The Paradox of Gambling behavior

[pawanjain]

One might already understand that winning at Gambling is hard but at the end of the day we still see a lot of people increasingly interested in Gambling, this might provide an insight into the casino business and at the same time help explore the ideas 💡 in the mind of a Gambler.

One might be aware of the fact that even though the Gambler knows that he is loosing money they measure the gambling to be an effective usage of that money, a leisure activity to begin with therefore it's more concerned with the activity-than winning an idea that some problem gamblers ignore.

Source :here

In roulette type games more than 95% of the amount is usually back to the player but when we talk about lotteries it goes way below 50% which is explained by the lower levels of winners and winning as a whole despite that lottery is some of the biggest revenue collector for the government. The players usually focuses not on winning big, but most of the time the short increase of dopamine makes their money worth it ( ofc if used in moderation)

What do you think is the best game/ sports to gamble on ? Do you do it for winning? Are the ideas in the article according to you correct? How many times you usually win in a game of chance+skills?

I never bothered to play skill based games like poker etc... because I like the luck based games more.
I personally gamble just for fun while I know that the amount I am using to gamble with is eventually going to be lost in all the games I play.
But at the same time I make sure I am limiting my losses by assigning a fixed budget to gamble with and to play more games I keep the bet amount really small.
It doesn't make a difference for me because at the end it gives me same adrenaline rush for the small bets.

[madnessteat]

^

You have a good approach to gambling. I also mostly play slots but sometimes try my luck in games that require skills such as poker but no matter how hard I try I almost always leave the table without my money. I have learned not to get upset about it because I understand that against me can play as bots and professional players. I treat the money I deposit as a ticket for admission to the game.

[KTChampions]

You have a good approach to gambling. I also mostly play slots but sometimes try my luck in games that require skills such as poker but no matter how hard I try I almost always leave the table without my money. I have learned not to get upset about it because I understand that against me can play as bots and professional players. I treat the money I deposit as a ticket for admission to the game.

It's not "may be playing", but they are definitely playing. Plus, these professional players use special software that tracks player statistics and allows you to predict your move for various actions (raising the bet, etc.) with a high degree of accuracy. In fact, they see your "character and style of play" and you do not. This is a big problem with online poker which is killing it in my opinion.

[Wind_FURY]

The famous writer, philosopher and trader Nassim Taleb came up with the concept of "Black Swans".  

A "Black Swan" is a very unlikely event, the occurrence of which is very difficult for an outside observer to predict, and which radically changes the world around us.  

Nassim Taleb specialized in betting on "Black Swans".  He studied them seriously and used this knowledge to profit.  

"Black Swans" can also be used in gambling.  I mean (primarily) sports betting.  "Black Swans" are hard to find, but betting on such events brings a very large win (due to increasing coefficients).  

Therefore, it is a very interesting and effective game strategy.

Nassim Taleb theorized about Black Swans, but I don't believe he profited from them? Plus Black Swans are "very unlikely events" like you posted, then trying to find them, and betting on them to happen would be a very low probability of being profitable. It will require a generous amount of luck to win one bet out of many in my opinion.

Nassim Taleb used a certain psychological nuance.  People perceive unlikely events as an event that will never happen (this is how human psychology works).  But it's not.  An event with low probability is a probable event.  Such events happen quite often.  

Bets on events with a low probability involve the use of high odds when paying out winnings.  A big win can pay off all previously made bets.  

Psychologically, people prefer to avoid losing. They are more afraid of losing than they want to win.  

In his books, Nassim Taleb suggested actively looking for Black Swans.  This game strategy is not a passive strategy - it is an active game strategy.

It's not that simple. Yes in theory it sounds nice, but for us plebs how can we use that in practice, both in trading and gambling? Give me your suggestions of which Black Swan events that you believe might happen, and let us observe if they will be profitable bets/trades or not.

Plus it's very hard to trust Nassim Taleb, a book writer/book seller, if he doesn't show any track record in trading. He has been in support of BSV too. Yes, Craig Wright's BSV.

[Doan9269]

The best game I play gambling on is soccer, this is because soccer is the game that I'm very used to and I have been watching and playing soccer since I was young. I play gamble on soccer because I can I know I can win a bet because of how familiar I am to football.

