Betting strategy question

[nullama]

~snip~
Unfortunately, our brains are wired in a way that if you've took some action and got desired result (positive feedback loop), you'll feel the urge to do it again. So if someone had the discipline to stop betting in the right time and walked away with profit - they're likely to return and try to repeat that success.
Gambling perfectly exploits psychological flaws.

That is true.

Our brains are always trying to explain things however they can, even if it doesn't make sense.

For example, if you happen to experience two rare independent events at the same time, your brain will think they are correlated somehow even though it was just a coincidence. This explains some of the "bad luck" tales like a black cat crossing or superstitions in general. The brain thinks "Something happened at the same time that something bad happened, so they must be correlated", but it's just a coincidence.

[Fredomago]

~snip~
Unfortunately, our brains are wired in a way that if you've took some action and got desired result (positive feedback loop), you'll feel the urge to do it again. So if someone had the discipline to stop betting in the right time and walked away with profit - they're likely to return and try to repeat that success.
Gambling perfectly exploits psychological flaws.

That is true.

Our brains are always trying to explain things however they can, even if it doesn't make sense.

For example, if you happen to experience two rare independent events at the same time, your brain will think they are correlated somehow even though it was just a coincidence. This explains some of the "bad luck" tales like a black cat crossing or superstitions in general. The brain thinks "Something happened at the same time that something bad happened, so they must be correlated", but it's just a coincidence.

I agree to that, thinking that it is related but in reality it was just a coincidence which some of the people especially gamblers are believing, there's always a side inside our brains who keep trying to relate something even the chances is really next to impossible, both good and bad luck as long as it can find something your brain will push it and will try to explain and link the situations.

[pawel7777]

For example, if you happen to experience two rare independent events at the same time, your brain will think they are correlated somehow even though it was just a coincidence. This explains some of the "bad luck" tales like a black cat crossing or superstitions in general. The brain thinks "Something happened at the same time that something bad happened, so they must be correlated", but it's just a coincidence.

Good point. But as for believing in superstitions, I think, to a large degree, it's a choice rather than anything else. It's a comfortable feeling to believe that certain behaviour or items can give you an edge in life by bringing good luck. Or it's convenient to shift the blame/responsibility to bad luck, i.e. why blame yourself and your crappy driving for crashing the car when you could blame some black cat or Friday 13th?

[nullama]

~snip~
Good point. But as for believing in superstitions, I think, to a large degree, it's a choice rather than anything else. It's a comfortable feeling to believe that certain behaviour or items can give you an edge in life by bringing good luck. Or it's convenient to shift the blame/responsibility to bad luck, i.e. why blame yourself and your crappy driving for crashing the car when you could blame some black cat or Friday 13th?

Yeah, that might be.

But I believe that you are responsible of everything that happens to you, good or bad. That way at least you have a chance to change your life.

If you blame things on others or in "god's acts", etc, then you can't change those things at all.

I much prefer getting all the blame, because it comes with the ability to change.

[LUCKMCFLY]

~snip~
Unfortunately, our brains are wired in a way that if you've took some action and got desired result (positive feedback loop), you'll feel the urge to do it again. So if someone had the discipline to stop betting in the right time and walked away with profit - they're likely to return and try to repeat that success.
Gambling perfectly exploits psychological flaws.

That is true.

Our brains are always trying to explain things however they can, even if it doesn't make sense.

For example, if you happen to experience two rare independent events at the same time, your brain will think they are correlated somehow even though it was just a coincidence. This explains some of the "bad luck" tales like a black cat crossing or superstitions in general. The brain thinks "Something happened at the same time that something bad happened, so they must be correlated", but it's just a coincidence.

I like the concept that you explain, the example is also clear with the correlation, the correlation is not only a mathematical concept, it also applies to the strategies of this type of game, we and our brain will always look for the solution and logical answer, but what we must admit is that we can change the reality of a game or of our game, the probabilities are there, the only thing missing is to hit the game that benefits us, Otherwise I think there will be no opportunity, that's why we see many Players who they win, they Enjoy what they do winning , and that is what we must Cling to.

[Josefjix]

Basically if you want to not lose money gambling you need to either never gamble, or stop gambling once you have won more than what you have gambled so far.

