Threshold of Loss in Gambling

[ethereumhunter]

It seems to me that any gambler has faced a situation where he lost all his money in an evening. At least I had a few times, and of course after such losses, I was very angry at myself that I could not stop in time. Currently, I'm not angry at myself for these losses as they allowed me to gain experience which allows me to think carefully first and then act. As they say, some people get experience for free and others have to buy it.

After getting experience about losing at gambling, we learn to deal with anger at ourselves and try to stop in time. At least it works for some gamblers who experience it, while others won't feel it as they continue to gamble. Those who have never experienced it can get it from someone else's experience so it doesn't happen to them. What we get and share with others will be useful for them and us because we can learn how to control ourselves so as not to experience a huge loss.

[1714704084]

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[1714704084]

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[coinerer]

I like to put my bet in Football , Basketball .The outcome of these games is somewhat predictable.  Where the chances of winning by betting are much higher. On the other hand I love football so I like to bet on it.  And I always like to place low amount bets.  My maximum bet amount for this in a tournament would be $20

[rojan]

I like to put my bet in Football , Basketball .The outcome of these games is somewhat predictable.  Where the chances of winning by betting are much higher. On the other hand I love football so I like to bet on it.  And I always like to place low amount bets.  My maximum bet amount for this in a tournament would be $20

Football is a sport after all.  Everyone likes to play football there are some people who bet on the game.  They are always worried about the game.  Sometimes I gain and sometimes lose.  I feel very happy when I win.  I bet more after a few days.  If I win I will get a lot of money and if I lose I will lose all my money.  Betting alcohol is but an understatement I guess.

[_act_]

Not only in gambling that we make losses but in our daily lives too. Sometimes we trust people to help them with expectations that they will return the money given to them as loan back but they fail to bring that back, or maybe that is also considered as gambling. As it is said also that the wise learn from the mistakes done by others.

Life itself is like gambling, I have seen many people saying that you should not borrow anyone the amount of money that you can not give the person, the saying as a result of the disappointment the person can experience, the borrower can begin to avoid the person and not want to pay, the borrower may want to pay but may not have the money yet, not giving back the money borrowed can also be the reason the borrower may not want to pay back.

But this is not related to gambling unless there is profit involved. Ifyou borrow someone money and not paying back, you may feel like you have been cheated, but if you are gambling and lose on your own, you understood the risk involved and you will know that you lost the money yourself when you are expecting profit.

That is why people should have weekly limit, when they gamble and reach the limit threshold, they should stop gambling until another money has been received as a wage or salary the following week, my threshold loss is 3% of my weekly income or less.

[Betwrong]

It seems that when you still have money to spend you will not care about the loss threshold, because when you become an addict or have a target in gambling you will not care how much loss you have experienced. Therefore, the loss threshold is only suitable for gamblers who have discipline, if they just gamble without a big plan they will continue to gamble without having the calculation to stop. Realizing the loss threshold in gambling also makes gamblers have limits and calculations in gambling, and not all players will do that which means they will only celebrate wins without worrying too much about losses.

There's nothing wrong with this attitude, in my opinion. I mean, those people who know their limits and risk only what they can afford to lose, those people have all the right to not worry about their losses and enjoy their wins to the fullest. That's how gambling makes you entertained: you lose $11, then you suddenly win $10 and you are happy although in fact you lost $1. But you should know that winning those $10 in the end is never guaranteed, and you must be ready to stop after losing, say, $15, if it's your limit.

[LUCKMCFLY]

Look, I have to disagree with you only on the part where you say that players tend to stop playing when they reach their loss limit, I believe that many players unfortunately tend to bet more and more as they lose in order to try to cover their losses.

Yes, this is always the case that happened to the majority of gamblers.

Setting up a budget doesn't really work since they are just tempting themselves to gamble more.

