Avoid Miscalculated Risks In Gambling.

[stompix]

we all know that in event where winning is a 50/50 chance one is required to bet wisely right?

Gambling is never about 50/50 chances unless you play coin toss or bet on red/black on roulette!
Seriously, there is so much wrong in your advice I'm starting to think you don't even gamble!

Why take higher odds? Simple, because higher odds do work, for example
Royal Ascot Festival yesterday:

14:30 1 Shareholder 12/1
15:05 1 Going The Distance 9/1
15:45 1 Port Fairy 12/1
16:25 1 Kyprios 11/10 F
17:05 1 Mickley 15/2
17:40 1 Jayarebe 7/1

Now please ELI5 how your 50/50 odds would have worked?

[Hewlet]

Some of the people that use huge amount of money to gamble aren't just risk takers but rather, they are just greedy with what they want to win should the bet go in Thier favour. The fact that you used an amount that's small to place a bet and won doesn't mean that if you play similar bet next time with a bigger amount that it's going to end up playing out. I have seen lots of people who had a range of amount they use in placing bet going too extreme because they want to win more. What they forget is that if you're playing to win big, when the loose also happens it will be a huge loss for you.

Everyday people go above there range and risk way too much than is expected and when they loose, it's usual for them to keep playing hoping that they can win again and recover there lost funds. The issue is that when you're playing a bet to win back what you've lost, it's always a negative outcome that comes with it cause you will in most instances keep loosing the bet.

Making plans and calculating the extent of risk that's associated with what you're putting your money into isn't only necessary when you're doing an investment or making plans for a business. Any gambler that refuses to do proper planning as regards how much is necessary to be used in cause of his gambling would in no time join the association of addict who are going too extreme just because they want to recover what they have lost while going above there limits.

[Fivestar4everMVP]

Taking unnecessary risk in gambling is mostly done by ignorant people, or those that are newly into the system, well it's understandable because they're ignorant of the risk management of gambling, but what baffles me is seeing experts taking unnecessary risk like betting heavily on risky odds, I consider that unwise cause no matter how rich one is you don't go wasting money all in the name of taking risks. we all know that in event where winning is a 50/50 chance one is required to bet wisely right? Then I wonder why some people would bet heavily on odds above 5 points, some would even risk all their profits to make more profits. The aim of one who wants to be successful in gambling shouldn't be to waste money in the name of taking risks, it's avoiding numerous loses and spending wisely even if you want to take risks it should be calculated risks not risking all your profits to make more profits. Stick to your limits, bet on low risk odds, take profits and don't bet all your profits one very risky odds, and most importantly bet on what you can afford to lose, these are what is expected from a gambler who wants to be successful, not taking unnecessary risks.

I am curious to ask if you (by someway); interviewed those supposed experts who bet heavily on high odds, and they told you that that amount which they bet isn't what they can afford to lose?
There is one mistake I see that most of us make constantly, and that mistake is; we believing that all fingers are equal, when of course we all are supposed to know that all fingers are not equal.

And by fingers, I mean our financial capacity and capabilities, for example, I can afford to throw away $1 due to my financial level, while my neighbor can afford to throw away $1000 due to his financial level, and this is possibly because, that $1000 to him is absolutely nothing, compared to his or her networth.

This is the difference many of us fail to understand, we mostly or often see gamblers betting high as wasting money, forgetting that they may be dollar millionaires, and even billionaires.

[michellee]

Before we playing gambling, we must calculate how big the risks that we will gets. If we comes to the casino with small money, the risks will not becomes bigger but it is depends on our money we used to gambling. We an avoids the big risks if we don't deposit more money and continue playing gambling.

But most people lose control when they lose their money. They thinks that deposits more money and playing gambling for more can gives them a chance to recovers their money and wins some money. That will not always happens because we knows that gambling is not place to make money.

If people takes the big risk by placing a big bet, they accept the risks of losing their money. But that will not recommended, especially for people who doesn't have much money. The chance to lose the money will be bigger than we can wins the money. So we don't have to takes the big risks to playing gambling.

[Jawhead999]

Why it sounds like betting on high odds is wrong? there are nothing wrong if you bet on high odds, many people feel entertained when they bet on high odds since it will be exciting if they won. Actually, I don't like to bet on low odds because I only bet small amount of money, many people bet on low odds with big capital.

Actually, most people didn't even calculate the risk before they gamble.

[Questat]

I do bet on odds like x5 sometimes, or even higher than that. In fact, I could bet on x100 odds from a parlay bet, so it doesn't really matter. We gamble because we want to feel thrilled, and if that's the way to achieve it, then we should not hesitate to do it.

Then I wonder why some people would bet heavily on odds above 5 points, some would even risk all their profits to make more profits.

I think the problem that most gamblers face is not betting on high odds, but their inability to manage their bankroll effectively.

[moneystery]

and because of that you need to gamble responsibly and according to your ability. because there are so many gamblers betting with odds above 5 points as you said and i see that they are greedy people who only see victory, and do not consider whether they are able to bet and lose on the bet. what they do is just wasting their money because with odds like that it means that they will most likely lose. wise gamblers who have measurements on their bets will definitely not want to take bets like this, unless they are ready to lose their money.