The key reason that triggered one to either continue betting or stop permanently is profits and loss. It demonstrates the fundamental requirements of gambling; earning more than expected will only bring forth the quality greed, and I would not welcome losses on my bet games. I'd rather stop than keep gambling since it will never cease unless we make a firm decision to stop. Our minds are wired in such a way that we become addicted to whatever activities provide us with food. Gambling without setting daily limits will result in huge losses. Gambling is not a viable strategy for making extra cash.

[pawel7777]

Basically if you want to not lose money gambling you need to either never gamble, or stop gambling once you have won more than what you have gambled so far.

The key reason that triggered one to either continue betting or stop permanently is profits and loss. It demonstrates the fundamental requirements of gambling; earning more than expected will only bring forth the quality greed, and I would not welcome losses on my bet games. I'd rather stop than keep gambling since it will never cease unless we make a firm decision to stop. Our minds are wired in such a way that we become addicted to whatever activities provide us with food. Gambling without setting daily limits will result in huge losses. Gambling is not a viable strategy for making extra cash.

There's a popular saying among hopeless gambling addicts that the worst thing that happened to them was their first win, so there's a lot of truth to what you wrote.
Then again, if you are aware of how human brains operate and what causes addictions and degenerate behaviour - then it's way easier to keep your gambling activities under control, i.e. don't gamble for entertainment and only consider it when you spot an opportunity where the edge is on your side.

[@forxample]

~snip~
Yup, nothing but the discipline that you will go to implement whatever strategy you are planning to use while playing,
both flat and martingale strategy have good potential outcome if you can stop at the right time.

It's more on your self-control, both winning or losing. You should have set the limitation that you will use to make sure that you will not be overstaying inside the house.

If you can do that, the chance is good for you to earn some decent amount out from your gambling.

Basically if you want to not lose money gambling you need to either never gamble, or stop gambling once you have won more than what you have gambled so far.

The problem is that the expected return is negative so most of the time you will continue going down until you lose it all.

it's true, if you don't want to lose money while gambling the best solution is to stop. Betting is all about luck, because the chance of winning is only a few percent of the total money you bet.

So the strategy you have to do is manage your finances in each game, don't let your money run out in just one game. Because luck when playing gambling is not only in one game, you can get big wins after experiencing several defeats or vice versa.

[klidex]

Basically if you want to not lose money gambling you need to either never gamble, or stop gambling once you have won more than what you have gambled so far.

The key reason that triggered one to either continue betting or stop permanently is profits and loss. It demonstrates the fundamental requirements of gambling; earning more than expected will only bring forth the quality greed, and I would not welcome losses on my bet games. I'd rather stop than keep gambling since it will never cease unless we make a firm decision to stop. Our minds are wired in such a way that we become addicted to whatever activities provide us with food. Gambling without setting daily limits will result in huge losses. Gambling is not a viable strategy for making extra cash.

In the end, all will return to the strategy they use to know when to stop or the strategy for managing their finances in gambling.
I think it's not only betting that has a strategy but finance in betting also has a strategy to avoid losing too much.
For example, I use a betting capital of $ 50 to get a win of $ 50, then I will withdraw the winnings of only $ 30 and the remaining $ 20 will be used to bet again.
So that the initial capital for betting is still intact and subsequent bets only use the remaining money from winnings.
This strategy may have been carried out by some gamblers a long time ago, but sometimes they forget this method just because they are chasing big wins, so they ignore the strategy.

[pawel7777]

it's true, if you don't want to lose money while gambling the best solution is to stop.(...)

So the strategy you have to do is manage your finances in each game, don't let your money run out in just one game. Because luck when playing gambling is not only in one game, you can get big wins after experiencing several defeats or vice versa.

So if the best strategy is to stop, then why did you carry on and advise people to "manage their finances" to not run out in one game? Will that advice make them any less likely to lose? Or is it just to waste more time together with money?

Betting is all about luck, because the chance of winning is only a few percent of the total money you bet.

That's not true, you could place bets with 99% chance of winning. More important factor to consider is the house edge.

[carlisle1]

Basically if you want to not lose money gambling you need to either never gamble, or stop gambling once you have won more than what you have gambled so far.

The key reason that triggered one to either continue betting or stop permanently is profits and loss. It demonstrates the fundamental requirements of gambling; earning more than expected will only bring forth the quality greed, and I would not welcome losses on my bet games. I'd rather stop than keep gambling since it will never cease unless we make a firm decision to stop. Our minds are wired in such a way that we become addicted to whatever activities provide us with food. Gambling without setting daily limits will result in huge losses. Gambling is not a viable strategy for making extra cash.