Football soccer actually is the most recognized game and gambling sport that has made fame all over the world, i see many having interest into football game because is what anyone can easily play, see, enjoyed and predict base on the ability of a player or the team representing, but I think there are other games as well that make fame and could be a good advantage on gamblers even though much attention aren't given on them, such as ice hockey, table tenis and marathon race, playing those games on casinos gives more odd even than football itself as some games are just in it uniqueness unpredictable and the odd place on staking onbthose game could be surprising.

[doomloop]

I remember when I used to gamble I was not like I was gambling to win. Win makes you happy but this was more like an addiction. You do not feel good if you can not keep yourself busy with gambling. Your days and nights are going but you do not care about anything else but busy with gambling. It's a one way road for you. You earn money and spend there.

You are considering the dark side of gambling. Of course, this is the case and you need to consider the negative consequences if you gamble. If you limit yourself and play in moderation, then I don’t see anything wrong with that.

He said "he was not like" which means he is on the right track. He is not addicted or something but he only explains the bad effects that gambling can do a person. Gambling has no negative consequences if you only use it for entertainment purposes but only those who play for the profit will think that it has consequences and that is to lose money if they don't win.

There is nothing wrong in gambling but some people think there is. They do anything that they can think of to ban gambling so that no more people will get addicted to it but they don't know that it was actually the fault of those who get addicted. They are ruining the reputation of gambling.

[AicecreaME]

I remember when I used to gamble I was not like I was gambling to win. Win makes you happy but this was more like an addiction. You do not feel good if you can not keep yourself busy with gambling. Your days and nights are going but you do not care about anything else but busy with gambling. It's a one way road for you. You earn money and spend there.

You are considering the dark side of gambling. Of course, this is the case and you need to consider the negative consequences if you gamble. If you limit yourself and play in moderation, then I don’t see anything wrong with that.

He said "he was not like" which means he is on the right track. He is not addicted or something but he only explains the bad effects that gambling can do a person. Gambling has no negative consequences if you only use it for entertainment purposes but only those who play for the profit will think that it has consequences and that is to lose money if they don't win.

There is nothing wrong in gambling but some people think there is. They do anything that they can think of to ban gambling so that no more people will get addicted to it but they don't know that it was actually the fault of those who get addicted. They are ruining the reputation of gambling.

Gambling has its advantages and disadvantages. Most often, people just recognize the bad side of it because of how it affects the lives of those people who indulged in it. When in fact, to begin with, those people with limited to no self-discipline are the ones to be blame because they have let themselves engage way beyond what they can handle. Addiction is a serious problem, and for one to be not addicted to something, it would take a lot of self-restraint and firm boundaries which some people fail to establish early on.

Hence, they fall into the trap of addiction. The good side is, anyone can recover from it if they would want to and if they are really determined to overcome it and ditch it. However, it wouldn't be a smooth sailing journey towards rehabilitation, but as long as someone is eager to be freed from it, it's possible. Tremendous work is required but it is feasible to do.

[Peanutswar]

People getting back and back again because they are enjoying the game itself we know the possible risk given by the gambling but still, they want to play the reason is they got entertain what they are doing at the same time is they making a high-risk reward to themselves if they manage to win they will still continuously risking we know the mindset of the people greedy always a greedy. Even though they lose the money still they are enjoying and getting addicted. Mostly this happens in slot games. In sports betting we know how really enjoy, love and support the team we want so no matter what happens still we support them we are willing to take the risk to the things gives us satisfaction.

[aioc]

One might be aware of the fact that even though the Gambler knows that he is loosing money they measure the gambling to be an effective usage of that money, a leisure activity to begin with therefore it's more concerned with the activity-than winning an idea that some problem gamblers ignore.

Everything has a price and leisure from gambling has a costly price, why do gamblers throw even their last penny for that session is it in the hope of winning and recovering what they lose, I don't think so it's more on satisfying his desires to win and you are right to experience dopamine, the dopamine needs will increase as they continue playing and this is how gamblers become compulsive gamblers, it's not on money it's more on the pleasure of playing

[dothebeats]

One might be aware of the fact that even though the Gambler knows that he is loosing money they measure the gambling to be an effective usage of that money, a leisure activity to begin with therefore it's more concerned with the activity-than winning an idea that some problem gamblers ignore.

