Never Expect Consistent Winnings From Gambling - A Lesson I Learnt.

[Fivestar4everMVP]

Let's begin with a story (more like a parable) which I think is familiar to some of us...

A Man on his sick bed called two of his sons, and asked both of them, "you both have heard that experience is the best teacher right?"

They both answered - "yes dad"

He then asked the first son - "you my first son, how or what is the best way to learn from experience?"

The first son, after thinking for a while answered "learning from my mistakes, that is, never making the same mistake twice".

The father answered - "that's very good my son, you've answered well".

Then turned to the second son, and asked him the same question..

The second son answered immediately - "it is good to learn from my mistakes, but I think it is better to learn from other people's mistakes, so that I won't have to make mistakes myself before I learn".

The father looked at him and was short of words to empress himself, he told both of them to go, but later called the second son privately and said to him, "I am astonished by the level of your wisdom, you can't take your elder brother's place as my first son, but I put him under your care, do all you can to keep him from taking wrong decisions".

Now, To the main discussion...

Please note that I've previously touched on this topic HERE, but I decide to escalate it as a topic to better reach more gamblers who possibly could learn from the experience..

A supposed friend, he working and has been gambling for a while, recently got lucky, won consistently for 3 good days consecutively..

1st day, he won $670+
2nd day, he won $702+
3rd day, he won $692+
This are the ones I know and saw the slip myself...

For most of us in my area here, it was like he did a charm, I personally envied him to be sincere, but not with any evil intention , I only wished I was as lucky as him..

But the sad thing about the whole thing was that, he's attitude changes, those are big amount when converted to my country's local currency, but not big enough to warrant his Change of attitude..
He started spending anyhow, sleeping in different hotels with different women - before this, he already quit his job, he bought himself an iPhone and also bought an iPhone for one hoe that was following him up and down as a girlfriend - he left our neighborhood and moved to a better place and a bigger apartment, he become arrogant and left some of his friends in times of want behind, he did all he did probably with a mindset that the winnings will keep coming, some even spread some rumor that the guy meet a witch doctor who prepared a luck charm for him, which is what gave him the confidence of quiting his job - to me, this remains a rumor, since there is no way to verify if this is true of false.

Long story short, 2 months after the whole winning spree, this guy lost everything back to casinos where he gambled on, he made gambling his day job, probably increased his bets so as to win more,  but as of today, this guy is joblessly roaming the streets, depend solely on friends to feed, as of yesterday when I overheard him discussing with some one I am also close to, he was asking to help him look for a Job, that what he planned didn't work out - what ever he planned that didn't work out, I don't know, but this is a lesson for us all to learn from.

Gambling is not a business, and neither should you ever take it as a day job, in reference to this thread - it is likely impossible to make a consistent winning from gambling, there are day you win, even much more than $100, and there are days you will lose it all, to make a consistent $100 or more every day in gambling is a mirage, wishful thinking that might never happen.

Feel free to chip in your contribution.

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[Oshosondy]

Not that the guy is even rich yet, not that he built a mansion or a company for business. He rented an apartment and bought two iPhones and thought the earning will be consistent.

but this is a lesson for us all to learn from.

He left his job just because of gambling. That is stupidity. There is nothing I can learn about this but to see it as stupidity.

Although you are very correct, gambling should not be seen as a business. People that see it as business and a way to make income will always end like this.

[KTChampions]

Did I read something wrong or are these two different stories? In the first case, the path from success to failure took only 3 days, and in the extended version of the story, it took 2 months. Let's say I'm ready to believe that there are such stupid gamblers who quit their jobs after three days during which they win 2.5 thousand dollars, but it's hard for me to believe that someone is lucky for 2 months.

[Mr.suevie]

A really nice story though and I was also overwhelmed when I saw that particular thread stating the possibility of someone making consistent 100$ on a daily basis which has only a 15% possibility because  gambling is backed by just one base which is luck and I have said this times without number that it is impossible for one to actually make a living out of gambling as I can say this because of the experience I have seen and had myself as a gambler. Its rather absurd that someone in his right senses will quite his job just because he acquire a lucky winning spree and the whole stupidity of it all is that he made lavish with the money without even setting up a nice investment that can keep the money. Because he  can't expecte to win every day.

