The Paradox of Gambling behavior - page 6.

KTChampions

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Quote from: madnessteat on April 29, 2022, 04:24:55 AM

You have a good approach to gambling. I also mostly play slots but sometimes try my luck in games that require skills such as poker but no matter how hard I try I almost always leave the table without my money. I have learned not to get upset about it because I understand that against me can play as bots and professional players. I treat the money I deposit as a ticket for admission to the game.

It's not "may be playing", but they are definitely playing. Plus, these professional players use special software that tracks player statistics and allows you to predict your move for various actions (raising the bet, etc.) with a high degree of accuracy. In fact, they see your "character and style of play" and you do not. This is a big problem with online poker which is killing it in my opinion.

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Quote from: pawanjain on April 29, 2022, 02:27:53 AM

^

You have a good approach to gambling. I also mostly play slots but sometimes try my luck in games that require skills such as poker but no matter how hard I try I almost always leave the table without my money. I have learned not to get upset about it because I understand that against me can play as bots and professional players. I treat the money I deposit as a ticket for admission to the game.

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Quote from: fiulpro on April 22, 2022, 11:09:42 AM

One might already understand that winning at Gambling is hard but at the end of the day we still see a lot of people increasingly interested in Gambling, this might provide an insight into the casino business and at the same time help explore the ideas 💡 in the mind of a Gambler.

One might be aware of the fact that even though the Gambler knows that he is loosing money they measure the gambling to be an effective usage of that money, a leisure activity to begin with therefore it's more concerned with the activity-than winning an idea that some problem gamblers ignore.

Source :here

In roulette type games more than 95% of the amount is usually back to the player but when we talk about lotteries it goes way below 50% which is explained by the lower levels of winners and winning as a whole despite that lottery is some of the biggest revenue collector for the government. The players usually focuses not on winning big, but most of the time the short increase of dopamine makes their money worth it ( ofc if used in moderation)

What do you think is the best game/ sports to gamble on ? Do you do it for winning? Are the ideas in the article according to you correct? How many times you usually win in a game of chance+skills?

I never bothered to play skill based games like poker etc... because I like the luck based games more.
I personally gamble just for fun while I know that the amount I am using to gamble with is eventually going to be lost in all the games I play.
But at the same time I make sure I am limiting my losses by assigning a fixed budget to gamble with and to play more games I keep the bet amount really small.
It doesn't make a difference for me because at the end it gives me same adrenaline rush for the small bets.

Masplanc

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The best game I play gambling on is soccer, this is because soccer is the game that I'm very used to and I have been watching and playing soccer since I was young. I play gamble on soccer because I can I know I can win a bet because of how familiar I am to football.

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Quote from: Jawhead999 on April 23, 2022, 01:14:00 AM

Quote from: Wexnident on April 22, 2022, 08:01:07 PM

Finding the best "game/sport" is already a sign you are taking gambling as a form of way to earn money and not as an enjoyment. I'd rather stay away from that kind of mindset and really, just enjoy what you want to play/bet on. I don't think it'd really matter much anyway, in casinos you'd still lose to the house, and in sports you'd still need to do your own research/study for each team.

I used to think gambling is for fun and everyone only gamble for fun, but in my experience... it doesn't make sense you want to gamble only to lose your money, it's similar like you donating or giving free money to someone. The reason why I gamble is to earn more money, but I don't get addicted if I lose. At the same time I also enjoyed the fight since I'm regularly betting on boxing.

That's the problem sometimes, the definition of "fun" suddenly becomes winning/losing only. Well, if you were playing dice/slots then honestly it's understandable, which is why I've mostly played games like blackjack, poker, etc, where there's tension and enjoyment in the middle of the game itself, where you have to think, and strategize to win (while playing around with what you have). Well that's in the case of casino games, sports gambling would rely on you enjoying the sports itself, so it's much more easy to identiy the "enjoyable" part in gambling there imo.

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I am not one hundred percent certain that can be the same truth for gambling games. If you were to think about the thrill of winning money, then the game becomes fun, because you like gambling as the game, not the game itself. So my hypothesis is that all the gambling games are fun for gamblers. Some are just more fun at certain times than others. But I have never seen a gambler who sticks to the same games forever.

