Why most gamblers can never hold onto big bag? - page 5.

adzino

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Quote from: RapTarX on April 25, 2020, 10:25:44 AM

I have one friend who used to play dice in stake.com, he started with a very small fund ($100), out of that money, he managed to have a balance of 24 ETH at some point but unlucky guy lost everything in one day. Once again, with the bonus he got from stake, he managed to cross 30 ETH within less than a month but yesterday, he lost everything once again.
How come he lost everything one day? Do most of the gamblers lose money in such way?

Because of greed? There are people out there that were able to make profit and never return to gambling. But, yeah, the number of those people are actually low.
Most gamblers does lose money in such a way. They play for weeks to build up profit, and boom! They lose everything in just few bets. This is because the house always has an edge and in the long run, it is the casino that will always win.
You make profit, you leave the casino with your profit to never return.

seleme

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Unfortunately, your friend just becomes lucky, the story has a title: Newbie luck.
From $100 to 24 ETH is not hard with correct money management and luck, your friend should learn when to turn off the pc before starting the same cycle again. Big lessons have a cost, hit and run strategy never dies.

panganib999

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Quote from: RapTarX on April 25, 2020, 10:25:44 AM

I have one friend who used to play dice in stake.com, he started with a very small fund ($100), out of that money, he managed to have a balance of 24 ETH at some point but unlucky guy lost everything in one day. Once again, with the bonus he got from stake, he managed to cross 30 ETH within less than a month but yesterday, he lost everything once again.
How come he lost everything one day? Do most of the gamblers lose money in such way?

Not all gamblers do fall at the same way because there are ways a gambler can avoid losing all of his winnings by just one day. Maybe your friend have a problem on his budget management because if he minds the amount he bets, he would not fall to loose all of his winnings in just one day. Having such amount of ETH is already that big to loose in just a day. If he managed his money well, the amount of assets he have in hand can be spent for days and not just for one day. He can do also have a chance to win more than what he have if he just take a better look of his playing behavior and management of his budget well. Strategic intervention must be done for a gambler to avoid loosing all he have won for days of playing in just a day because such experience is awful for a gambler earning those and just loose it like a bubble.

vella85

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It all comes down to self control and not get greedy like a lot of gamblers do, I myself have done this in the past where I was able to build up a nice amount of Bitcoin with one sportsbook but got greedy and bet it all on one game and lost the bet. If I had of stuck to my strategy I would of been sitting a my bankroll less the 1% I normally bet on games. I have now learnt my lesson and only bet 1% of my bankroll on each game and stick with it. Bankroll management is also very important and I think not a lot of gamblers use this when gambling, set limits and stick to them.

kawetsriyanto

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Quote from: yazher on April 29, 2020, 07:29:08 AM

~ snip ~

It seems you know very well how gambling works, bro.

Yeah, you are right. But as people always play again and again the gambling games, it means they agree with it. Even they realize that commonly they win a big amount of money after losing a bigger amount of money, but they still gamble there. If we analyze with financial or economic calculations, we are probably always losing but some people consider the entertainment that is priceless.

Maslate

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Quote from: stomachgrowls on April 29, 2020, 05:36:56 PM

Gambling industry is vast and a very profitable business because of this kind of mistake on where most people do commit.

Most people? I think not, I believe only few really commits mistakes and majority are just enjoying although they risk a big amount of money.
Gambling business does not want people to get greedy because that will affect their future, if the government sees a growing problem related on gambling, then for sure they'll ban gambling just like other countries do, so a healthy gamblers would help the business industry to have a healthy future as well.

stomachgrowls

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Quote from: hahay on April 29, 2020, 05:16:27 PM

No wonder I feel, even in the past I also experienced events like this and the thing that I realized after having a lot of money from the many wins that have been achieved is that I feel I will easily win the bet until I finally have the courage to take bigger risks, Of course big odds and big bets are the main choices every time I bet, but in the end that arrogance led me to bankruptcy. So the reason for cases like this is about not having control and enormous greed that will certainly make us feel arrogant.

