Why most gamblers can never hold onto big bag?

[khaled0111]

but yesterday, he lost everything once again.

if I had a Satoshi for every time I heard this, I'd be running my own casino  

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

Yes they do. Not just because of greed but most gamblers, when they start losing, they tend to double their bets unconsciously hoping to recover their losses. They do not realize that all it takes is few consecutive losses before they lose everything.

For example, if your friends initial bet amount was 100$ and he decided to double his bet every time he loses. 6 losses in a row would be enough to drain his entire balance (24 eth).

[pixie85]

Most gamblers don't lose this way because it's rare for a player to keep winning for a long time and then suddenly bet it all on one game or something like that. It's very strange that your friend did it.

I know two types of gamblers. One type is that little earner who always plays low stakes and saves up winnings. Plays with a certain pool and every win above that pool gets set aside.
The other type plays big and likes to place one big bet once in a while. If he wins he wins if he losses he goes back to earning it and comes back when he has some spare cash to spend.

[skarais]

I dont think thats surprising about what your friends are doing. He can save the victory and bet on another chance. But for some gamblers I think they have their own beliefs about how they have to bet all their money in one bet. Confidence like this is usually only owned by those who have the courage and not infrequently they can also win bets in large quantities.

But for me, its good to set aside a quarter of the money in reserve if we cant win that big bet and there is a possibility that the rest of this money can bring victory to return the money that was spent before.

[milewilda]

<snip>

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

Oh, another greedy fellow who fell again. This is a clear symptom of greediness on the part of the gambler, anyone of then who don't take profit whenever signs are clearly shown during gambling will surely loss their winnings to platforms{gambling}. He or she{Victim} wanted to make more huge profits before he signs out but unfortunately he ran into Waterloo in the process. Stop be greedy gamblers; this has affected 95% of gamblers to loss when they supposed to win and be happy. As I have said, many lost inline with this gambler actions and many are still on their way to their loose if not repent from be greedy.

Greed is part of human nature thats why its really hard for it to avoided and even for us people who are aware on this one will surely still able to get pulled on by our own greed with money.Who doesnt really like on making more money? When we do won then it will surely be triggered up and thats why that kind of urge will surely be on hard to resist specially when your mind is already telling you on what would you gonna do.
In talks of holding their big bag then this wont happen most of the time because gamblers will always play no matter what happen as long they do know that they do have still money into their pockets.

[Rengga Jati]

How come he lost everything one day?

It is not a surprising thing, buddy. There are too many gamblers experiencing the same situation. Losing all funds in a single day is very possible if you never limit your money to gamble. That's why it is very important to have limitation or control in gambling. If you don't want losing everything in a single day only, you must limit your funds and force to stop once the funds for that day is over already.

Do most of the gamblers lose money in such way?

I don't know since I don't read any research or data about it. I think every gambler possibly has different case and losing money in their own way. So, it is quite hard to say most of them losing money in a such way (the same as your friend did).

[btc_angela]

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 looks like your friend is addicted to gambling, so obviously, the answer is Yes.

Most addicted gamblers can't control themselves, their judgement is clouded and they always think that they can bring the house down and will continue to gamble until there's no money left with them. So it will be cyclical, there are days that his going to win big amount, but most likely the next day everything will be gone in a blink of an eye.

[Oceat]

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 looks like your friend is addicted to gambling, so obviously, the answer is Yes.

Most addicted gamblers can't control themselves, their judgement is clouded and they always think that they can bring the house down and will continue to gamble until there's no money left with them. So it will be cyclical, there are days that his going to win big amount, but most likely the next day everything will be gone in a blink of an eye.

My question is does his friend wanted to enjoy gambling games or just wanna make some money from it? This question depends only on what does OP's friend wants but obviously his friend is really addicted to gambling because it can't seem to control the urge to lose everything in just one day. Perhaps OP should tell his friend to bring money only that he can afford to lose because you obviously know what will going to happen next.

[Kemarit]

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?

At the height of my gambling addiction, I had the same experience with your friend, although I played on a land based casino that time. My initial fund was the same around $100 and in less than 30 minutes makes in 10x, but I still didn't stop until I got busted. Played the next day, got another huge win, this time I go home and take a rest. The next day goes and wanted more, but eventually lost. I will say that average gamblers won't go that route, but for those addicted like me back then, it is really hard to control.

[Finestream]

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.

He got lucky, your friend played dice and with luck, you can easily turn a small money into something,.. good for him but he need to learn more on how to manage himself, sometimes greediness will turn our effort into nothing, even if we are lucky at some point.

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

That's because he is not discipline as a gambler, he should learn how to limit himself, losing everything is like getting your business bankrupt that you build with all your effort and made it successful.

What happen to your friend is a good example on why gambling is called a high risk activity.

[LogitechMouse]

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

Most of the gamblers are losing money everyday but the scenario that happened to your friend is one of a kind .

He started at $100 and then he made 24 ETH on it and then suddenly lost it all and another one is he made 30 ETH and the same thing happened. How come he lost everything? He has been eaten by greediness. That is one thing for sure because if he knows how to quit, he may have stopped gambling at the time he reaches that amount of money. I will stopped immediately if I reached that amount because it is a very huge money already and he started at just $100. You're friend is addicted to gambling already that's for sure.

