Pay off DEBT by do Gambling? think again before you loss more

[arjunmujay]

That is obviously not something that anyone should do.

Gambling by definition is an -EV proposition and you'd be foolish to want to pay off debt using that. As we all know, gambling should be reserved for entertainment purposes only, and you should not bet any more that what you can afford to lose.

Unfortunately, not everyone follows that adage, and I have seen way too many people gamble away money that they desperately need. This is not restricted to house debt - I've seen people do the same on credit card debt. It's a real shame.

Instead of gambling and hoping to pay off debts with it, the best option is to pay in installments. Even if the debt is not paid off immediately, paying in installments is the best way to do it instead of not doing it at all. But somehow someone's mindset is that when their financial conditions are too tight, they tend to take big risks and fail to find better options.

Gambling should be considered entertainment, not a source of income. If someone is in debt but they aim to win at gambling to pay off their debt, then there is a big risk of getting into more debt as a consequence. I know not all bets will lose, but the low probability of winning is a risk worth considering.

I myself have experienced that, thinking about doubling my money by gambling in order to pay off debt. Instead of paying off the debt, you are even more confused because there is no money left to pay the debt.

Finally I was frustrated and sold the things I had at home and the valuables I had to pay off the debt. From this incident I learned not to depend on the results of gambling.

[1714993025]

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[1714993025]

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[maydna]

I myself have experienced that, thinking about doubling my money by gambling in order to pay off debt. Instead of paying off the debt, you are even more confused because there is no money left to pay the debt.

Finally I was frustrated and sold the things I had at home and the valuables I had to pay off the debt. From this incident I learned not to depend on the results of gambling.

You are lucky to be able to learn from your experience so you can avoid it again. And you are right that we cannot think about doubling our money by gambling or paying off debts because when we gamble, we also don't know when we will win. When we lose at gambling, we will become frustrated and continue to think about our debts, which will cause us to experience even more losses.

If that happens and we lose all the money, we won't be able to pay the debt. We can only regret that we have used all our money to gamble. Yes, we must be able to learn from our experiences so that we don't experience them again.

[Westinhome]

I have a hanging out friend who is having trouble paying his house installments, he wanted to borrow money from me but I didn't give it to him because I didn't have the amount he was borrowing at that time, I advised him to borrow from another friend but their answer was still the same, finally, he was a little desperate and with the little money he had he put the money into the online slot application, unfortunately, instead of succeeding in doubling his money, he lost all his money because he lost in the online slot application

The valuable message that can be taken from my friend above is never take risks to gamble to pay off your debts, the pressure is very big, the chance is very small that you can pay off your debts, often you end up losing even more and losing your money. look for loans, sell your valuables or look for part-time work to pay off your debts, is a good way rather than playing the small money you have in gambling

The gambler who playing in the slot games are not losing the funds,because the gamblers who play the game with the tactics never loss their funds.My personal opinion is your friend need to improve their skills in the game,because taking loan for the gambling is not the easy one.Almost huge risk,from the old debt.The current game loss also make your friend to get into the more debt.Because the debt is make the person to live without peace.In order to have a peaceful life,it was better for the gamblers to avoid of playing the gambling game with the loan money.If gain it will solve the debt problem,but the loss will backfire him.

[Shishir99]

I myself have experienced that, thinking about doubling my money by gambling in order to pay off debt. Instead of paying off the debt, you are even more confused because there is no money left to pay the debt.

Finally I was frustrated and sold the things I had at home and the valuables I had to pay off the debt. From this incident I learned not to depend on the results of gambling.

This is almost a common case. I guess every other gambler made some mistakes like this one. People always gamble with the hope that they will win. They even borrow money to gamble because they think they would be able to double the money and pay the debt and they will be in profit after that. Sometimes this happens and people think they will be able to repeat the same thing again and again. Unfortunately, the odds are very low. Most of the time people end up losing their money and they have more debt. 

[temple]

I myself have experienced that, thinking about doubling my money by gambling in order to pay off debt. Instead of paying off the debt, you are even more confused because there is no money left to pay the debt.

Finally I was frustrated and sold the things I had at home and the valuables I had to pay off the debt. From this incident I learned not to depend on the results of gambling.

This is almost a common case. I guess every other gambler made some mistakes like this one. People always gamble with the hope that they will win. They even borrow money to gamble because they think they would be able to double the money and pay the debt and they will be in profit after that. Sometimes this happens and people think they will be able to repeat the same thing again and again. Unfortunately, the odds are very low. Most of the time people end up losing their money and they have more debt. 

It becomes crazy when people fall for the fallacy that they think at some point their pick has to come, but there is no guarantee of course. In sports betting I think that's one thing because you can get incredibly unlucky of course and after all sports can't be predicted and we get to see that so often.