Everything has a price and leisure from gambling has a costly price, why do gamblers throw even their last penny for that session is it in the hope of winning and recovering what they lose, I don't think so it's more on satisfying his desires to win and you are right to experience dopamine, the dopamine needs will increase as they continue playing and this is how gamblers become compulsive gamblers, it's not on money it's more on the pleasure of playing

I'm somewhat guilty of this.

I no longer play for the win, I just play for the sake of satiating my desire to play. Though that's the case, I can manage to play for hours on end with $20 on weekends by placing very small amounts if possible. Time-consuming and counter-productive, yes, but I find it satisfying to see greens in a long streak of red every once in a while. I already have a job that pays well and demands very less, hence why I don't feel the need to win but rather enjoy.

[jostorres]

Gambling on lotteries is boring if the lottery takes time before the results are out unlike roulette. If you ask me which one of the two I would play is I would choose roulette rather than lottery. I have participated in lottery on a site before but I kind of don't like it or it is not for me though some might like it or even love it for a chance to win money. Other than that, I would choose to gamble on sports betting or even eSports which I am also a gamer.

A game is boring if you don't really like it. That's why I find other gambling games to be boring as well because I'm not into it. We've got the same passion for sports betting.
It's now popular that esports got the name in the gambling industry already as it had became bigger with those millions of prizes for their main tournaments and the bookies can't ignore that.

No matter what it is but once we win, that's the time we will start liking that game. Some people just don't have patience but playing on lottery can make you loss less money and it can be more exciting than any other instant games. You should try it out sometimes. I have tried sports betting before but I am more into esports because I am also addicted on the games that are being played on the esports category.

I have an edge on them to win than sports betting because I know how the games work. I am familiar with the players/team and other stuffs. I still do play lottery games on top on that, only to test my luck because it is hard to win on lottery games.

[nakamura12]

<...>

I wouldn't like the game if ever I won instead I will be very happy that I won. It's not about winning the game then you'll like it, I'm sure you know that winning does not happen all the time so, I would ask you that if you didn't win then you won't like/love the game even if it's your favorite game?. My point is, congratulations for winning not for liking the game you played. I have said that I find some gambling games very boring and that means I am still looking for a games where I will enjoy playing and possibly winning.

[Quidat]

One might be aware of the fact that even though the Gambler knows that he is loosing money they measure the gambling to be an effective usage of that money, a leisure activity to begin with therefore it's more concerned with the activity-than winning an idea that some problem gamblers ignore.

Everything has a price and leisure from gambling has a costly price, why do gamblers throw even their last penny for that session is it in the hope of winning and recovering what they lose, I don't think so it's more on satisfying his desires to win and you are right to experience dopamine, the dopamine needs will increase as they continue playing and this is how gamblers become compulsive gamblers, it's not on money it's more on the pleasure of playing

Gambling industry wont really be becoming this big if there were no that dopamine kind of experience.It wont really becoming that huge if we wont really be experiencing those kind of things.
Its normal that people would really be seeking out for leisure but in majority we are really aiming for making money and this is where possible problems been created.
Once you do have intent on getting rich or making it as a source of income then you are making the biggest mistake of your life.

[batang_bitcoin]

The best game I play gambling on is soccer, this is because soccer is the game that I'm very used to and I have been watching and playing soccer since I was young. I play gamble on soccer because I can I know I can win a bet because of how familiar I am to football.

This should be for every game. We bet for the games that we know that we have information and know how to watch the game itself.
There are new bettors that just place their bets and gamble even without knowing the actual game because we're all free to do that.  I have done that before with other sports that I don't know and not familiar with.

[passwordnow]

Gambling on lotteries is boring if the lottery takes time before the results are out unlike roulette. If you ask me which one of the two I would play is I would choose roulette rather than lottery. I have participated in lottery on a site before but I kind of don't like it or it is not for me though some might like it or even love it for a chance to win money. Other than that, I would choose to gamble on sports betting or even eSports which I am also a gamer.

A game is boring if you don't really like it. That's why I find other gambling games to be boring as well because I'm not into it. We've got the same passion for sports betting.
It's now popular that esports got the name in the gambling industry already as it had became bigger with those millions of prizes for their main tournaments and the bookies can't ignore that.

