Why most gamblers can never hold onto big bag?

[pilosopotasyo]

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 is excited in the money he won and he does not know how to handle it and this is dangerous, not knowing what to do and how to control himself and this case is not isolated, it can happen to anyone and mostly to newbies at their early stage of playing.

[leea-1334]

I think this is how most gamblers are, from time to time there always some event that they won big time and didn't go home with that huge winning money. instead, they want to play more and bet double. this is the reason why many casinos are not closing because of this kind of dumbness. after they win big, they don't know how to use that money other than going back to gambling. so, instead of winning, they ended up returning that money to the place where they got it by losing all of it. to be used later to get another money from them.

For me I think if I ever win something SO big that I have never seen in my bank account before, then I might have a different reaction,,, however if it is a few hundred or even a thousand, I would still try to win more. And this is exactly what happened to me several times anyway. But I promise if I win jackpot lottery, I will keep most of it, after buying house and paying off all loans.

[onrise]

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 is excited in the money he won and he does not know how to handle it and this is dangerous, not knowing what to do and how to control himself and this case is not isolated, it can happen to anyone and mostly to newbies at their early stage of playing.

I think that money cannot be handled by everyone and fore some of them when they win some big money instead of following the basic principles to move away and not to bet further then greed overtakes them and they play more considering they can win more and many times you might end up losing lot of many. Also if people can invest rightly this winning amount can multiply in coming years and can make them more wealthy as well.

[iv4n]

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This is called recency bias

And it is a serious issue not only with gambling but with trading too, which is, to tell the truth, not very far from gambling (at least, for the majority of traders). Our brain is wired in such a way that we intuitively consider most recent events and circumstances as most important and significant, failing to see the bigger picture. In general, this is a good strategy overall, but it can play nasty tricks with our decision-making machinery

So we start to win and our subconscious tells us that this will go on. Most people base their decisions not on strict logic and rational considerations but rather on their so-called gut feelings, the voice of the subconscious. No surprise they end up losing their profits, whether it is gambling or trading. In fact, we are all vulnerable and susceptible to this illusion

I think that our subconscious voice is always wrong but we never take notes of what happens during a gameplay session or a trading decision.If we do I am think that sooner rather than later we will start to stop listening to this voice which would be translated in not losing big amounts of money anymore.

I can add just one more thing, it's a difference between trading and gambling in this specific moments. In trading you need to spend some time while you set up trade orders, not too much of course, but it's a lot more than you need to raise bets and make another few spins on any slot for example, couple seconds to decide your next bet on roulette. Just a point that in gambling everything happens faster, and when you get into a fire mode you can spend a lot of money and lose everything or win a lot!

[el kaka22]

Most of us probably would stop at making like 1 ethereum, let alone reach to 30 ethereum levels, all in all this person knows their limits and tested it and failed, now at least they learned something. I had something similar back in the day, not as big as him obviously because I am not that rich at all, but it was the same idea with the amount I had so it works out pretty similar.

I had a certain amount of money I earned from somewhere that I could have used very well, but it was from a casino so they put it on my account and instead of withdrawing like a smart person I gambled with it instead and earned more than 6 months of salary for me, and I lost it all of it. It really teaches you to be more careful about gambling and never had similar problem ever again.

[KTChampions]

~ snip ~

It seems you know very well how gambling works, bro. 
Yeah, you are right. But as people always play again and again the gambling games, it means they agree with it. Even they realize that commonly they win a big amount of money after losing a bigger amount of money, but they still gamble there. If we analyze with financial or economic calculations, we are probably always losing but some people consider the entertainment that is priceless.

In fact, if people understand everything but continue to consciously play (I exclude of course the case of painful dependence), then there is nothing wrong with that. It’s just a waste of money on entertainment, just like spending money on a movie or going to a restaurant. You pay (lose money) but in return get the service you are interested in.

[boyptc]

Most of us probably would stop at making like 1 ethereum, let alone reach to 30 ethereum levels, all in all this person knows their limits and tested it and failed, now at least they learned something. I had something similar back in the day, not as big as him obviously because I am not that rich at all, but it was the same idea with the amount I had so it works out pretty similar.

Mostly but there are still gamblers who would stop at the certain limit that they have set once they've win it. Just like me, I don't set too much expectation and amount to win. Learning from the experience of other gamblers is suitable for those who don't want to do the same mistake.

I had a certain amount of money I earned from somewhere that I could have used very well, but it was from a casino so they put it on my account and instead of withdrawing like a smart person I gambled with it instead and earned more than 6 months of salary for me, and I lost it all of it. It really teaches you to be more careful about gambling and never had similar problem ever again.