[Fesatmas]

The point is an error in the mindset that makes all the bad things happen, it's impossible for either a small or big casino to give you profit for one week, if 1-4 days I believe enough because I've experienced it, basically if gambling is done in a casino or slot gambling and gambling that does not have a playing opponent is impossible, because basically gambling services are not services of providing charitable assistance to anyone who comes to them, it is a business that is managed by a handful of people who want to benefit from gambling activity.
If you get a win every day of the week, it's possible for you to be loved and for the kindness of the gambling owner (if you're not cheating).

Did I read something wrong or are these two different stories? In the first case, the path from success to failure took only 3 days, and in the extended version of the story, it took 2 months. Let's say I'm ready to believe that there are such stupid gamblers who quit their jobs after three days during which they win 2.5 thousand dollars, but it's hard for me to believe that someone is lucky for 2 months.

That makes me wrong about story reasoning, but I agree that it's stupid humans who quit their jobs to live with 100% of luck, even people who have real businesses are not necessarily profitable every day let alone a gambler.

[piebeyb]

There are many lessons that we can take as long as we play gambling directly or get experience from other people's failures so that we don't lose a lot of money from the experience we take and we see, judging from your story it seems your friend was too confident with the victory that he got, no one knows it could just be a coincidence and luck that will never come many times, he didn't take the opportunity to use his winning money to build a business so he could provide income for his life.

But sometimes that's gamblers when we win we always think there is still tomorrow to win it again, consistently is good but it doesn't have to be with a specific target even though winning is only $ 5 every day in my opinion there is no problem, sometimes it all depends on the humans themselves there are still many who have greedy nature when playing gambling especially when winning gambling.  

[goldkingcoiner]

I have said it so many times but there will always be people who think that they can outsmart mathematical probabilities and somehow make an easy living and a steady income stream from gambling.

What they fail to realize is that the more often you bet, the higher your chances of losing become. There is no way around it. So what is the point in trying to make gambling some sort of job?

Gambling is a fun activity and it can be enjoyable as long as you hold yourself in control and under self-discipline. But it should not be taken seriously like when people try to invent strategies to cheat the system somehow...

[madnessteat]

~snip~

The guy you told us about was too naive and arrogant, which is why his gambling experience was so bitter. The winnings clouded his mind and he showed you his true face. Do not do business with him, for such people cannot be loyal for long. If you want to help him, advise him to see a specialist and quit gambling for a while.  

[Mr.suevie]

~snip~

The guy you told us about was too naive and arrogant, which is why his gambling experience was so bitter. The winnings clouded his mind and he showed you his true face. Do not do business with him, for such people cannot be loyal for long. If you want to help him, advise him to see a specialist and quit gambling for a while.  

I don't think he can quite gambling so easily after experience such huge and massive  win, the best he can do for himself is to just lay low for some time and let his pride, greed and ego go because that's what actually caused his problem in the first place. Not everyone in the world today knows how to control money so many just let the money control them and its very bad because money amplifies someone character and its bring out the natural character of the person.

[Fivestar4everMVP]

Did I read something wrong or are these two different stories? In the first case, the path from success to failure took only 3 days, and in the extended version of the story, it took 2 months. Let's say I'm ready to believe that there are such stupid gamblers who quit their jobs after three days during which they win 2.5 thousand dollars, but it's hard for me to believe that someone is lucky for 2 months.

You didn't read anything wrong, it's just a simple misunderstanding, he won the said amount (once I know and saw with my eyes) in 3 days consecutively, or should I say respectively..

And in 2 months down the line, he went broke again, this is to say that he probably won some bet, lost some as well, won some, lost some, won again, then lost, just like they within that 2 months until he eventually lost everything.

Understood that it is possible for a man to become rich over night, but return back to poverty is a gradual process, where the person will start experiencing loses, loses and more loses within a certain period of time, until everything is gone, that is what happened in the story above.

[Hispo]

Your supposed friend's reaction to some luck at casinos is very toxic and one of the reasons some societies cannot advance as quickly.
He was supposed to recognize he just had luck and take that money to buy food, tools, land, gold, anything but wasting it in hookers and iphones. Who in their right mind buys an iphone to some woman who is with you because money specially when the source of income is so unstable?

