Why most gamblers can never hold onto big bag?

[LogitechMouse]

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?

Greed and revenge are the 2 things that I see with this situation why it happened.

Your friend started $100 and when he won and have 24 ETH already as you said, he didn't taught of withdrawing some of his winnings or just leave his initial fund in the website stake.com and he just continued to gamble all of his winnings. He is greedy because he didn't withdraw his funds but just hoped that he will get more ETH if he will not withdraw it.

Revenge because when the time your friend got lost, he probably want to get the lost money back and to have some profits by using larger amounts but unfortunately luck doesn't came on his side and he loses everything. These 2 words are deadly and we saw it already here. He got 24 and 30 ETH but he chooses to gamble instead of withdrawing it. He must've be rich right now .

[xSkylarx]

Gamblers push their luck to the limit, it's human nature to be greedy. However, knowing the risk of gambling you should have control over your self. Once you have filled your bag, you should be contented and enjoy your profit somehow. Then if you want to gamble again, start with a small bag, if you lose stop. The just repeat. I know self-control is easier said than done, however, if you will let your greed take over you, you will lose a lot of money.

[MCobian]

The thing experienced by your friend, lost everything in one day is often experienced by many gamblers including me. That's the interesting thing
from gambling, we can profit suddenly but on the other hand can also suffer sudden losses. My advice stop gambling when it's have 20-30% profit,
if we continue playing surely can finally lose everything. We must control our greed so that it does not happen.

[AmoreJaz]

The thing experienced by your friend, lost everything in one day is often experienced by many gamblers including me. That's the interesting thing
from gambling, we can profit suddenly but on the other hand can also suffer sudden losses. My advice stop gambling when it's have 20-30% profit,
if we continue playing surely can finally lose everything. We must control our greed so that it does not happen.

greed is really the reason for it, nothing else. and most gamblers often experience this. hoping that he will get more. already a good amount of money, but he's not contented about it. i bet, it will happen again and again in his gambling life.

[Oasisman]

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 gamblers uses money everytime they gamble, and they wont get to bag a good profit everytime, there were unlucky times. A gambler will empty his bag specifically during he started lossing and was trying to take back what he lost by spending double or triple of his betting, thinking "I could manage this loss anyway, because these are my winning profit from the last time I won", this is exactly what happened to your friend.
I have been in his shoes multiple times, where I made enough profit, but bet everything irresponsibly and lost everything including my betting capital.

[BlackFor3st]

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?

Greediness will kill you if you are over confident with your self, I guess this is what happen to your friend as your friend wasn't contented to what he have won. That amount is already big and he can cash it out anytime he like but because he likes to earn more then he lost everything because of being greedy.

Most of the gamblers are not winning at the end because they will not get contented even if they are already winning a huge amount of money. But if you are a wise gambler, you can easily divide that amount and make sure that you cash out your capital and a percentage of your winning.

[vella85]

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?

Well that is because he can't keep winning all the time, if it was this easy then everyone would be rich and the casinos, dice sites would go bankrupt. Its all about self-control and when to leave and not get too greedy. I'm not saying that your friend is a greedy person but it sounds like he got over confident and thought that he could keep winning and then it sounds like he went back to try and make up for the loss and lost it all again when he built up a nice amount. When he won the 30 ETH he should of left and maybe return to play in a few weeks or so and yes most gamblers who don't have self-control lose like this.

[Ulven]

This is one of the advantages of a gambler, because he thinks this way to either win the jackpot or lose everything!!The life of a true gambler needs wisdom, knows the time of entry and exit. There are many gamblers who do not know the meaning of withdrawing and delaying gambling until a later time. This makes them more greedy op

[GDragon]

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.

This is what I've been thinking too. It is somehow a normal story from a gambler. Winning a huge amount of money then lose it by the end of the day. I think those gamblers are blinded by winning and greed. They think they can have more after winning so much. They are feeling it and once you are feeling it, it so much harder to stop. Those who can afford to stop while winning are those who can still think critically, they are the ones who still have control. This is one of the reasons why a lot of gamblers lose so much at the point they are betting money they didn't even own.

[NavI_027]

My God! You're friend is only having a taste of money then poof lol. So unfortunate for him . We all know that losing is normal but d*mn losing all you've got often is a toxic experience already.