Regret do always come in the end which is always the thing that commonly happen because people would only realize things when they have encounter some experiences which made them think that they have
might able to win big if they have completely stop midway or to those times that they've been hitting big.

Greed is really hard to resist which is totally been always a part of being a human where these motives will just eventually come out when we are dealing with money.

Gambling industry is vast and a very profitable business because of this kind of mistake on where most people do commit.

DarkDays

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Quote from: hahay on April 29, 2020, 05:16:27 PM

No wonder I feel, even in the past I also experienced events like this and the thing that I realized after having a lot of money from the many wins that have been achieved is that I feel I will easily win the bet until I finally have the courage to take bigger risks, Of course big odds and big bets are the main choices every time I bet, but in the end that arrogance led me to bankruptcy. So the reason for cases like this is about not having control and enormous greed that will certainly make us feel arrogant.

Normally big risks = low chance of winning the bet.

Does that mean that you typically play low odds bets, which should mean you don't win very often right?

Overall, I think people that play a lot of small bets are more likely to be in the hole than those that make a few big bets. That's just how probability works. You move closer to the expected distribution with the more bets you place.

hahay

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No wonder I feel, even in the past I also experienced events like this and the thing that I realized after having a lot of money from the many wins that have been achieved is that I feel I will easily win the bet until I finally have the courage to take bigger risks, Of course big odds and big bets are the main choices every time I bet, but in the end that arrogance led me to bankruptcy. So the reason for cases like this is about not having control and enormous greed that will certainly make us feel arrogant.

KTChampions

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Quote from: dre1982 on April 29, 2020, 02:51:48 AM

I think the most gamblers are losing big winning again is that it's all digital money.

You haven't seen the money so it's very abstract. Personally that's why I lose some big amounts before. I lost easily $1000 on dice and didn't care about that. If I would had that money here on the table I wouldnt even doubt about it to gamble that.

That is why in any real casino, the game goes to the chips, not the money - people thus lose them with greater psychological ease. In the case of cryptocasino, I can assume that many major losses were made there with easy money - profit from airdrops, profit from bounty campaigns, etc.

yazher

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Quote from: dre1982 on April 28, 2020, 05:29:21 AM

Well I had the same before. Just win big in a short time and didn't stop on time or redeposit the winnings a day later and bust all.

To prevent that I am using paper wallets to where I transfer a part of the winnings. This prevents me to easily redeposit and I will keep a big part of my winnings.

I think this is how most gamblers are, from time to time there always some event that they won big time and didn't go home with that huge winning money. instead, they want to play more and bet double. this is the reason why many casinos are not closing because of this kind of dumbness. after they win big, they don't know how to use that money other than going back to gambling. so, instead of winning, they ended up returning that money to the place where they got it by losing all of it. to be used later to get another money from them.

Questat

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Quote from: michellee on April 29, 2020, 04:55:11 AM

Quote from: dre1982 on April 29, 2020, 02:51:48 AM

I think the most gamblers are losing big winning again is that it's all digital money.

You haven't seen the money so it's very abstract. Personally that's why I lose some big amounts before. I lost easily $1000 on dice and didn't care about that. If I would had that money here on the table I wouldnt even doubt about it to gamble that.

Losing $1,000 in dice would be the worst experience you have. I think many others have got the same experience as you, but we can avoid the same thing that we did if we can be careful while we are playing gambling. But I think it is easy to lose any amount of money than to win any amount of money because if we gamble, we will difficult to win.

Losing $1000 could be a small amount for other gamblers, that's why we set our own limit as we have different capacity in gambling.
Some gamblers could even lose $100,000 in just one night, but life is normal for them as they have a lot of money to lose, limiting or gambling what you can afford to lose is always the best rules to follow, that way, we can avoid getting greedy, especially if we are in a losing situation.

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Quote from: dre1982 on April 29, 2020, 02:51:48 AM

I think the most gamblers are losing big winning again is that it's all digital money.

You haven't seen the money so it's very abstract. Personally that's why I lose some big amounts before. I lost easily $1000 on dice and didn't care about that. If I would had that money here on the table I wouldnt even doubt about it to gamble that.