No matter what it is but once we win, that's the time we will start liking that game. Some people just don't have patience but playing on lottery can make you loss less money and it can be more exciting than any other instant games. You should try it out sometimes. I have tried sports betting before but I am more into esports because I am also addicted on the games that are being played on the esports category.

I have an edge on them to win than sports betting because I know how the games work. I am familiar with the players/team and other stuffs. I still do play lottery games on top on that, only to test my luck because it is hard to win on lottery games.

It also depends on my mood, sometimes I like this and that and there will be times that I don't like it. But I know what I like and what I want to try.
The games that you like and understands is much better to bet with and in your case, in sports betting. You know your category and you know information that would really give you the edge.

[AmoreJaz]

The best game I play gambling on is soccer, this is because soccer is the game that I'm very used to and I have been watching and playing soccer since I was young. I play gamble on soccer because I can I know I can win a bet because of how familiar I am to football.

This should be for every game. We bet for the games that we know that we have information and know how to watch the game itself.
There are new bettors that just place their bets and gamble even without knowing the actual game because we're all free to do that.  I have done that before with other sports that I don't know and not familiar with.

the edge is always there when you practically live and breath the sports you are betting on. this is why there are sportsbettors that can make a living out of this. also, when we are betting on a particular game, of course, we are hoping that we will win. so it is not advisable to bet if you have no idea with the sports. it is like you are playing on your luck not on your knowledge. for me, you are just wasting your time if you have no idea what you are betting with.

[Bushdark]

What do you think is the best game/ sports to gamble on ? Do you do it for winning? Are the ideas in the article according to you correct? How many times you usually win in a game of chance+skills?

The main reason why we gamble is to make extra profit while some gamblers take it as a full time work. Although our reasons of gambling is very different from one another. Gambling merely looking at it looks easy with high chances of winning but that is not so, the chances of winning is very slim even in sport betting where it is not always based on skills.

The chances of winning are but always thesame and it can be based on luck. I have played many sports and my average winning was not up to 50%. Sometimes my loses are much than the profits. Every gamblers do have the thought of winning the next game.

[mm2543363580]

What do you think is the best game/ sports to gamble on ? Do you do it for winning? Are the ideas in the article according to you correct? How many times you usually win in a game of chance+skills?

The main reason why we gamble is to make extra profit while some gamblers take it as a full time work. Although our reasons of gambling is very different from one another. Gambling merely looking at it looks easy with high chances of winning but that is not so, the chances of winning is very slim even in sport betting where it is not always based on skills.

The chances of winning are but always thesame and it can be based on luck. I have played many sports and my average winning was not up to 50%. Sometimes my loses are much than the profits. Every gamblers do have the thought of winning the next game.

Gambling is an addiction and when its too much on the mind and nerves of the body it is not a good thing.
We don't gamblor - and even if we do we don't mix gambling money with our hard earned money. That is the common tradition in our culture. I am not sure if people like to gamble all the time.

[Smartprofit]

The famous writer, philosopher and trader Nassim Taleb came up with the concept of "Black Swans".  

A "Black Swan" is a very unlikely event, the occurrence of which is very difficult for an outside observer to predict, and which radically changes the world around us.  

Nassim Taleb specialized in betting on "Black Swans".  He studied them seriously and used this knowledge to profit.  

"Black Swans" can also be used in gambling.  I mean (primarily) sports betting.  "Black Swans" are hard to find, but betting on such events brings a very large win (due to increasing coefficients).  

Therefore, it is a very interesting and effective game strategy.

Nassim Taleb theorized about Black Swans, but I don't believe he profited from them? Plus Black Swans are "very unlikely events" like you posted, then trying to find them, and betting on them to happen would be a very low probability of being profitable. It will require a generous amount of luck to win one bet out of many in my opinion.

Nassim Taleb used a certain psychological nuance.  People perceive unlikely events as an event that will never happen (this is how human psychology works).  But it's not.  An event with low probability is a probable event.  Such events happen quite often.  

Bets on events with a low probability involve the use of high odds when paying out winnings.  A big win can pay off all previously made bets.  

Psychologically, people prefer to avoid losing. They are more afraid of losing than they want to win.  