[kawetsriyanto]

My question is does his friend wanted to enjoy gambling games or just wanna make some money from it?

I assume his friend didn't enjoy the gambling games but trying to dream earning more money from gambling. If he just enjoyed the games and not obsessed with winning and bigger amount of money, I bet he won't lose all their money one day only. That's a learning for all of us to not obsessed with winning and better to think realistically. Once you think to force yourself to win more, then it is the beginning of you for more losses. 

[Sadlife]

He must be increasing the bets per roll and has a high odd percentage so he can earn faster and bigger with each bet but it's risky strategy especially when you're using autobet feature like in most dice games. He should have put a stop loss especially when the rolls is not doing good and in a lose streak. But even if he's in a win streak he should always have an exit point to not get rekt.

[maydna]

He must be increasing the bets per roll and has a high odd percentage so he can earn faster and bigger with each bet but it's risky strategy especially when you're using autobet feature like in most dice games. He should have put a stop loss especially when the rolls is not doing good and in a lose streak. But even if he's in a win streak he should always have an exit point to not get rekt.

I guess that is what he did because he lost everything in one day. He doesn't quit gambling when he can have those balances, but because he has greedy, that attracts him to have a passion for winning more and more. Using the autobet is not be a problem as long as we can manage how long the dice should run, and we should stop if we think it is enough to use the auto. Sometimes, when we can get a winning streak, we want to make another winning so that it can lead us to get the other losses.

[shoreno]

 i think this is pretty normal for most gamblers includes me  . building balance can take a long way and take some patience but suddenly you will go in a state that you wana play again ( this time with huge balance ) and suddenly you will just carried away and gamble all what you got . i dont know what the science behind this but it just happen  .  you will only notice it once all are gone  . then you are going to repeat the same mistake again and again  ,  this sucks but i think we should find a way to combat this asap  

[Debonaire217]

Perhaps, your friend is taking all the risk in order to win huge amount and also to quite lost it in just one day, I've experienced playing in some gambling sites and earned some, not too big. But when I am getting excited, I tend to bet all in. That is when I could lose every amount of funds I won. So the lesson here is to not always see the positive side of winning, we can earn but we should not be complacent to always win. In the first place we think of gambling as a risk, in that way, there is a huge possibility of us to lose.

[swogerino]

I think this happens to addicted gamblers and most of us are addicted up to a certain point.However winning like 30 ETH is a big amount of money if started out with a small amount.If I won that amount I would stop immediately and cash out 20 ETH and then I would have continued to play until I win more or I lost everything.

[onrise]

I think this happens to addicted gamblers and most of us are addicted up to a certain point.However winning like 30 ETH is a big amount of money if started out with a small amount.If I won that amount I would stop immediately and cash out 20 ETH and then I would have continued to play until I win more or I lost everything.

It is essential for people to know difference the need and desire. Everyone wants to make lost of money from gambling but we also know some facts about it and should be reasonable enough to know that if we have some decent amount we should not become more greedy and quit and take money and only from the profits made if still want to continue can be done upto a certain %. But have seen people not only losing those profits but later on the money played with initial capital is also lost inspite of winning big  amounts at some point of time.

[DarkDays]

I personally believe it's because most gamblers are looking to win life-changing amounts of money.

Although turning $100 into 30 ETH (approx $6,000) is definitely a great win, $6,000 is certainly not a life-changing amount for most people.

Even in the poorest countries, $6,000 is only around a year or so salary.

I see it often, people bet their leftover salary (disposable income) in the hopes of winning enough to money to live on comfortably for a significant period of time. Unless these people successfully get this, then they're unlikely to stop gambling.

[stadus]

Can you specify what's the exchange rate of ETH at that moment?

You mentioned your friend started at $100 usd and manage to have a balance of 24 ETH, so we can't tell if that amount is big enough already that would make him stop as you don't mentioned on your post. If we based on the current price or let's say we will price 1 ETH at $150, then your friend would have cash out $3600 if he have stop.

but like the famous song, don't count your money while you are still on the table, there's a lot of counting time after you gamble.
It means you only win if you made a profit when you stop.

[unknown-user]

That's more likely a gambler's mentality. A gambler would usually play despite of the fact that winning is not certain. Once an individual experienced winning, regardless of his losses, he would continue and urge to again experience 'that' experience. Only few gamblers are being able to save their winnings, most of the gamblers are again using their winnings to play and eventually it would consume more. It is a matter of discipline. If a gambler won't control his self, such scenario would be the outcome.

I think this happens to addicted gamblers and most of us are addicted up to a certain point.However winning like 30 ETH is a big amount of money if started out with a small amount.If I won that amount I would stop immediately and cash out 20 ETH and then I would have continued to play until I win more or I lost everything.

It is not as aeasy as it sounds. From how I understood gambling habit, the bigger your winnings are, the more you would play and engage your money in it. It can be associated with psychology, in particular with learned rewarding system. A habit perhaps, would be sustained through rewarding system, reward in this case is winnings, and the habit is playing more.