There's a popular saying among hopeless gambling addicts that the worst thing that happened to them was their first win, so there's a lot of truth to what you wrote.
Then again, if you are aware of how human brains operate and what causes addictions and degenerate behavior - then it's way easier to keep your gambling activities under control, i.e. don't gamble for entertainment and only consider it when you spot an opportunity where the edge is on your side.

I like to follow that statement. The first win gives you the thinking that you can continue repeating the first outcome of your
game, that no one can stop you from bringing more bacon to your table.

With that thinking, your engagement will increase your lust and desire to keep playing will lead you not to control yourself anymore.

Something that the casino owners would love seeing on you as you will keep bringing more money in the hope that you'll be
able to keep winning the game, but in reality, you are just bringing more money to lose.

[pawel7777]

I like to follow that statement. The first win gives you the thinking that you can continue repeating the first outcome of your
game, that no one can stop you from bringing more bacon to your table.

With that thinking, your engagement will increase your lust and desire to keep playing will lead you not to control yourself anymore.

Something that the casino owners would love seeing on you as you will keep bringing more money in the hope that you'll be
able to keep winning the game, but in reality, you are just bringing more money to lose.

True, brick-and-mortar casinos are not sparing money on make the experience as addictive as possible (anything from music, complimentary drinks, flashy lights etc).

As mentioned before, a lot of such problems could be mitigated if people had the knowledge of how their brains actually works. It would probably be a good idea to introduce some basic psychology or neuroscience (and how hormones such as dopamine can affect our decisions) in the public school's curriculum.

[tusandii]

Betting is all about luck, because the chance of winning is only a few percent of the total money you bet.

That's not true, you could place bets with 99% chance of winning. More important factor to consider is the house edge.

How can a gambler bet with a 99% chance of winning?
As long as I play gambling, I have never come across this opportunity. If anything, it's only very low Odds but comes with a great deal of risk because to make a decent profit requires large amounts of money to be wagered.

Talking about the house edge, there is no such thing as a house edge that lets gamblers win easily.

[AmoreJaz]

Betting is all about luck, because the chance of winning is only a few percent of the total money you bet.

That's not true, you could place bets with 99% chance of winning. More important factor to consider is the house edge.

How can a gambler bet with a 99% chance of winning?
As long as I play gambling, I have never come across this opportunity. If anything, it's only very low Odds but comes with a great deal of risk because to make a decent profit requires large amounts of money to be wagered.

Talking about the house edge, there is no such thing as a house edge that lets gamblers win easily.

don't know where he got the idea of placing bets with 99% chance of winning. but that's the dilemma by most users, thinking of their chance but in reality, it is not.
if he believes he has that kind of chance, he should be taking advantage of the game he believes has this chance of winning. and for sure, he will learn quick that it is not what it seems to be.

[len01]

Betting is all about luck, because the chance of winning is only a few percent of the total money you bet.

That's not true, you could place bets with 99% chance of winning. More important factor to consider is the house edge.

How can a gambler bet with a 99% chance of winning?
As long as I play gambling, I have never come across this opportunity. If anything, it's only very low Odds but comes with a great deal of risk because to make a decent profit requires large amounts of money to be wagered.

Talking about the house edge, there is no such thing as a house edge that lets gamblers win easily.

don't know where he got the idea of placing bets with 99% chance of winning. but that's the dilemma by most users, thinking of their chance but in reality, it is not.
if he believes he has that kind of chance, he should be taking advantage of the game he believes has this chance of winning. and for sure, he will learn quick that it is not what it seems to be.

@tusandii @AmoreJaz
try to understand again the words that I marked were spoken by @pawel.

he said about placing a bet with a 99% chance of winning not about a guaranteed win but what @pawel meant was always considering the house edge like a 1% dice game.

I'll give a simple example and to the best of my knowledge so sorry if it's wrong.
for example, you bet on a dice game with a 99% chance of winning. maybe from a few spins you get a win but after a few spins you will hit this 1% which is determined by the house edge.

maybe my explanation is enough to understand. but if my explanation is wrong, please correct it.