If they win, they will still continue to gamble since they are lucky. If they lose, they will still continue to gamble to recover their recent losses. Whatever the result of their gambling session, regardless of the situation, whether they winning or losing, they will still continue to gamble as their adrenaline tells them to do so.

Setting up a budget per session is not an effective way to minimize loss. It's better to force ourselves to have self-discipline when to stop.

Yes, self-discipline is everything, but something must be taken into account, when we play as when we trade, there is a logical part that we must follow and pay attention to not lose money, but it is something difficult when in our minds we have seen so much news, analysis of other people, and above all the uncertainty of not following the plan comes into play, in this case I call it emotions, which are what often become our best weapon or our executioner in the game, the hope in the game is something that should be taken with caution, we cannot let ourselves be carried away by emotions, although it is very difficult to fulfill it, we must try to dominate it.

It seems that when you still have money to spend you will not care about the loss threshold, because when you become an addict or have a target in gambling you will not care how much loss you have experienced. Therefore, the loss threshold is only suitable for gamblers who have discipline, if they just gamble without a big plan they will continue to gamble without having the calculation to stop. Realizing the loss threshold in gambling also makes gamblers have limits and calculations in gambling, and not all players will do that which means they will only celebrate wins without worrying too much about losses.

There's nothing wrong with this attitude, in my opinion. I mean, those people who know their limits and risk only what they can afford to lose, those people have all the right to not worry about their losses and enjoy their wins to the fullest. That's how gambling makes you entertained: you lose $11, then you suddenly win $10 and you are happy although in fact you lost $1. But you should know that winning those $10 in the end is never guaranteed, and you must be ready to stop after losing, say, $15, if it's your limit.

Exactly, things are like that, when we are in a casino and we want to have fun and we allocate a balance totally willing to lose there is nothing to worry about, as long as things do not get out of control and you risk and lose more than you should, in my case I always use the strategy of only risking what I can afford to lose and it's like you say, when I play slots I don't risk a lot of money, the money I spend doesn't matter to me if I lose everything because I use it for my fun, now few Sometimes I have won, and on other occasions it is much more enjoyable, because the good thing about slots is that at any moment you win and what you bet is multiplied.

[Betwrong]

~
Again, that depends on person to person but for me I would never gamble more than 10% of my savings.
So that's my threshold limit in gambling.

10% is about a right threshold, in my opinion. It is like the maximum one can lose without suffering too much from it. Only don't try to chase your losses because those 10% can turn into 50% and more, like I did yesterday, losing with that 6 times more than I could afford to lose in one day. I should have stopped after reaching my threshold, but I din't, and I even glad I didn't win in the end, because I wouldn't learn my lesson from this then.

[pawanjain]

~
Again, that depends on person to person but for me I would never gamble more than 10% of my savings.
So that's my threshold limit in gambling.

10% is about a right threshold, in my opinion. It is like the maximum one can lose without suffering too much from it. Only don't try to chase your losses because those 10% can turn into 50% and more, like I did yesterday, losing with that 6 times more than I could afford to lose in one day. I should have stopped after reaching my threshold, but I din't, and I even glad I didn't win in the end, because I wouldn't learn my lesson from this then.

It's good that you are taking the losses in a positive way by learning a lesson of how to not chase your losses.
But at the same time the losses shouldn't have gone to 50% at first place. When I say 10% of my savings I make sure to deposit only that much amount for the month.
So that amount is my hard stop and the maximum I can lose. It won't matter if I lose it all in a single day or keep playing with that amount for the entire month.
The next deposit will only be in the next month.

[Betwrong]

~
Again, that depends on person to person but for me I would never gamble more than 10% of my savings.
So that's my threshold limit in gambling.

10% is about a right threshold, in my opinion. It is like the maximum one can lose without suffering too much from it. Only don't try to chase your losses because those 10% can turn into 50% and more, like I did yesterday, losing with that 6 times more than I could afford to lose in one day. I should have stopped after reaching my threshold, but I din't, and I even glad I didn't win in the end, because I wouldn't learn my lesson from this then.