But rolling the dice or playing roulette and picking a color is a classic example for the fallacy that people think the next round has to be red because there was 10 rounds with black or something. But there are impressive numbers about how how many rounds can be subsequent reds or blacks. Every time the same gambler doubles the stakes and thinks now the other color has to come, but no.

[Jody.Drummer]

I myself have experienced that, thinking about doubling my money by gambling in order to pay off debt. Instead of paying off the debt, you are even more confused because there is no money left to pay the debt.

Finally I was frustrated and sold the things I had at home and the valuables I had to pay off the debt. From this incident I learned not to depend on the results of gambling.

This is almost a common case. I guess every other gambler made some mistakes like this one. People always gamble with the hope that they will win. They even borrow money to gamble because they think they would be able to double the money and pay the debt and they will be in profit after that. Sometimes this happens and people think they will be able to repeat the same thing again and again. Unfortunately, the odds are very low. Most of the time people end up losing their money and they have more debt. 

Yes that's right, most gamblers come because there is a reason to win money from gambling so that with the possibility of getting this victory makes them misunderstand what gambling means, when in fact the possibility of risk or defeat can never be avoided and that means it is very wrong if anyone thinks that in gambling they will be able to multiply the money they bring, none other than because the possibility of risk will always lurk and will not always be avoided.

On the other hand, yes that's what will happen when you come with the wrong understanding about gambling, instead of getting a lot of winnings to pay off debts but the opposite happens where they will be increasingly trapped in a cycle of debt where the debt will actually get bigger because gambling activities carried out based on the wrong understanding and which are done excessively will actually drain their money slowly. So of course it is very wrong to come with the aim of earning let alone the intention of paying off debts from gambling winnings, because that assumption will make you gamble excessively and aggressively which in the end even adds to the problem.

[blockman]

Before, I don't understand why people think that paying their debts through gambling is a choice. But now, I do understand that this is the reality of life that there are people that will always think of the odd idea on how make themselves debt free but instead, they're adding more pressure to themselves and will result to having more troubles to themselves. When you want to get out of debt, do it the traditional way by working and earning and paying it with your money.

[junder]

Before, I don't understand why people think that paying their debts through gambling is a choice. But now, I do understand that this is the reality of life that there are people that will always think of the odd idea on how make themselves debt free but instead, they're adding more pressure to themselves and will result to having more troubles to themselves. When you want to get out of debt, do it the traditional way by working and earning and paying it with your money.

In my opinion, there are people who think they can pay off their debts by relying on gambling, because there are reports that gambling can give them profitable wins and can also double their money, so this might cross their minds, so if they have a debt of $500 but that person has money. of $250 then he will use that $50 to gamble in the hope of getting a profitable win that will be enough for them to pay off the debt they have.

It's true what you said maybe this is a strange idea, because gambling doesn't guarantee that it will give them a win that can help them to pay off their debts, and with actions like this perhaps more clearly they will only have more pressure from their debts where the money is used for paying off the debt is instead used to gamble with the excuse of doubling up and as you said this will only add to the bigger problems they will get. I agree with you,  if you really want to pay off debt you should do a job that makes money and with a mind that doesn't think about gambling you can double your money quickly.

[traderethereum]

Before, I don't understand why people think that paying their debts through gambling is a choice. But now, I do understand that this is the reality of life that there are people that will always think of the odd idea on how make themselves debt free but instead, they're adding more pressure to themselves and will result to having more troubles to themselves. When you want to get out of debt, do it the traditional way by working and earning and paying it with your money.

That's because they see that borrowing money can be used to gamble and they also see that with the borrowed money, they can have a chance to win even though gambling will not be able to give them the victory they imagine.
It is a bad idea to borrow money to gamble because it can worsen the situation, especially if they lose all their money. They will not be able to pay their debts when someone collects them so they will probably stay away from it.
Yes, they should look for work to earn income. And from that income, you can use a little to gamble. This will help you avoid debt problems.

[Renampun]

I am 100% sure that your friend really found a dead end so he recklessly risked the remaining money he had into a gambling account and tried to gamble with that money.
Desperation often makes us think short-term and without consideration, even though as far as I know, debt collectors can be invited to compromise and work together to give more payment time in the next few weeks or months, why doesn't he take advantage of that?
but the rice had become porridge, he had lost all his money through gambling, that must have been a big blow to him because in the end he didn't have the money to pay his debts.