The moment he quit his job and turned his friends away for easy women and gambling, I knew he had sealed his destiny.  
Hopefully he does not resort to crime/drugs for more money, though; that would make things to escalate ever faster.

You can hire all the magicians, gurus and shamans you want. The House and laws of probabilities are more powerful than spirits.

[uneng]

Well, for me it looks more an urban legend to impress the audience and potential gamblers instead of a real story, as stories of success from avid gamblers don't last too long like 2 months. Anyway, if it's really true, this guy had the chance to change his life with so much earnings from gambling, which allowed him to live wasting and lavishing without limits at hotels with pretty women plus having access to wealthy accessories and furniture. It was just a matter of how to use the earnings.

If he had been wise like the two boys from the first story things would have ended better for him and today he could tell everyone how gambling had a positive impact on his life.

[Aikidoka]

The first story of the father and his 2 kids is really wholesome and both of them shows how they're pretty wise even at a young age, especially the second kid, just being wise is really a good gift in life. It would let you take the good decisions and be patient and it comes with a lot of benefits..

Speaking about the other part of the story, of your "supposed friend". I'd say money can change people right? that's what happened, he's just too dumb to think that gambling could open their arms well for him. It's like a weapon with 2 sides and literally very risky and no one in the whole world can have 100% accurate predictions even if you visit thousands of witches to bring you luck. Only god knows the future not human being.

I'd assume life is really tough for him right now since he quitted his job and have no income resource after the few weeks that he spent in "fancy hotels" with girls and so on. That makes me remember an anime I have seen before called Kaiji which is kind of similar to what this guy did.

Anyway, I feel so bad for people who are addicted to gambling and I wish they'll quit this addiction one day, but at least gamble for fun, it's not a job tho, If gambling consider a job, it could be the riskiest job ever for losing your money.

[DaveF]

The best way that I ever heard it said was "look at those multi billion dollar casinos they put up all over the world, the people winning sure did not pay for them"

The odds always favor the house. That is the point. Otherwise there would be no house.

To me, and many others it's just a form of entertainment. That one simple fact should never be forgotten.


 I can go to the city and have a nice meal that costs a lot of money and then go to a show that also costs a lot of money. Say it comes to $500 for the night for 2 people including the train there and back. (New York) Some people will not think it's a bad way to spend money. Same way people will pay for tickets to a sporing event, or many other things.
At the same time, others will look at those exact same expenditures and think the person paying 'that much for that' is nuts. But, for the people who find whatever that activity is entertaining it's no big deal.

Gambling should be treated the same way. You don't go to a baseball game expecting to come out with more money then you went in with, nor do you go to a show and expect to come out with more then you went in with. Treat casinos the same way and you will be fine.

-Dave

[KTChampions]

Did I read something wrong or are these two different stories? In the first case, the path from success to failure took only 3 days, and in the extended version of the story, it took 2 months. Let's say I'm ready to believe that there are such stupid gamblers who quit their jobs after three days during which they win 2.5 thousand dollars, but it's hard for me to believe that someone is lucky for 2 months.

You didn't read anything wrong, it's just a simple misunderstanding, he won the said amount (once I know and saw with my eyes) in 3 days consecutively, or should I say respectively..

And in 2 months down the line, he went broke again, this is to say that he probably won some bet, lost some as well, won some, lost some, won again, then lost, just like they within that 2 months until he eventually lost everything.

Understood that it is possible for a man to become rich over night, but return back to poverty is a gradual process, where the person will start experiencing loses, loses and more loses within a certain period of time, until everything is gone, that is what happened in the story above.

Hmmm... Ok! So, if I understood everything correctly, the action took place in some not very rich country (definitely not in the USA) where 2.5 thousand dollars is a serious amount. I myself am from a poor country, but I can't think of finishing my job even if I win $10,000. In general, I understood the general meaning, now the story is similar to the real one.

[Zackgeno96]

People have their own views and reasons for gambling. I think we all know and understand that you can't make a cash profit stream from gambling, but how can you think rationally with gambling? That's not possible. When we start gambling we tell ourselves that we are going to win and if we lose once it is pure bad luck. Until you lose a few times in a row. In principle, there is no normal way to win money all the time, that does not exist. Or you should engage yourself in arib slow gambling, but sooner or later your account will be closed. Poker players do have the advantage of being able to win money consistently, but you have to look at the ROI over time and not expect to win money every day.

