In the world of gambling, there will always be winners and losers. And you can never guarantee a win when you gamble. That is why it is called a gamble, in the first place; it always involves a risk, and there are never any guarantees. But this doesn’t mean there is no way for you to increase your chances of winning. The first step towards doing just that is learning why some people lose a lot more times than they win, and then you can avoid going down the same path.
The main reason why some people tend to lose almost every single time they gamble is that they make so many mistakes other gamblers don’t make. This is especially true of those who are relatively new to gambling. By the time they realize the mistakes they’re making and start taking the necessary steps to avoid those mistakes, they would have already lost a considerable amount of money. You surely don’t want the same thing to happen to you, which is why it’s best for you to take note of these common mistakes before you even start gambling.
Make no mistake about it: It is easy to make mistakes when you gamble, especially if you’re a neophyte gambler. When you don’t completely understand how a game is played, when you don’t have a clear idea on how to properly make a wager, and when you believe there is a specific system that can assure you of wins, then you are bound to make a mistake. We will try to help you get a more positive gambling experience by discussing the most common rookie mistakes and giving you tips on how to avoid them.
Spending Too Much
A lot of neophyte gamblers make the mistake of spending a lot more than they originally planned for, and there are several ways that this can happen, as well as several reasons as to why this happens. For one thing, many neophyte gamblers start playing without setting a budget beforehand. The problem with this is that you could so easily end up enjoying the game so much that you just keep on betting until you realize you’ve wagered away all of your money.
When you don’t set aside a specific amount for gambling, you also risk giving in to the temptation of spending money that has already been set aside for something else. The term “gambling with the rent money” may be used primarily as a joke, but it unfortunately is sometimes the truth. Some people just can’t bring themselves to walk away when they lose all their extra cash gambling; they choose to gamble cash intended for other purposes such as rent as well. Beware of this habit. Not only is it a bad idea where your finances are concerned, it is also often among the first signs of a budding addiction.
Perhaps even worse than gambling away money intended for something else is gambling away money you don’t even have. Some people take out cash advances from a credit card to try recovering from gambling losses. There are also those who borrow from relatives and friends, or even from other gamblers. This can lead to a host of problems if you fail to recover your losses and pay off your gambling debts.
So, how do you avoid falling into the trap of spending too much when gambling? One effective way is to make use of betting banks. Most casinos, whether physical or online, have their own banks where you can open an account and deposit funds. It’s a good idea to set aside a specific amount that you deposit into this account on a regular basis. And when you land some wins, have that amount deposited into the account as well.
Naturally, you would want to withdraw your winnings. Take note, however, that the best thing to do financially is to leave part of your winnings in your betting bank account. This will serve as a buffer fund for your not-so-lucky days. And even when you already have substantial winnings deposited in that bank account, be sure to keep depositing the amount you’ve previously decided to regularly place into that account so as to maintain a sustainable cash flow for your gambling habit.
Failure to Understand
Many rookie gambling mistakes stem from a lack of understanding. Regardless of what type of game you choose to play, there are bound to be several aspects that need to be fully understood in order for you to play it with the best chances of winning. The pay schedule, the available betting variations, and the odds of winning are just some of the most important aspects you need to have a clear understanding of before you start betting on any game.
No matter how attractive a game may seem, no matter how dazzling the graphics are, and no matter how exciting the sound effects may be, it is never a good idea to jump into a game if there is even one aspect of it that you’re not sure about. If you really want to try your luck in that game, then learn everything there is to learn about it. Don’t be afraid to ask questions. No one will laugh at you for wanting to learn more about a game before betting.
One of the things that are likely to happen if you play a game you don’t fully understand is for you not to stake correctly. As mentioned earlier, you need to understand what the betting odds are. Other than that, you need to always be aware of what your betting bank balance is. This will help ensure that you are always aware of just how much you can wager on every round. Staking too much is a sure way of losing everything in one go and being tempted to spend more than you can afford to.
Chasing Your Losses
Many new gamblers make the mistake of thinking that if they spend more money, they will somehow be able to recoup the losses they suffered just a few minutes ago. In most cases, it never even occurs to these gamblers that if they have already lost a significant amount of money earlier, there’s a good chance they will also lose any additional amount they choose to spend.