[Fivestar4everMVP]

We are always advised to gamble responsibly, and gambling responsibly is not just about not gambling all the time, but also about we gambling with only our spare money, and an amount we can comfortably lose.
There are no guarantees in gambling, and I possibly know that the said guy must have known this before doing what he did, he probably wanted to just try his luck since he has asked friends for money and non agree they had money to lend him, he possibly thought that taking his chances through gambling was his best bet, but how shameful that he ended up losing even the little money I had at hand, no wonder it's commonly said that, a bird at hand is worth million that are in the bush.

I can't blame him completely because, any body in his shoes would have possibly did same thing to see if a miracle would happen., but then, this is a risk that is too much to take except the person know and agrees to take total responsibility, he would have kept that money and looked for means of completing it, than gambling with it, but then still, as long as he is still good after losing the money, that is all that matters, for if he had won, I believe this topic would have come with a different topic title.

[Shishir99]

Yes that's right, most gamblers come because there is a reason to win money from gambling so that with the possibility of getting this victory makes them misunderstand what gambling means,

A win or a loss cannot change the fact that gambling is gambling. You see, people always say like gambling is fun, they gamble for entertainment purpose only etc etc. But, I don't think it's true. I have said the same thing before. These terms are made by the casino owners and the high promoters who do not play with the real money. I see casino owners place bets like it's nothing. They are not spending any money when they place the bet. But the fact is true. They do not lose or win anything from those bets. Some streamers contract with the casinos like you will provide me some funds where I will gamble and record it for my channel so you can get some players and I get some referrals. It's win win situation for them.

[stomachgrowls]

Yes that's right, most gamblers come because there is a reason to win money from gambling so that with the possibility of getting this victory makes them misunderstand what gambling means,

A win or a loss cannot change the fact that gambling is gambling. You see, people always say like gambling is fun, they gamble for entertainment purpose only etc etc. But, I don't think it's true. I have said the same thing before. These terms are made by the casino owners and the high promoters who do not play with the real money. I see casino owners place bets like it's nothing. They are not spending any money when they place the bet. But the fact is true. They do not lose or win anything from those bets. Some streamers contract with the casinos like you will provide me some funds where I will gamble and record it for my channel so you can get some players and I get some referrals. It's win win situation for them.

Really hard to believe eh?  People do always have that kind of denial in mind about they are doing gambling just for fun but deep inside they are really that doing for making money and this is something
that it is really that common for most gamblers. This is why it would really be that always important that we should really be setting out those limitations and discipline towards ourselves on dealing up with gambling.
Making it as a solution for repaying your debts? You are really just that basically making yourself that putting into such bad situation because loan money is never been that ideal, how much more
if its been used on gambling which we know that high chances of losing is there.

Dont make yourself be put up into a situation on which you do really end up on having those regrets just because you do really just that let yourself that neglect or ignore
those risks involved that could potentially put you on a hard situation. Better to be wary and be responsible on whatever actions that you would be making.

[Issa56]

Doubling your money by gambling is the stupidest way to get more money, because gambling is risky and at any time you can lose.

It just sounds crazy. Why will you be in need of money, and what you will think about next is that you are using the little amount you have to double your money. You will keep on losing in gambling when you have that kind of mindset, then you will always end up losing when you are gambling. Gambling is not an activity that should even be done when you are in need of money. If you don’t have much money with you, then make good use of the money you are having with you and never gamble with it thinking your money is going to increase. Just know that if you can do things like that, then your money is going to end up reducing.

[panganib999]

I have a hanging out friend who is having trouble paying his house installments, he wanted to borrow money from me but I didn't give it to him because I didn't have the amount he was borrowing at that time, I advised him to borrow from another friend but their answer was still the same, finally, he was a little desperate and with the little money he had he put the money into the online slot application, unfortunately, instead of succeeding in doubling his money, he lost all his money because he lost in the online slot application

The valuable message that can be taken from my friend above is never take risks to gamble to pay off your debts, the pressure is very big, the chance is very small that you can pay off your debts, often you end up losing even more and losing your money. look for loans, sell your valuables or look for part-time work to pay off your debts, is a good way rather than playing the small money you have in gambling

Where is this even coming from lol. Like let's be real here only people who are down on their lucks are gonna be doing this, and regular guys like us aren't going to really subject ourselves to this dire point in life. Regardless, still a good thing to know and take heed of I guess.

But before anything else I would like to just interpolate that in the first place if you can't afford to pay it, don't take out a loan for it. That's a fucking death wish if I do see one lol. No matter how desperate or bad your situation, I would always suggest looking for an effective solution rather than band-aid ones that would only do you more bad than good in the long run. So in that regard don't take out loans for shit if you can't afford it with your own money in the first place.