At least personally, I like almost all gambling games. Roll Eyes

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Quote from: nakamura12 on April 28, 2022, 06:45:07 PM

Gambling on lotteries is boring if the lottery takes time before the results are out unlike roulette. If you ask me which one of the two I would play is I would choose roulette rather than lottery. I have participated in lottery on a site before but I kind of don't like it or it is not for me though some might like it or even love it for a chance to win money. Other than that, I would choose to gamble on sports betting or even eSports which I am also a gamer.

A game is boring if you don't really like it. That's why I find other gambling games to be boring as well because I'm not into it. We've got the same passion for sports betting.
It's now popular that esports got the name in the gambling industry already as it had became bigger with those millions of prizes for their main tournaments and the bookies can't ignore that.

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When we are dealing with gambling most people will lay ut based in luck. Only few people who are really smart and have skill for gambling or betting analysis.

Most people will commonly get any winning in their first gambling. That is callled as the newbie luck. But aģain, it will be changing due to the tine pass by. I mean that people with winning at first and then losing all the time of gambling will not be aware, and they will continue to play gambling withhigh expectation to win, but in fact, there is no victory again.

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Gambling on lotteries is boring if the lottery takes time before the results are out unlike roulette. If you ask me which one of the two I would play is I would choose roulette rather than lottery. I have participated in lottery on a site before but I kind of don't like it or it is not for me though some might like it or even love it for a chance to win money. Other than that, I would choose to gamble on sports betting or even eSports which I am also a gamer.

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Quote from: Smartprofit on April 26, 2022, 08:03:17 AM

In my opinion, gambling is a great hobby! This is a very good way to relieve the stress accumulated during the working day.

However, it is very important not to get involved in gambling. Some avid players are very much like zombies.

Once I saw a beautiful blonde near the slot machines and decided to get to know her. To do this, I bought one game token and waited until she lost all her bets. After a while it happened. She fumbled in her pockets in confusion, but she had no more tokens ...

Then I went up to her, smiled and handed her the token. She looked at me blankly, took the token and started a new game. She didn't even thank me! She was just zombified by slot machines. I realized that for her there is nothing but gambling, she was already completely out of touch with reality.

This is not good ...

Without a doubt there are people like that but they are a minority, unfortunately it is because of them that gambling has such a bad reputation as they are unable to control their gambling habit, I will recognize that for those people it is better to never gamble again once they recover as the temptation to go back to their old ways will be too strong, but for the rest of us that can enjoy gambling with responsibility then there is nothing wrong with having some fun by gambling once in a while.

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Quote from: Smartprofit on April 28, 2022, 10:28:36 AM

Nassim Taleb used a certain psychological nuance. People perceive unlikely events as an event that will never happen (this is how human psychology works). But it's not. An event with low probability is a probable event. Such events happen quite often.

Bets on events with a low probability involve the use of high odds when paying out winnings. A big win can pay off all previously made bets.

Psychologically, people prefer to avoid losing. They are more afraid of losing than they want to win.

In his books, Nassim Taleb suggested actively looking for Black Swans. This game strategy is not a passive strategy - it is an active game strategy.

If Taleb's theories had anything to do with reality, then he would probably have shown in practice their effectiveness in earning a lot of money in any of the markets - be it the usual financial market or sports betting. But for some reason I have not heard anything about his success in this area. Instead, he prefers to publish books (which, by their volume, hint at the fact that he is a storyteller) and lecture, suspicious, isn't it?

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Quote from: Wind_FURY on April 28, 2022, 09:38:06 AM

Quote from: Smartprofit on April 28, 2022, 06:13:05 AM

The famous writer, philosopher and trader Nassim Taleb came up with the concept of "Black Swans".

A "Black Swan" is a very unlikely event, the occurrence of which is very difficult for an outside observer to predict, and which radically changes the world around us.

Nassim Taleb specialized in betting on "Black Swans". He studied them seriously and used this knowledge to profit.

"Black Swans" can also be used in gambling. I mean (primarily) sports betting. "Black Swans" are hard to find, but betting on such events brings a very large win (due to increasing coefficients).

Therefore, it is a very interesting and effective game strategy.