It actually does teach a lot of lessons when you were able to go through this situation.

[acroman08]

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?

a greedy gambler does.

it sucks to hear about your friend's loss but it is common for an undisciplined gambler to become cocky or greedy(and your friend is one of them) when they are on a winning streak and that is one of the biggest flaws of an undisciplined gambler. gamblers who have patience, control and discipline would never lose all that in one day. that is why you have to stay cool and composed especially when you are on a winning streak.

[ShowOff]

a greedy gambler does.

it sucks to hear about your friend's loss but it is common for an undisciplined gambler to become cocky or greedy(and your friend is one of them) when they are on a winning streak and that is one of the biggest flaws of an undisciplined gambler. gamblers who have patience, control and discipline would never lose all that in one day. that is why you have to stay cool and composed especially when you are on a winning streak.

There are two things that cause a person to lose a lot of money on one betting opportunity and that is:

• High self confidence.
• Bet with strategy

High self confidence, A gambler must have high self-confidence and more often known as the courage to bet. IMO If you bet a large amount of your money on one bet, then you will also have the chance to get a higher win. Big wins are for those who bet big amounts.

Bet with strategy, Gambling strategy is intended to get a higher chance of winning than without strategy. Martingale or other types of strategies are also a cause of great losses like this because you have to entrust your money to the strategy you play if you want to win.

I would not say these gamblers are the arrogant gambler category, but they can be said to be brave gamblers. Whether he wins or loses depends on his luck.

[kawetsriyanto]

It’s just a waste of money on entertainment, just like spending money on a movie or going to a restaurant. You pay (lose money) but in return get the service you are interested in.

Correct, you got my point. That's what I mean, entertainment is priceless, that value should be more than all money we spend on it. But it is only applied to people who think about entertainment. While for people who gamble only for money, they always consider everything based on the amount of money they can earn. He never enjoyed the games because only play on money based purposes.

[deisik]

In trading you need to spend some time while you set up trade orders, not too much of course, but it's a lot more than you need to raise bets and make another few spins on any slot for example, couple seconds to decide your next bet on roulette. Just a point that in gambling everything happens faster, and when you get into a fire mode you can spend a lot of money and lose everything or win a lot!

In real life, though, it is the other way around

When you should make your next bet is entirely up to you, i.e. whether you make it in a second or in an hour doesn't change anything (unless the casino is going to run away within that time span, of course). In other words, nothing is going to happen faster unless and until you choose so

However, things are quite different in trading where what you do, or do not, is determined by the environment, i.e. the current market situation. This is where the speed of your responses may become a matter of life and death, figuratively speaking. Sometimes you should act fast and sometimes you should wait instead, and that depends on the market

[johhnyUA]

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 he is an greedy idiot, sorry for truth. Your question is resolved now.

I had a certain amount of money I earned from somewhere that I could have used very well, but it was from a casino so they put it on my account and instead of withdrawing like a smart person I gambled with it instead and earned more than 6 months of salary for me, and I lost it all of it. It really teaches you to be more careful about gambling and never had similar problem ever again.

Ha ha, classic! That's how does it works. You think like "ah, let's try again, let's play one more time, now i will win for sure!" but this is not how it works. Even honest probability is not acting like "he lost 3 times, so now he will win". Every single gamble round is separated from previous and next, so your winning chance will still the same all time. And it's very low  But on long distance you will lost everything, doesn't matter how much you won before/

[Twinkledoe]

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 he is an greedy idiot, sorry for truth. Your question is resolved now.

I had a certain amount of money I earned from somewhere that I could have used very well, but it was from a casino so they put it on my account and instead of withdrawing like a smart person I gambled with it instead and earned more than 6 months of salary for me, and I lost it all of it. It really teaches you to be more careful about gambling and never had similar problem ever again.

Ha ha, classic! That's how does it works. You think like "ah, let's try again, let's play one more time, now i will win for sure!" but this is not how it works. Even honest probability is not acting like "he lost 3 times, so now he will win". Every single gamble round is separated from previous and next, so your winning chance will still the same all time. And it's very low  But on long distance you will lost everything, doesn't matter how much you won before/

So do we already settle that is really indeed greed that will make gamblers play until all their money is gone? I don't know any other reason for this though. 

[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?

Because he is an greedy idiot, sorry for truth. Your question is resolved now.

Quite funny when I read this but this is the truth.

Your friend is a greedy idiot. A gambler who started $100 and ended up with almost 24 ETH at most is not a common scenario for most of the gamblers. Most of the time they end up losing their money or they will win a bit and then lose it all. Your friend has once in a lifetime opportunity to go out with 24 ETH and another with 30 ETH and yet he chooses to gamble. He is a greedy idiot who doesn't think of going out if it is time to get out of gambling already.

