never got the jackpot again. We don't understand very low odds not to mention 1:10M odds. And when we are not happy and quit after getting filthy rich, we are never going to quit. So the guy was in loss already after gambling high stakes after it, and when you have a seed in your head about some huge win and how that's possible to achieve, you keep on reaching it again when you should count your blessings instead.

Gambling is for fun, not for living.

There are people who understands well about gambling and have plans accordingly. Most of the gamblers have similar mentality to win big. Human minds never gets satisfied and the same is being utilised. Whether the winning is big or small we should enjoy it than focusing on something specific. It isn't a career or a dream to run behind. As the final statement says, Gambling is for fun and not for living.

Almost everyone could've had similar incident. I entered just with $1000 with the eager to multiply it to $2000. Lost it on the same day and I was able to make it $5000 the same day with another $1000. This made my day and from there I've been losing. I don't know, whether it is happening normally or for some reason. But, these things drive more people towards gambling and loss big money.

Someone whose been aware on whats the risks and whats gambling in the first place wouldn't really be ending up on pointing out fingers or to someone whom they could blame off with. You cant really be ending up
on this one if you are really just that aware on what you've been doing. Just dont make yourself do spend on what you cant afford to lose on which most gamblers do really ended up.This is why its better to be sensible when it comes into your actions because you cant really that able to tell on what would be the outcome and this is why you should really be that sensible towards on what you've been doing.

Gambling does impose huge risks and it is really just intended for fun which most likely you would really be that on the losing side in the end of the day. Some people are really just that anticipating or expecting out
too much on the time that they would really be getting some winning streaks, on which they would really be having those thoughts on getting rich in no time. Once you do start up with this kind of mindset then
you would definitely making out some actions afterwards on which it would really be not so shocking if you would really be ending up on a disaster or simply
would be able to see different outcome.

Blame game, anyone? Listen, gambling's a risk, we all know it. So why cry foul when luck deserts us? It's like cursing the ice cream man for those extra pounds—you knew the deal! Sure, be smart, don't go overboard. But let's loosen up, folks. Gambling's all about fun and rolling the dice. Keep your dreams grounded. It's tempting to imagine Scrooge McDuck-level wealth, but let's be honest—most of us won't strike gold. So enjoy, gamble, and don't sweat it.

Topic: Never Expect Consistent Winnings From Gambling - A Lesson I Learnt. - page 5. (Read 1391 times)