Why most gamblers can never hold onto big bag?

[RapTarX]

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?

[blockman]

That's a sad story. Have you asked your friend how did he ended up losing all of it within a day? I guess it's another emotional scenario which he was triggered by the losses that he made and then didn't care anymore with the remaining profit that he made.
In short, he played YOLO.

[sujonali1819]

Though I am not a gambler I am not also experienced in it, I want to say that this called gamble. Some time rich sometimes helpless. And maybe your friend is highly addicted to the gamble. If not he thought about his capital/profit. It also happens when a gambler becomes very angry after loss some bet and thinks I very will win this game today. Thus he makes bet bigger to the biggest amount and loss everything in a short time.

[RapTarX]

That's a sad story. Have you asked your friend how did he ended up losing all of it within a day?

I don't know, nor I did ask. He used to share me his winnings and balance all the time. Yesterday, he lost everything, at a row. It's really sad. It was a huge amount, losing such a fund within one day is a big one. I never did such gamble at a row, never won such huge amount nor lost.

[Saisher]

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?

Yes many gambler lose that way one way or another, this is one of the reason why I never counting my winning or losing i will be disappointed to find out that I loss more than I won, it's just prove that it's not your lucky day every night and there's a chance that you can lose everything in one night, or you will be lucky in winning big money in one night.

[Kong Hey Pakboy]

Basically, it is normal in gambling to lose all of your profit in an instant because even you experience a win streak in gambling it is possible for you to lose all of your money. So that will be the time that gambling will push your friend to gamble again until he could get back all of his losses, that is why your friend might get greedy after experiencing those instant losses.

[Pmalek]

Do most of the gamblers lose money in such way?

No, not everyone. Only those who don't value money and/or are so addicted that it makes no difference to them if they kept those 30 ETH or lost all of it just like that. People can't find a balance, that's a big problem. There is that saying: "When the FUN stops STOP!" It is so easy buy yet so difficult.

[fortunecrypto]

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?

He does not know how and when to stop, if you don't have it then you are in a tough luck, you must know your limit when playing, there are a lot of gamblers who lose everything, some of them ruin their life by losing and getting a loan from loan shark and lose it all again, this is one reality of excessive gambling that people should be aware of.

[Yatsan]

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?

He does not know how and when to stop, if you don't have it then you are in a tough luck, you must know your limit when playing, there are a lot of gamblers who lose everything, some of them ruin their life by losing and getting a loan from loan shark and lose it all again, this is one reality of excessive gambling that people should be aware of.

He is not a a responsible gambler, cause every gambler know that if they win that kind amount of money they will cash out some of it and play some of their winnings. I have a lot of friends that after they win they are securing some of their winnings and play again, same with me! When I win in gambling I will secure some and play again until I win again or if I lose my dedicated money for that game I will quit and call it a day. That kind of person are usually getting broke because of gambling cause they didn't know how to quit when they win.

[rhomelmabini]

How come he lost everything one day? Do most of the gamblers lose money in such way?

That's a huge loss from your friend he has it already in his hand but never did a responsible way to manage the risk. Though I am not in the position to speak it on him I think this is a valuable lesson to those who already has the fortune yet just gone in a day out of greediness. Not all gamblers are that kind you can look up those who are successful in gambling and how they get there.

[akram143]

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?

Most of the people losing their money from betting in such a way because to make profits from gambling it will take too long but to lose it may happen with a long streak and this is also the reason why people stuck with gambling even if they wanted to stop, they are making money but they lost everything in a blink so they work hard on strategies but lose again at some point then it keeps repeating.

[smyslov]

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?

Bad luck caught up with him, I wonder does he not know that every day is not a lucky day, he should be a wise gambler, he must know when and how to quit but most importantly how to balance everything like allocating fund whenever he is gambling, he must be frustrated to lose that huge amount but it's a lesson learned that everything should be in moderation.

[plvbob0070]

I don't want to say that losing everything at a single day is normal for gamblers (though it really happens to gamblers) since you might think that it's okay to lose such amount within a day.

Maybe your friend thinks that he can win a big amount of money within a small period of time, that's why he's putting everything on the game. The reason why gamblers tend to lose their money that fast is because of their greed. You see, your friend had won already yet he wasn't contented and risked everything again and went back to zero. Gambling also includes smart thinking and a proper mindset. It's not just about the capital, luck, or strategy. Gamblers should also know when to stop, to avoid any big losses.

[Upgrade00]

How come he lost everything one day?

I read somewhere that when one gets addicted to gambling; "the wager amounts lose meaning, and it becomes just figures on a screen", this way all that matters to them is the next game, and the next. Your friend should train himself to take regular breaks while gambling, whether he's winning or losing. This way he would be able to make a wise decision when resuming

Do most of the gamblers lose money in such way?

I don't have a statistic to go by, but most people who are addicted to gambling would likely run through a big winning if they were to have one.

[pakhitheboss]

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?

Incredible and very sad story.
I will say only one thing for his loss, it is greed. He should have stopped after he won 24 ETH. Why go for more when already you have made more than 1k.

Sorry to hear about his loss.

[akhjob]

How come he lost everything one day? Do most of the gamblers lose money in such way?

The thing with most gamblers is that when the funds are less, they go with small amounts, takes less risks and when the funds are big, they go for high rolls and take more risks. While playing high risk rolls, either they manage to win big in a day or go bust in a day. If you take crash game for an example, some gamblers won't risk too much and cash out around 2x while some go for 30x , 50x etc. I guess your friend falls under the second category of players who goes for the high risk rewards while you fall under the first category.

[cabron]

Could it be a mistake in betting?
He started with just $100 and turned it to 24ETH, that's a huge profit already but that how easy it is to spend money that isn't hard-earned.

If he encounter a losing streak while doing the martingale strategy then it's an easy loss. 24ETH go to waste but I guess he really meant money in gambling.  

[South Park]

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?

This is a very common pattern, most likely he was using something like the martingale betting system in which you double your bet each time you lose, in the short term this could produce profits as you keep wining and every time you lose you recover the money you lost, however eventually your losing streak will be too long and your capital is not going to be enough to endure it losing everything in the process, in fact most likely your friend did not lost his money in a day, this probably happened in the matter of minutes making the loss even more hurtful.

[Renampun]

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?

this is a matter of self-control...
not only your friend has experienced this, but I have also experienced events like, I was too confident and lead to greed, then I lost everything in a few hours, your friend is too following greed so he lost everything.

[ralle14]

How come he lost everything one day? Do most of the gamblers lose money in such way?

Chasing losses or desperate to win something big. I can't say most but what i've noticed is that a lot gamblers probably been in that situation since winning gives you a confidence boost to play even longer until you lose.

Could it be a mistake in betting?
He started with just $100 and turned it to 24ETH, that's a huge profit already but that how easy it is to spend money that isn't hard-earned.

If he encounter a losing streak while doing the martingale strategy then it's an easy loss. 24ETH go to waste but I guess he really meant money in gambling. 

The gambler probably thinks the 24 ETH he got only costed him $100 in the first place so it's not that bad to go risk it once again. And it's not just martingale that could cause him to lose all those profits since most dice sites are fast.