Nassim Taleb theorized about Black Swans, but I don't believe he profited from them? Plus Black Swans are "very unlikely events" like you posted, then trying to find them, and betting on them to happen would be a very low probability of being profitable. It will require a generous amount of luck to win one bet out of many in my opinion.

Nassim Taleb used a certain psychological nuance. People perceive unlikely events as an event that will never happen (this is how human psychology works). But it's not. An event with low probability is a probable event. Such events happen quite often.

Bets on events with a low probability involve the use of high odds when paying out winnings. A big win can pay off all previously made bets.

Psychologically, people prefer to avoid losing. They are more afraid of losing than they want to win.

In his books, Nassim Taleb suggested actively looking for Black Swans. This game strategy is not a passive strategy - it is an active game strategy.

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Quote from: Smartprofit on April 28, 2022, 06:13:05 AM

The famous writer, philosopher and trader Nassim Taleb came up with the concept of "Black Swans".

A "Black Swan" is a very unlikely event, the occurrence of which is very difficult for an outside observer to predict, and which radically changes the world around us.

Nassim Taleb specialized in betting on "Black Swans". He studied them seriously and used this knowledge to profit.

"Black Swans" can also be used in gambling. I mean (primarily) sports betting. "Black Swans" are hard to find, but betting on such events brings a very large win (due to increasing coefficients).

Therefore, it is a very interesting and effective game strategy.

Nassim Taleb theorized about Black Swans, but I don't believe he profited from them? Plus Black Swans are "very unlikely events" like you posted, then trying to find them, and betting on them to happen would be a very low probability of being profitable. It will require a generous amount of luck to win one bet out of many in my opinion.

Smartprofit

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The famous writer, philosopher and trader Nassim Taleb came up with the concept of "Black Swans".

A "Black Swan" is a very unlikely event, the occurrence of which is very difficult for an outside observer to predict, and which radically changes the world around us.

Nassim Taleb specialized in betting on "Black Swans". He studied them seriously and used this knowledge to profit.

"Black Swans" can also be used in gambling. I mean (primarily) sports betting. "Black Swans" are hard to find, but betting on such events brings a very large win (due to increasing coefficients).

Therefore, it is a very interesting and effective game strategy.

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Quote from: Doan9269 on April 27, 2022, 08:46:58 AM

Quote from: fiulpro on April 22, 2022, 11:09:42 AM

One might already understand that winning at Gambling is hard but at the end of the day we still see a lot of people increasingly interested in Gambling, this might provide an insight into the casino business and at the same time help explore the ideas 💡 in the mind of a Gambler.

As a matter of fact, if we are to compare the rate of wining to loosing in gambling we could bring out a conclusion that it is not advisible to gamble because the rate of winning is very small to loosing, but still yet we have some fortune gamblers that just got lucky to hit a jackpot by wining big on their first game attempt, but what i could conclude here is that many just derive pleasure in gambling because of its fun not minding either winning or loosing.

If their gambling goal is to seek temporary pleasure, that will be fine. But if they don't, they will only taste defeat more often than victory and they have to realize that. A gambler's luck cannot come every time or every gambler wants it because luck will only come to the right people. So it is better to reduce the habit of gambling before it is too late to realize that we have been addicted to gambling.

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Quote

One might be aware of the fact that even though the Gambler knows that he is loosing money they measure the gambling to be an effective usage of that money, a leisure activity to begin with therefore it's more concerned with the activity-than winning an idea that some problem gamblers ignore.

I think that there is a little bit of misunderstanding here.
The gambling addicts are more concerned about winning and less concerned about the activity of gambling,while the ordinary gamblers are concerned about the opposite-they gamble mostly for fun and have less expectations of winning.
The gambling addicts are delusional,because they overestimate their chances of winning the game,which deviates their behavior and makes them wanna gamble even more,despite the fact that they keep losing and losing.The dopamine produced inside their brains makes them think that they are doing something productive and fun,while in reality,they are ruining their lives.This is clearly a delusional state of mind.

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Quote from: Doan9269 on April 27, 2022, 08:46:58 AM

Quote from: fiulpro on April 22, 2022, 11:09:42 AM

One might already understand that winning at Gambling is hard but at the end of the day we still see a lot of people increasingly interested in Gambling, this might provide an insight into the casino business and at the same time help explore the ideas 💡 in the mind of a Gambler.