The most common reason for chasing losses is a misguided belief in what is known as the gambler’s fallacy. This is a belief that if something has happened frequently within a certain period of time, then the likelihood of it happening again grows less and less. So when a gambler has suffered straight losses for several hours, he would tend to think he is getting more and more likely to win; hence, he will start chasing his losses.
The gambler’s fallacy also works the other way. A gambler could believe that when something hasn’t happened in a while, then it is likely to happen very soon. So if a gambler has not won a game in several hours, he might start to think he will have a win very soon. This kind of thinking often results in a person betting just a little more with each round of play, in hopes of finally landing that win.
What you need to realize is that numbers do not have any memory. Numbers cannot tell the number of times you’ve been dealt with a loss, so numbers cannot decide when to give you a win, either. Besides, there will always be another day when you can try your luck again; you don’t have to spend all your money in just one go. You have a betting bank account so you won’t have to touch the money you have that’s intended for more important things. Make sure you also manage the funds in this bank account in a responsible manner.
A Lack of Gambling Discipline
You have a choice: You can either treat gambling as a hobby, or treat it like a vice. The good thing about treating it as a hobby is that you are able to maintain control over your gambling habit. On the other hand, if it becomes a vice, you are likely to lose control and start making some costly mistakes. And when we talk about cost, we don’t just mean financial cost. Gambling as a vice can entail huge health costs as well.
With gambling as a vice, you are likely to start making decisions that are not only irresponsible, but also reek of a lack of discipline. One of the worst things gamblers do when gambling becomes a vice is playing when they’re intoxicated. When you’re new to gambling, it is crucial for you to pay close attention to the game you’re playing. You can’t do that when you’re sloshed.
Another thing you might start doing when you lose control of your gambling habit is gambling when you haven’t had enough rest. This is a bad idea for a couple of reasons. First, this opens you up to decision fatigue, which means that as you make more and more decision, your ability to make responsible decisions decreases. Again, you need to stay alert when you gamble, and gambling when tired is certainly not that way to do that. Second, stretching yourself too thin by gambling even when you’re tired doesn’t do much for your health. In fact, it is detrimental to your health.
The lack of discipline that results in having gambling as a vice could also lead to you gambling too often. You need to realize that the world’s best gamblers are those who know how to wait for the right opportunities. They don’t gamble too often, and they don’t gamble too much. Just as it is a good idea to have a separate bank account for your gambling funds, it is also often a good idea to set a schedule or a limit to the amount of gambling that you do.
Not Having Fun
It can be so easy to fall into the trap of forgetting why you made your first foray into the world of gambling. More than anything else, gambling is a form of entertainment. Just like a trip to Disneyland or a night out with good friends, it is meant to be enjoyed, not to become a cause for stress. Yes, gambling can result in you winning a good deal of money, but it should not be all about winning. It is when gamblers start focusing too much on winning that things usually start to go south.
The trick to keeping gambling a fun activity is to have a plan. Set a budget, decide on the kind of games you want to play, and have a schedule in place. It may even be a good idea to have a plan for meals so you don’t end up spending too much in a casino restaurant. Having a plan for everything may seem like a sure way to make your gambling trip a rigid and boring one, but it can actually have the opposite effect.
When you enter a casino or go online to gamble and you have a plan in place, you can make sure that when your playing time ends, you won’t be worrying about your finances and you would have had some fun playing games that align with your interests. In addition, following rules of gaming etiquette and taking breaks are also excellent ways to keep your gambling habit under control.
When you decide to gamble, one of the most important things you need to bear in mind is that gambling is meant to entertain. It is meant to be fun. Yes, it involves a risk. But you have to make sure every single gambling risk you take is a calculated one. Never think of gambling as a way to earn easy money. There is nothing easy about gambling, and the moment you start thinking it’s easy is the moment you start making some of the biggest mistakes neophyte gamblers usually make.
You cannot control the odds when you gamble. You cannot control the combinations in a slot machine, or the roll of the dice in a game of roulette. But you can control how you gamble, and you can avoid making life-changing mistakes. There will always be times when you will lose, but by being a smart gambler, you can at least make sure your losses are something you can easily live with.