It's good that you are taking the losses in a positive way by learning a lesson of how to not chase your losses.
But at the same time the losses shouldn't have gone to 50% at first place. When I say 10% of my savings I make sure to deposit only that much amount for the month.
So that amount is my hard stop and the maximum I can lose. It won't matter if I lose it all in a single day or keep playing with that amount for the entire month.
The next deposit will only be in the next month.

Good money management strategy, mate! This way you can be sure that at least you will not lose in one session more than you can afford to lose in one month. With this strategy it is very important to stick with the plan, and don't deposit again after losing your monthly limit. From what I know, most gamblers are able to cope with this or similar task. Around 5% are classified as problem gamblers, and that's a tragedy, but most gamblers know their threshold and don't go beyond it.

[Dunamisx]

It seems that when you still have money to spend you will not care about the loss threshold, because when you become an addict or have a target in gambling you will not care how much loss you have experienced. Therefore, the loss threshold is only suitable for gamblers who have discipline

Good enough, we have many gamblers that never give into account in considering the extent to which they spend on gambling, just as you pointed out their aim is to achieve a desired satisfaction with pleasure in gambling, they don't mind loosing neither do they consider the time wasted or not, but i also find out that in life, one must always engage in doing what pleases himself in other to derive satisfaction and contemption, but what i always advise is not to over react in doing so, don't engage in what you're not upto which may later left you with detriment while gambling.

if they just gamble without a big plan they will continue to gamble without having the calculation to stop. Realizing the loss threshold in gambling also makes gamblers have limits and calculations in gambling, and not all players will do that which means they will only celebrate wins without worrying too much about losses.

No problem about this as long as they have a food background that source them money and gambling is not affecting their other obligations.

[Boristhecat]

It's good that you are taking the losses in a positive way by learning a lesson of how to not chase your losses.
But at the same time the losses shouldn't have gone to 50% at first place. When I say 10% of my savings I make sure to deposit only that much amount for the month.
So that amount is my hard stop and the maximum I can lose. It won't matter if I lose it all in a single day or keep playing with that amount for the entire month.
The next deposit will only be in the next month.

It’s a good strategy, but it seems to me that you are either initially not very involved in gambling, or vice versa, you already have serious experience. I thought so because allocating a budget once a month is a rare event, and if you do not use additional money management (breaking down this budget at least into weeks), then losing at the beginning of the month is very difficult to wait for its end. For example, I am not much involved in gambling and I have discipline but it would be difficult for me to wait even one week if I wanted to play a little.

[pawanjain]

It's good that you are taking the losses in a positive way by learning a lesson of how to not chase your losses.
But at the same time the losses shouldn't have gone to 50% at first place. When I say 10% of my savings I make sure to deposit only that much amount for the month.
So that amount is my hard stop and the maximum I can lose. It won't matter if I lose it all in a single day or keep playing with that amount for the entire month.
The next deposit will only be in the next month.

It’s a good strategy, but it seems to me that you are either initially not very involved in gambling, or vice versa, you already have serious experience. I thought so because allocating a budget once a month is a rare event, and if you do not use additional money management (breaking down this budget at least into weeks), then losing at the beginning of the month is very difficult to wait for its end. For example, I am not much involved in gambling and I have discipline but it would be difficult for me to wait even one week if I wanted to play a little.

It is partially true. The thing is that although I have a fixed budget for gambling for the month I tend to use it only when I am craving for gambling.
It's more like an entertainment for me so I deposit the amount when I feel like gambling too much in a particular month.
I am not regular at it but I gamble around 7-8 times a month. So that's why I am having good control at limiting my gambling budget.

[virasisog]

It's good that you are taking the losses in a positive way by learning a lesson of how to not chase your losses.
But at the same time the losses shouldn't have gone to 50% at first place. When I say 10% of my savings I make sure to deposit only that much amount for the month.
So that amount is my hard stop and the maximum I can lose. It won't matter if I lose it all in a single day or keep playing with that amount for the entire month.
The next deposit will only be in the next month.