As a matter of fact, if we are to compare the rate of wining to loosing in gambling we could bring out a conclusion that it is not advisible to gamble because the rate of winning is very small to loosing, but still yet we have some fortune gamblers that just got lucky to hit a jackpot by wining big on their first game attempt, but what i could conclude here is that many just derive pleasure in gambling because of its fun not minding either winning or loosing.

"Gambling for entertainment" is OK, IF you have the income/capital to support the habit, and if you're truly self-aware that it's merely just for entertainment, not profit. That's the difference between the people who gamble in casinos, and the other people who trade with more than 10x leverage with little capital. The "day-traders" think they're actually "trading".

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Quote from: Doan9269 on April 27, 2022, 08:46:58 AM

Quote from: fiulpro on April 22, 2022, 11:09:42 AM

One might already understand that winning at Gambling is hard but at the end of the day we still see a lot of people increasingly interested in Gambling, this might provide an insight into the casino business and at the same time help explore the ideas 💡 in the mind of a Gambler.

As a matter of fact, if we are to compare the rate of wining to loosing in gambling we could bring out a conclusion that it is not advisible to gamble because the rate of winning is very small to loosing, but still yet we have some fortune gamblers that just got lucky to hit a jackpot by wining big on their first game attempt, but what i could conclude here is that many just derive pleasure in gambling because of its fun not minding either winning or loosing.

There are many stories of beginner's luck in gambling. But we can only be beginners once. The longer we stay in gambling the more money we lose. But I agree that many gamblers are after the fun. They are not after the money that is lost in the games. I have seen an entire family bonding in casinos. I'm sure they're not gambling to make money. They must be rich and they can afford to have some fun while splashing it away, but it is also true especially in third world countries that many gamblers are doing it in the hope of making a fortune.

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Quote from: fiulpro on April 22, 2022, 11:09:42 AM

One might already understand that winning at Gambling is hard but at the end of the day we still see a lot of people increasingly interested in Gambling, this might provide an insight into the casino business and at the same time help explore the ideas 💡 in the mind of a Gambler.

As a matter of fact, if we are to compare the rate of wining to loosing in gambling we could bring out a conclusion that it is not advisible to gamble because the rate of winning is very small to loosing, but still yet we have some fortune gamblers that just got lucky to hit a jackpot by wining big on their first game attempt, but what i could conclude here is that many just derive pleasure in gambling because of its fun not minding either winning or loosing.

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Quote from: mindrust on April 22, 2022, 01:46:44 PM

Quote from: fiulpro on April 22, 2022, 11:09:42 AM

In roulette type games more than 95% of the amount is usually back to the player but when we talk about lotteries it goes way below 50% which is explained by the lower levels of winners and winning as a whole despite that lottery is some of the biggest revenue collector for the government. The players usually focuses not on winning big, but most of the time the short increase of dopamine makes their money worth it ( ofc if used in moderation)

What do you think is the best game/ sports to gamble on ? Do you do it for winning? Are the ideas in the article according to you correct? How many times you usually win in a game of chance+skills?

Roulette is better than lotteries because they have a lower house edge. Lotteries, especially the government backed ones are a major scam. It is just another form of taxation. You should never ever participate in any government lotteries. Most of the money goes to the politicians and only a little of the total amount returns to the participants.

Desite lotteries having very low chances of winning, a lot of people are still enticed with it. Even if they know that the probability of them hitting the jackpot is very slim, people still risk to bet in it. Some people even have a set of numbers that they are holding and betting for for so long because of its sentimental meaning such as important date of events in their lives.

If we are going to be real, there's a 1 in a million chances of winning it. 1 out of 14million to be exact as what I have read because there are a lot of possible number combinations in a draw. Getting the exact position and combination of it would be really hard. If someone would be able to win, it's just really a matter of luck. Hence, I don't also recommend playing it. The government just benefits from it while others keep on betting. It's much better to save up those bets than to risk it in betting with a very small chance to win.

Topic: The Paradox of Gambling behavior - page 6. (Read 1398 times)