[Jody.Drummer]

Yes that's right, most gamblers come because there is a reason to win money from gambling so that with the possibility of getting this victory makes them misunderstand what gambling means,

A win or a loss cannot change the fact that gambling is gambling. You see, people always say like gambling is fun, they gamble for entertainment purpose only etc etc. But, I don't think it's true. I have said the same thing before. These terms are made by the casino owners and the high promoters who do not play with the real money. I see casino owners place bets like it's nothing. They are not spending any money when they place the bet. But the fact is true. They do not lose or win anything from those bets. Some streamers contract with the casinos like you will provide me some funds where I will gamble and record it for my channel so you can get some players and I get some referrals. It's win win situation for them.

Sure, because after all the name of gambling is always going to be inseparable from the name of risk because this is a gamble that bets your money and the name of the bet is always about winning or losing which will be a definite answer at the end of the session. So one of the reasons why I said something like what I said above is because most gamblers tend to only look at one side only, namely the chances of winning or multiplying the money they bring which indirectly they like to rule out the possibility of losing which in the end when the result turns out to be losing then usually they are unable to accept the fact because it does not match their wishes.

On the other hand what the croupiers or influencers and stremers do is nothing more than a promotion with the aim of luring a large audience to enter and engage on one of the sites they own and of course the money they use most of it is not real money and even if it is real money they will not worry because the casino has set up all the systems behind the scenes to make the stremers who play win large amounts as we often see on several social media channels and of course for ordinary people it is an extraordinary victory that is very likely to influence them and finally they enter to engage in the game. Behind the scenes to make the stremers who play win in large numbers as we often see on several social media channels and of course for ordinary people it is an extraordinary victory that is very likely to affect them and in the end they get involved and discover the real fact that the scenario of getting a win is not that simple.

[Y3shot]

Gsmbling  is not what you can depend on to realise money to pay of debt, because at the this point the state of mind will be so desperate and you won't be able to reason way. At the point going into gambling,  you are trying to create more debt for your self because gambling is not what you need to depend on because it is unpredictable. Gamble is supposed to be played without having much expectation of making money quick from it.

[Viscore]

Gsmbling  is not what you can depend on to realise money to pay of debt, because at the this point the state of mind will be so desperate and you won't be able to reason way. At the point going into gambling,  you are trying to create more debt for your self because gambling is not what you need to depend on because it is unpredictable. Gamble is supposed to be played without having much expectation of making money quick from it.

It doesn't mean it's impossible to win in gambling or to pay off debt from gambling. However, if we are responsible enough, we know that we are taking a high risk that our chance of success is very low, at least based on the majorities experience. As experts said, majority of gamblers losses in the long run, so that reality alone is already against us, however, if we do  have the skills then we can certainly make it possible to succeed.

We know ourselves better, and we know if we have the skills to be profitable in gamblng, because if we only believe and relied on luck, then we should forget this stupid idea.

[swogerino]

I have a friend back in school that told me he used his school fee money to gamble because he wanted to double it and use the profit for big boy things. He gambled all at ones and lost it all.

We heard on this forum about a school person that gambled with his school fees. He lost and killed himself.

It is not good to gamble because you want to earn money.

That is the main reason people gamble to earn more money,some people have won huge jackpots and changed life for the better.These persons though can be counted with the fingers of one hand globally and this should tell us to know our odds which are totally against us as we begin our gambling session.It is all then if we are people who can handle the loss in a good way or we can't,people who can't end badly like those in these school stories.

[Porfirii]

Gsmbling  is not what you can depend on to realise money to pay of debt, because at the this point the state of mind will be so desperate and you won't be able to reason way. At the point going into gambling,  you are trying to create more debt for your self because gambling is not what you need to depend on because it is unpredictable. Gamble is supposed to be played without having much expectation of making money quick from it.

It doesn't mean it's impossible to win in gambling or to pay off debt from gambling. However, if we are responsible enough, we know that we are taking a high risk that our chance of success is very low, at least based on the majorities experience. As experts said, majority of gamblers losses in the long run, so that reality alone is already against us, however, if we do  have the skills then we can certainly make it possible to succeed.

We know ourselves better, and we know if we have the skills to be profitable in gamblng, because if we only believe and relied on luck, then we should forget this stupid idea.

Those who have debts should realise that gambling is an expense, like many other amusements. If they are in financial trouble and they decide to play in the hope their problems will evaporate magically instead of making a realistic plan to tackle the situation, that's daydreaming and a non-responsible behaviour.

Odds are against them, and also their state-of-mind due to their frustration because of their bad situation. But even if they won, I don't think that's a good thing either, because the next time they have problems, maybe bigger ones, they will trust in their luck again, and in the end it is almost unavoidable to get their fingers burnt.