It’s a good strategy, but it seems to me that you are either initially not very involved in gambling, or vice versa, you already have serious experience. I thought so because allocating a budget once a month is a rare event, and if you do not use additional money management (breaking down this budget at least into weeks), then losing at the beginning of the month is very difficult to wait for its end. For example, I am not much involved in gambling and I have discipline but it would be difficult for me to wait even one week if I wanted to play a little.

It is partially true. The thing is that although I have a fixed budget for gambling for the month I tend to use it only when I am craving for gambling.
It's more like an entertainment for me so I deposit the amount when I feel like gambling too much in a particular month.
I am not regular at it but I gamble around 7-8 times a month. So that's why I am having good control at limiting my gambling budget.

It takes so much courage and self control for you to so such thing. I think that wouldn't be too hard for someone who is really isn't into gambling and just gamble whenever needs to be entertained. Some of us usually gamble as a part of our habit despite having it unnecessarily which results in consuming even unallocated funds for gambling. We really have to control ourselves from spending too much on gambling especially if we have continuous losses.

[masulum]

It is partially true. The thing is that although I have a fixed budget for gambling for the month I tend to use it only when I am craving for gambling.
It's more like an entertainment for me so I deposit the amount when I feel like gambling too much in a particular month.
I am not regular at it but I gamble around 7-8 times a month. So that's why I am having good control at limiting my gambling budget.

Things like this will be difficult if we are new to slots and have unstable emotions. I've experienced when I lost $50, which is usually my limit of playing in 1 week, until I ended up losing more than $300 because I was eager to win. When someone experiences something like this, they no longer think of gambling as entertainment, everything gets out of control. Of course this is bad even worse than a loss in futures or binary options. Some time ago I also experienced the same mistake that I share in this thread https://bitcointalk.org/index.php?topic=5249415.900. This is not a good example of course, and until now I still have to continue to learn to hold and control emotions when playing. I don't know, why so hard to control my self when playing slots than I'm playing dice  lol

[kamvreto]

It's good that you are taking the losses in a positive way by learning a lesson of how to not chase your losses.
But at the same time the losses shouldn't have gone to 50% at first place. When I say 10% of my savings I make sure to deposit only that much amount for the month.
So that amount is my hard stop and the maximum I can lose. It won't matter if I lose it all in a single day or keep playing with that amount for the entire month.
The next deposit will only be in the next month.

It’s a good strategy, but it seems to me that you are either initially not very involved in gambling, or vice versa, you already have serious experience. I thought so because allocating a budget once a month is a rare event, and if you do not use additional money management (breaking down this budget at least into weeks), then losing at the beginning of the month is very difficult to wait for its end. For example, I am not much involved in gambling and I have discipline but it would be difficult for me to wait even one week if I wanted to play a little.

It is partially true. The thing is that although I have a fixed budget for gambling for the month I tend to use it only when I am craving for gambling.
It's more like an entertainment for me so I deposit the amount when I feel like gambling too much in a particular month.
I am not regular at it but I gamble around 7-8 times a month. So that's why I am having good control at limiting my gambling budget.

It takes so much courage and self control for you to so such thing. I think that wouldn't be too hard for someone who is really isn't into gambling and just gamble whenever needs to be entertained. Some of us usually gamble as a part of our habit despite having it unnecessarily which results in consuming even unallocated funds for gambling. We really have to control ourselves from spending too much on gambling especially if we have continuous losses.

if indeed gambling as entertainment for some people the minimum allocation of funds is usually used, losing that money will certainly not be a problem and will not become a daily habit. But for those who make gambling an activity every day and have a threshold of losses and profits, so gambling can be controlled. without any control or threshold it would be dangerous. difficult or not to regulate it depends on the gambling goals and the mentality of the gambler.