[peter0425]

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 he is an greedy idiot, sorry for truth. Your question is resolved now.

Quite funny when I read this but this is the truth.

Your friend is a greedy idiot. A gambler who started $100 and ended up with almost 24 ETH at most is not a common scenario for most of the gamblers. Most of the time they end up losing their money or they will win a bit and then lose it all. Your friend has once in a lifetime opportunity to go out with 24 ETH and another with 30 ETH and yet he chooses to gamble. He is a greedy idiot who doesn't think of going out if it is time to get out of gambling already.

The sad part is after he accumulate those amounts for long playing then all of a sudden he spent and lose them all in 1 Day that is the stupid thing in this way.

it is ok if he did just play and lose partially like what he did for those days that he is gathering the almost 24 and 30 ethereum.
But the idea of losing each for a day?that is a greedy idiocy act.

[acroman08]

a greedy gambler does.

it sucks to hear about your friend's loss but it is common for an undisciplined gambler to become cocky or greedy(and your friend is one of them) when they are on a winning streak and that is one of the biggest flaws of an undisciplined gambler. gamblers who have patience, control and discipline would never lose all that in one day. that is why you have to stay cool and composed especially when you are on a winning streak.

There are two things that cause a person to lose a lot of money on one betting opportunity and that is:

• High self confidence.
• Bet with strategy

High self confidence, A gambler must have high self-confidence and more often known as the courage to bet. IMO If you bet a large amount of your money on one bet, then you will also have the chance to get a higher win. Big wins are for those who bet big amounts.

Bet with strategy, Gambling strategy is intended to get a higher chance of winning than without strategy. Martingale or other types of strategies are also a cause of great losses like this because you have to entrust your money to the strategy you play if you want to win.

I would not say these gamblers are the arrogant gambler category, but they can be said to be brave gamblers. Whether he wins or loses depends on his luck.

and I never said they are arrogant. being greedy and arrogant are not the same. it doesn't matter if they have high self-confidence or bet with strategy as long as they are greedy and doesn't have discipline they are bound to lose no matter what their strategy is.

[deisik]

and I never said they are arrogant. being greedy and arrogant are not the same. it doesn't matter if they have high self-confidence or bet with strategy as long as they are greedy and doesn't have discipline they are bound to lose no matter what their strategy is

If you have a strategy and manage to follow it through, you already have discipline

With that in mind, we can assume that a) you (by you I mean the person OP talks about and their likes) don't have a strategy, b) your strategy is not working and the gains are simply the effect of luck, and c) you become so greedy that you lose all caution and fail to follow the plan. Other than that, I agree that arrogance and greed are different things even if the outcome is still the same, i.e. loss of money

[KnightElite]

I think he get a superman syndrome where he thinks that there is a unlimited winning streak. I think it is better if we will also think the money that we are going to lose not only the money that we can win. It is really a regrettable decisions because he managed to increased his portfolio with many days but he only lose it in just one day. Not only once but twice, I think this scenario can also help us specially if we experience to feel greed. Avoid having superman syndrome because it is one of the major reason why our gain can become losses.

[stadus]

I think he get a superman syndrome where he thinks that there is a unlimited winning streak. I think it is better if we will also think the money that we are going to lose not only the money that we can win. It is really a regrettable decisions because he managed to increased his portfolio with many days but he only lose it in just one day. Not only once but twice, I think this scenario can also help us specially if we experience to feel greed. Avoid having superman syndrome because it is one of the major reason why our gain can become losses.

I sometimes have that kind of superman syndrome you are referring and I would say it's really bad.
About being so aggressive in gambling as in the end, we will only lose a lot of money, and gambling sites will be the winner.

Our emotion is our weakness, that's true, if we want to earn success in gambling, we need to ensure we are in control of our emotion.
It's like going into battle you need to retreat when you are outnumbered by your enemy.

[btc_angela]

I think he get a superman syndrome where he thinks that there is a unlimited winning streak. I think it is better if we will also think the money that we are going to lose not only the money that we can win. It is really a regrettable decisions because he managed to increased his portfolio with many days but he only lose it in just one day. Not only once but twice, I think this scenario can also help us specially if we experience to feel greed. Avoid having superman syndrome because it is one of the major reason why our gain can become losses.

I like the term, 'superman syndrome', lol it sounds that you are really bullet proof and invincible, however, this is real life, no one is going to have an unlimited winning streak in gambling. Even those poker stars sometime with all the skills they have are not enough to turn their unlucky streak into a winnable case. I would admit that I fall for this kind of 'superman syndrome', but as I mature I learn to get out when I still have money in my hand.