In his books, Nassim Taleb suggested actively looking for Black Swans.  This game strategy is not a passive strategy - it is an active game strategy.

It's not that simple. Yes in theory it sounds nice, but for us plebs how can we use that in practice, both in trading and gambling? Give me your suggestions of which Black Swan events that you believe might happen, and let us observe if they will be profitable bets/trades or not.

Plus it's very hard to trust Nassim Taleb, a book writer/book seller, if he doesn't show any track record in trading. He has been in support of BSV too. Yes, Craig Wright's BSV.

It is not easy to see black swans ...

It is even more difficult to react quickly and take the right actions (adequate in the current situation).  First of all, you need to be observant.  A classic example of a Black Swan is a tsunami.  How can a tsunami be predicted?  Before the wave destroys the coastal city, the coastal seabed will be completely exposed.  First, the sea leaves, and then a tsunami arises.  The "Black Swan" is preceded by strange unusual events.  If you see something that has never been before, then the Black Swan is coming soon. 

However, it is not easy to make money on the Black Swan, because the standard causal relationships (built according to the old patterns) do not work in the Black Swan situation.  But if you were able to foresee the onset of the Black Swan, then it makes sense to act outside the box, this increases the chance of winning. 

At its core, the Black Swan is an event that breaks the balance.  There are strong vibrations in the system.

[Wind_FURY]

The famous writer, philosopher and trader Nassim Taleb came up with the concept of "Black Swans".  

A "Black Swan" is a very unlikely event, the occurrence of which is very difficult for an outside observer to predict, and which radically changes the world around us.  

Nassim Taleb specialized in betting on "Black Swans".  He studied them seriously and used this knowledge to profit.  

"Black Swans" can also be used in gambling.  I mean (primarily) sports betting.  "Black Swans" are hard to find, but betting on such events brings a very large win (due to increasing coefficients).  

Therefore, it is a very interesting and effective game strategy.

Nassim Taleb theorized about Black Swans, but I don't believe he profited from them? Plus Black Swans are "very unlikely events" like you posted, then trying to find them, and betting on them to happen would be a very low probability of being profitable. It will require a generous amount of luck to win one bet out of many in my opinion.

Nassim Taleb used a certain psychological nuance.  People perceive unlikely events as an event that will never happen (this is how human psychology works).  But it's not.  An event with low probability is a probable event.  Such events happen quite often.  

Bets on events with a low probability involve the use of high odds when paying out winnings.  A big win can pay off all previously made bets.  

Psychologically, people prefer to avoid losing. They are more afraid of losing than they want to win.  

In his books, Nassim Taleb suggested actively looking for Black Swans.  This game strategy is not a passive strategy - it is an active game strategy.

It's not that simple. Yes in theory it sounds nice, but for us plebs how can we use that in practice, both in trading and gambling? Give me your suggestions of which Black Swan events that you believe might happen, and let us observe if they will be profitable bets/trades or not.

Plus it's very hard to trust Nassim Taleb, a book writer/book seller, if he doesn't show any track record in trading. He has been in support of BSV too. Yes, Craig Wright's BSV.

It is not easy to see black swans ...

It is even more difficult to react quickly and take the right actions (adequate in the current situation).  First of all, you need to be observant.  A classic example of a Black Swan is a tsunami.  How can a tsunami be predicted?  Before the wave destroys the coastal city, the coastal seabed will be completely exposed.  First, the sea leaves, and then a tsunami arises.  The "Black Swan" is preceded by strange unusual events.  If you see something that has never been before, then the Black Swan is coming soon.  

However, it is not easy to make money on the Black Swan, because the standard causal relationships (built according to the old patterns) do not work in the Black Swan situation.  But if you were able to foresee the onset of the Black Swan, then it makes sense to act outside the box, this increases the chance of winning.  

At its core, the Black Swan is an event that breaks the balance.  There are strong vibrations in the system.

That was my point. Which is why trading, or gambling based on the theory would be unprofitable/impractical, and not worth the time of plebs like us. The COVID-19 Pandemic that crashed the markets during March 2020 was a Black Swan. Some might have profited by risking the low, but most have been liquidated out of their positions because no one was ready.

Plus did Nassim Taleb actually trade based on Black Swans?