Let’s get this straight right away—there’s nothing wrong if you enjoy gambling. It can boil down entertainment and relieves your stress. It can even make you mentally, emotionally, or psychologically healthier!
However, losing money caused by wagering on a whim will turn your situation to be even more stressful. You can steer clear from this ball game by being aware of these common mistakes that cause gamblers to take a beating at casinos.
No Bankroll Management
You don’t want to lose money that you aren’t comfortable to lose, don’t you? Smart gamblers think so, too. That’s why responsible gamblers exercise good money management in every game, which includes setting gambling budget and loss limits.
Sticking to the designated casino gambling bankroll keeps gamblers away from spending and losing too much. Also, their self-imposed loss limits don’t only reduce their average loss, but also prevent them from having excessive gambling behavior.
Chasing Losses
Gamblers with no loss limits are prone to having a loss-chasing behavior, too. Let’s say you lost in a game. You don’t feel good about it, so you double your bet and thought doing so could make it up for your previous loss. But you keep losing! Worse is you don’t have loss limits, so you feel like betting even bigger bets, putting you in an endless loss-chasing cycle.
Chasing your losses in an attempt to win it all back could easily contain you to an extended losing streak. It sounds negative already, but do you know what’s even more terrifying than blowing right your budget (if there’s any)? You could be broke in the long run, or, worst, be locked up behind bars.
Opting for Martingale System
Doubling up your bets after every loss so you can either win a bit ahead or be back to even is called the martingale system. And yes! This so-called logic is one of the factors that drive gamblers to be in a loss-chasing cycle.
While it increases the average bet size and you might end up gaining higher rewards if you win, it cannot absolutely alter, not even in the slightest bit, the odds built into the very rules of any game you’re playing. It is, by far, the most crucial technique a skilled losing gambler has.
Playing at Unregulated Online Casino Sites
Don’t get us wrong. Not all online ads with “Wizard Slots over 500 Free Spins bonus!” catchlines are bogus. Like Wizard Slots, there are licensed online casino sites that are safe to play at, way safer than staying at the nearest gambling den in your place.
However, if you want to lose your entire bankroll in one fell swoop, then go play at sketchy, unlicensed, casino sites with questionable origins. These online platforms let you believe that it’s possible to hit the jackpot, then rig the games even further against you. In short, opting to these unregulated casinos is a quick way to let you your money be blatantly stolen.
Compounding Problems through Gambling
Being in a pinch usually turns you into a mad man with a desperate mindset. That’s understandable, given that you’re in a dire situation. However, gambling when you need money isn’t rational at all! Remember: nothing could change the odds even slightly in your favor.
What’s even worse is to gamble on credit! There’s a need to understand the full implications of doing so. For instance, gambling on credit is generally expensive due to the interest rates you’ll pay soon. What if you’ll lose the game with that borrowed money? Then, you have to pay the debt you racked up gambling plus its interest rates. Isn’t it financially destructive?
Playing While Physically and Mentally Incapable
Do you know another dumb thing you could do other than gambling while drunk is? Try betting when you’re dead tired! Alcohol intoxication and fatigue tend to override your rationality. Hence, one of the easiest ways to lose money is to gamble while you’re physically and mentally unstable.
Another way to lose money is to gamble while you’re short on sleep. According to Science, sleep deprivation impairs a person’s cognitive set-shifting, divergent thinking capacity, problem-solving skill, supervisory control, and other decision-making functions.
Know that you can have a grueling gambling experience when you play despite being sleep-deprived. There’s no way you can say, “I’ve been gambling for years. I can play 24 hours straight long,” unless you’ve got something up on your sleeves.
Takeaway
While gambling could help you to wind down, getting hooked on it will not only cause you to lose tons of money but also to suffer from problematic gambling behaviors. Moreover, there’s a need to know that when gambling, you can’t control how much you’ll win. Having said that, you can still be able to manage how much you lose.