I guess your friend does not know to exit that's why he always come to a point where his luck depletes. Also, maybe he also lose control on betting. Remember, larger bet means larger loss. I think you shoulf advice him to set his own limits and maintain control every time he gamble  

[Rosilito]

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 trying to be a detective but may be he bet all of his assets? Or maybe he went lose streak then betting double after it? Though losing isn't uncommon in gambling world so maybe your friend went into sort of need-to-take-back-my-winnings guy so he go all unless he won back his money. Man, your friend needs an assistance, advice maybe won't do but you need to keep an eye on him else everything would be unfortunate to him in gambling world. To take note that he's already luck with his winning but he insist on playing once more, is already a sign of a bad habit. Something needs to reassess here, man.

[kayvie]

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

It's probably because of being greedy. It's possible that because he realized that he already had 30 eth, he feel so lucky that he can still continue winning, or it is also possible that he chase after his losses.

Yes, there's a lot of the same case as your friend or even more depends on the remainig money on their pocket.

[Avirunes]

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

Isn't this what we call gambling addiction. We win,then we lose and in order to recover the lost amount we once again lose it all and we keep on digging the hole further.

>>Don't play what you can't afford to lose. Isn't this what we say all the time. It's true, since in order to recover we always play in long run and we know how difficult it is in that.

[CryptopreneurBrainboss]

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?

Greed, that's just what was causing your friend to lose all he got after wasting precious times paying to win those bet. Can you link me to that friend? I'll invest same $100 although I'll be monitoring the account and maybe after just winning 10-15 ETH he just have to stop, withdraw some profit and maybe continue gambling to his satisfaction. Individuals easily gamble all available funds in their reach as they are never satisfied with what they have won so far and want to keep on playing until they get tired.

Gamblers especially the addict lose funds ever higher than that amount. One thing that make then feel they didn't lose anything is the fact they would use small amount of funds to gamble and win big and win they decide to gamble back with those funds+profit and losses, to then they only lost their capital since the profit wasn't their initial investment (capital) although that's a very wrong mindset.

[aioc]

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 cannot handle his winnings properly, this is how newbie handle their winnings he thought he has a winning touch and will continue winning, it's too late to find out that every day is not Christmas day and he will eventually lose if he doesn't know how to control and how to plat properly in a game where luck plays a major factor.

[Shimmiry]

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?

Maybe he didn't had a good mindset. Dice in gambling depends only of pure luck and luck alone. He maybe lucky at some point yet nothing is permanent. Better if he must be disciplined that each and every time he lose, he stops. And every time he wins, he continues. And the bet he's giving remains the same and not betting more amount after winning. One thing is for sure why he loss that much, it is because he can't hold the satisfaction it gave him in his wins and eagerness to win.

[Haunebu]

A 54 ETH loss which is equivalent to around $10.5K is pretty big. He probably thought that luck was on his side all the way and decided to try and convert that amount into something bigger like $100K which is why he screwed up.

This is why you should always invest what you are willing to lose only. There are bigger losers out there. There was a gambler who literally lost millions to casinos in a short span of time.

[robelneo]

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 gamblers lose this way I even know a guy who won twenty times of his bet only to come back the next to lose it, I ask him why he let it happens, he just answered he is trying his luck to extend his winnings from yesterday, he has no regret, considers it as natural and human to extend his winnings.

Many gambles just the hang of it, not about the money and this is very risky.

[maydna]

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?

It is a sad story from your friend. I guess he fails to manage his balance, so he lost everything two times. If he can know when he needs to stop gambling, especially if he can have more than 20 ETH, he must quit gambling no matter if he still wants to continue playing the games. But we don't know how he can lose everything in one day, but I guess that he is too greedy to chase the other win money, so he uses more amount to bet. I am not sure if most gamblers will have those experience because I see that will only happen to the gambler who cannot control themselves, and they always try to get another win money.

But perhaps, you can ask your friend how he lost the money so you will know the real story.

[Eugenar]

That is so sad, losing youthe money you received from your work is really so sad because it  just wasted yout time and effort earning that kind of money, but I just want to know how he lost that kind of money in a single day, is he gets scammed by other people? Because 30 ETH is really big amount, is he tried some unsecured website snd he got scammed by it?
Always make sure to secure your money everytime because there are so many possibilities thst hackers and scammer will do something just to steal it from you.

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.

That is also the question on my mine, that is so huge amount of money and it is really hard for the person who lost it.