[ethereumhunter]

it's true, if you don't want to lose money while gambling the best solution is to stop. Betting is all about luck, because the chance of winning is only a few percent of the total money you bet.

So the strategy you have to do is manage your finances in each game, don't let your money run out in just one game. Because luck when playing gambling is not only in one game, you can get big wins after experiencing several defeats or vice versa.

That means we must pay attention to the amount of money we still have and must be able to decide when we should stop immediately. Stopping is the best solution to avoid the number of losses that can get bigger. After all, we don't want to see all our money running out that day, so we need to regulate the amount of spending on gambling. This strategy will be useful in luck and skill-based gambling games because that will determine how much money we can use in a day. And if we have tried to manage the money, we must follow these limits so we don't experience too big a loss.

[stadus]

I'll give a simple example and to the best of my knowledge so sorry if it's wrong.
for example, you bet on a dice game with a 99% chance of winning. maybe from a few spins you get a win but after a few spins you will hit this 1% which is determined by the house edge.

maybe my explanation is enough to understand. but if my explanation is wrong, please correct it.

The maximum chance of winning you can expect is 99% due to the presence of the 1% house edge. So even if you win most of the time, the amount of money you will actually win is not 99% of your bet—it will be lower. This means that in the long run, you will still end up losing money. If you are gambling with dice, it's best not to think in the long term, as that will only reduce your chances of winning. Instead, focus on the short term and hope for luck.

[SamReomo]

~snip~
Yup, nothing but the discipline that you will go to implement whatever strategy you are planning to use while playing,
both flat and martingale strategy have good potential outcome if you can stop at the right time.

It's more on your self-control, both winning or losing. You should have set the limitation that you will use to make sure that you will not be overstaying inside the house.

If you can do that, the chance is good for you to earn some decent amount out from your gambling.

Basically if you want to not lose money gambling you need to either never gamble, or stop gambling once you have won more than what you have gambled so far.

The problem is that the expected return is negative so most of the time you will continue going down until you lose it all.

If someone is into gambling then he/she has to gamble somehow and if they lose money with the gambling activity then that's their own luck which didn't favored them. It's always better to stop betting when you already won enough bets and be happy with your winnings. But, unfortunately there are some gamblers who even after winning many bets still continue the gambling activity and as a result they lose everything.

I have previously followed a thread where a gambler successfully turned $4000 to $90000 with gambling, and in greed the gambler made another bet of $90000 and lost the whole money. If he had withdrawn half of the money then he could enjoy for many years without any issues. That's a lesson one should learn because in gambling you either win or lose and if you put everything as a bet then you have higher chances of losing.

[tusandii]

Betting is all about luck, because the chance of winning is only a few percent of the total money you bet.

That's not true, you could place bets with 99% chance of winning. More important factor to consider is the house edge.

How can a gambler bet with a 99% chance of winning?
As long as I play gambling, I have never come across this opportunity. If anything, it's only very low Odds but comes with a great deal of risk because to make a decent profit requires large amounts of money to be wagered.

Talking about the house edge, there is no such thing as a house edge that lets gamblers win easily.

don't know where he got the idea of placing bets with 99% chance of winning. but that's the dilemma by most users, thinking of their chance but in reality, it is not.
if he believes he has that kind of chance, he should be taking advantage of the game he believes has this chance of winning. and for sure, he will learn quick that it is not what it seems to be.

Yes and I were amazed after knowing what he said because in my entire life in the gambling industry there has never been a 99% chance of winning let alone with a large amount of profit.
Gamblers can have a 70% chance of winning, which is a rare thing, so it's hard to believe he can find opportunities that actually have almost no defeats, while betting that is sure to happen is only losing.

Seeing that many gamblers are obsessed with the chance to win, I laugh because it cannot guarantee victory and they must be given the awareness that the final result can easily change if there is a large amount of betting in it.

[Crypt0Gore]

Wait, all this for a single shot? A single roll? Are you on steroids or something? And this looks very enticing, meaning many people wont say no to it, which makes this a losing game, I will like to hear from you OP, do you end up taking the shot? What really happened after?

I pity people like you, thinking they are good at what they do but gambling is a no man's land, we are all lost, and only those who take little risks get by easily.

Always pay more attention to the money you have right now, not the money you plan to win because it's not certain you will have more money at the end of the day.

Always let your risk factor on gambling be about what you can afford to lose for that day