Losing $1,000 in dice would be the worst experience you have. I think many others have got the same experience as you, but we can avoid the same thing that we did if we can be careful while we are playing gambling. But I think it is easy to lose any amount of money than to win any amount of money because if we gamble, we will difficult to win.

Asha8609

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The reason for this is overconfidence on luck. And you know what? It's absolutely normal for gambling addicts. Look, we don't get a lot of winning streaks all the time. Psychologically, when we get a winning streak, we start to believe that it's a miracle which will continue.

The second reason is, psychology of self betrayal. How many times have you won big and then thought to double it and actually indeed did? Lots, at least me.

So, when I have made 0.1 btc from 0.001 btc and then successfully doubled it to 0.2 btc, and then when I would want to double it to 0.4 and if someone tells me to stop else I will lose, I will say "hey, you told me to stop at 0.1 too, but I doubled it right, so you shut up" and by this I start to gain overconfidence till the level I lose it all.

bustabitsboy

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Constantly chasing loses kills most gamblers, the entire idea behind a casino is the house edge and once you start playing hundreds of hands or bets it starts to catch up

imstillthebest

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Quote from: ReiMomo on April 28, 2020, 08:48:17 AM

The emotional issue may be the reason why your friend loss everything in a glance. Gamblers have a tendency of betting a higher amount when they won on the first round but will end up losing everything because it is also our nature to bounce back when we lose the first time. Some gamblers have the instinct to know if it is their lucky day or not and that instinct your friend doesn't have.

how was that possible to know if its your lucky day or not ? that was cool if i have that skill but maybe they believe or look on signs which is i think is only a co incident but one thing is for sure that the longer you play the more money you will loose . i mean playing contiously on the same pattern because this happen to me also but know i just take a break and change strat as much as i can to make the system confuse and its surprisingly working on me most of the times

peter0425

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Quote from: Slow death on April 28, 2020, 09:39:02 AM

we need to understand the personality of the person playing:

1 - Is an addict and greed

2 - Is very convinced (the type of person who thinks he always wins)

3 - Is naive or amateur

we have 3 options that can be analyzed. be it as it is very difficult for an addict to stop gambling, that's why I can assume that addiction and greed were the factors for this unfortunate event

Is the responsible gambler part of the 3rd personality?because i thing there are long time gambler but ( that we cannot consider as amateur) they are just visiting casinos just to have fun.

Quote from: dre1982 on April 29, 2020, 02:51:48 AM

I think the most gamblers are losing big winning again is that it's all digital money.

You haven't seen the money so it's very abstract. Personally that's why I lose some big amounts before. I lost easily $1000 on dice and didn't care about that. If I would had that money here on the table I wouldnt even doubt about it to gamble that.

well i don't think thats the case because even in live casino if people are greed he can also lose Huge as this is already an attitude.

dre1982

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I think the most gamblers are losing big winning again is that it's all digital money.

You haven't seen the money so it's very abstract. Personally that's why I lose some big amounts before. I lost easily $1000 on dice and didn't care about that. If I would had that money here on the table I wouldnt even doubt about it to gamble that.

Slow death

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we need to understand the personality of the person playing:

1 - Is an addict and greed

2 - Is very convinced (the type of person who thinks he always wins)

3 - Is naive or amateur

we have 3 options that can be analyzed. be it as it is very difficult for an addict to stop gambling, that's why I can assume that addiction and greed were the factors for this unfortunate event

Finestream

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Quote from: ReiMomo on April 28, 2020, 08:48:17 AM

The emotional issue may be the reason why your friend loss everything in a glance. Gamblers have a tendency of betting a higher amount when they won on the first round but will end up losing everything because it is also our nature to bounce back when we lose the first time. Some gamblers have the instinct to know if it is their lucky day or not and that instinct your friend doesn't have.

When they usually start at a small amount and win a big amount eventually, that kinda changes the mentality of a gambler, they could think gambling provides easy money and they'll only realize when they make a big mistake which is not knowing when to control themselves.

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