[Slow death]

well it is an undeniable fact that games of chance are not for making money, they are for losing money, the house always wins, the person thinks the opposite so that person is living on another planet, in the beginning when I started to make sports bets I I was right, I was wrong a lot, then I started to be right a lot, but the problem is that I saw winning little money and with low odds it was a waste of my time, so I thought about increasing the money I bet and I started betting on games with higher odds and making multibet bets, at first I got it right and I started to convince myself that I could even make consistent profits, but I was kidding myself

the losing cycle started, I started to get really irritated because my bankroll was going down and down, so I went back to watching the videos of high rollers, but paying more attention to them I started asking myself again: why the hell are smart people who are professional bettors they don't show proof that they made a bet on game X and they never say when they played and how much loss and profit they had, and they kept creating youtube channels and selling books, so at that moment the obvious came to my mind, looking at gambling is the only good thing path. there is nothing profitable in gambling

[Dr.Bitcoin_Strange]

For most of us in my area here, it was like he did a charm,
some even spread some rumor that the guy meet a witch doctor who prepared a luck charm for him, which is what gave him the confidence of quiting his job - to me, this remains a rumor, since there is no way to verify if this is true of false.

Wha..t! So In this 21st century, people are still believing this?

In my presence, someone has won $10,000; that was the highest win that has happened to a gambler which I witnessed. The OP's winning is even less than what I hear about some people's winning; some people don't win at a straight, but if they manage to win, it usually becomes massive 🎉👏. So, it's not charm.


I know how these kinds of stories usually end. karma is what happens to people who act irresponsibly. Although in his case he was very lucky to make those straight wins, unfortunately he did not make good financial management of the funds. Well, they say, "When someone has spent time, energy, and passed through stress to make money, they will spend it wisely." So, in the OP's case, he did not struggle to make that money; rather, by just making his prediction and staking, he won. He just decided to spend it lavishly because he probably has not enjoyed money before.(what can I say 🙄).

Honestly, his mistake is not what anyone must do; that's absolutely unwise behavior. No matter how easy you make your money, it doesn't call for lavish spending. If one cannot sustain money, then money cannot sustain the person. I read a book that says and I quote below.

Money is plentiful for those who understand
 the simple laws which govern its acquisition.

The above quote is what I conclude with.

[acroman08]

But the sad thing about the whole thing was that, he's attitude changes, those are big amount when converted to my country's local currency, but not big enough to warrant his Change of attitude..
He started spending anyhow, sleeping in different hotels with different women - before this, he already quit his job, he bought himself an iPhone and also bought an iPhone for one hoe that was following him up and down as a girlfriend - he left our neighborhood and moved to a better place and a bigger apartment, he become arrogant and left some of his friends in times of want behind, he did all he did probably with a mindset that the winnings will keep coming, some even spread some rumor that the guy meet a witch doctor who prepared a luck charm for him, which is what gave him the confidence of quiting his job - to me, this remains a rumor, since there is no way to verify if this is true of false.

pretty sure after that consecutive wins, he probably thought he could become one of those people that became a professional gambler. quite sad that there are gamblers that get delusional after winning a sizable amount of money consecutively. gamblers should realize that the people they see making a living through gambling are an extremely small percentage of the people who gamble and try to earn money through gambling.

[DoublerHunter]

He started spending anyhow, sleeping in different hotels with different women - before this, he already quit his job, he bought himself an iPhone and also bought an iPhone for one hoe that was following him up and down as a girlfriend - he left our neighborhood and moved to a better place and a bigger apartment, he become arrogant and left some of his friends in times of want behind, he did all he did probably with a mindset that the winnings will keep coming, some even spread some rumor that the guy meet a witch doctor who prepared a luck charm for him, which is what gave him the confidence of quiting his job - to me, this remains a rumor, since there is no way to verify if this is true of false.

^With this attitude? As I can say, good for him. lol.
In the first place, I don't believe in witch doctors or even what black magic is, we are in a modern era and I don't think they still exist.
He made a stupid decision and nothing at all, greed and a naive attitude were on his head that lead to his path to becoming a beggar on the street which I believe was a punishment by God which I believe than the witch doctors.
However, the first story was good and nice thank you for sharing here.