[Reredmi896]

<snip>but what baffles me is seeing experts taking unnecessary risk like betting heavily on risky odds,

I've never heard "expert" being used in gambling. If you consider someone to be an expert, then you should assume they know what they are doing and should eve be taking notes from then and applying that with amounts you can afford to lose not what they staked.

Gamble responsibly.

Maybe the expert in the sense of the OP is a gambler who can control his emotions and bet with what strategies are applied to minimize defeat. it does not mean that the expert is categorized as a person who is able to see victory and defeat in gambling, because the expert in gambling itself is the owner or casino that controls the game. basically gambling games are luck. And I agree that gambling responsibly is the way to avoid addiction.

[TheUltraElite]

Depends on what you call an necessary and unnecessary. For those with the objective of making money from gambling, winning back previous losses, any sort of risk is necessary as long as it brings in money. They dont calculate risks, they go all in and obviously lose the money keeping the vicious cycle on.

Games with any level of chance, they always have the win/lose dilemma and you can never expect only wins to pile up. So keeping a control over the budget being played on gambling is more important. Risk management is good but it rarely done by gamblers.

[Tmoonz]

Taking unnecessary risk in gambling is mostly done by ignorant people, or those that are newly into the system, well it's understandable because they're ignorant of the risk management of gambling, but what baffles me is seeing experts taking unnecessary risk like betting heavily on risky odds, I consider that unwise cause no matter how rich one is you don't go wasting money all in the name of taking risks. we all know that in event where winning is a 50/50 chance one is required to bet wisely right? Then I wonder why some people would bet heavily on odds above 5 points, some would even risk all their profits to make more profits. The aim of one who wants to be successful in gambling shouldn't be to waste money in the name of taking risks, it's avoiding numerous loses and spending wisely even if you want to take risks it should be calculated risks not risking all your profits to make more profits. Stick to your limits, bet on low risk odds, take profits and don't bet all your profits one very risky odds, and most importantly bet on what you can afford to lose, these are what is expected from a gambler who wants to be successful, not taking unnecessary risks.

Anyone being ignorant of gambling with the amount that they can't afford to lose is only deceiving him or her self, there is no 100 percent guarantee to whatever we believe is going to the possible outcome of a game hence for me it is very much less important and unrealistic of any one to gamble with an amount that will seem to be huge such that it becomes more like chasing profits other gambling for a fun or just as a game, yeah I have seen people taken such risk of selling their properties and even to the extend of borrowing money just to satisfy their confidence of how much they believe in the possible outcome of the game which is a bad approach that become problematic if it happens to be otherwise. Every should have a risk assessment and bet only within their limit.

[Lida93]

even risk all their profits to make more profits. The aim of one who wants to be successful in gambling shouldn't be to waste money in the name of taking risks, it's avoiding numerous loses and spending wisely even if you want to take risks it should be calculated risks not risking all your profits to make more profits. Stick to your limits, bet on low risk odds, take profits and don't bet all your profits one very risky odds, and most importantly bet on what you can afford to lose, these are what is expected from a gambler who wants to be successful, not taking unnecessary risks.

Risk is all about making profits, right?  Gamblers that go for big risk odds are those gamblers that  are with little money to use for gambling, they had to go for high odds despite the risk in order to boost the size of their potential win since their staking power is very low. The trouble there is that the chances to win is dim.

 It is said that rich gamblers has a much advantage of getting regular wins than the middle class gamblers, which is kind of true. Because with good gambling strategy rich gamblers who can afford to stake high amount of money to a low risk odd size with a reasonable potential profit  from it will make profit more unlike going after big odd size with small amount. Apparently, what money we risk should be money we can afford losing that's the face responsible gambling should have in whatever way we twist it.

[Nwada001]

Then I wonder why some people would bet heavily on odds above 5 points, some would even risk all their profits to make more profits. The aim of one who wants to be successful in gambling shouldn't be to waste money in the name of taking risks, it's avoiding numerous loses and spending wisely even if you want to take risks it should be calculated risks not risking all your profits to make more profits.

If I'm an expert at gambling, which means I know what I'm doing, the amount I wager on each of my games might be considered a high roller, but to some, it might also be seen as a low roller.
 
It all depends on the level of money the person who is judging has in his or her own possession, and if he or she is a gambler, they will judge me based on the amount they wager on each of their bets.

[AbuBhakar]

we all know that in event where winning is a 50/50 chance one is required to bet wisely right?

Gambling is never about 50/50 chances unless you play coin toss or bet on red/black on roulette!
Seriously, there is so much wrong in your advice I'm starting to think you don't even gamble!

Why take higher odds? Simple, because higher odds do work, for example
Royal Ascot Festival yesterday:

14:30 1 Shareholder 12/1
15:05 1 Going The Distance 9/1
15:45 1 Port Fairy 12/1
16:25 1 Kyprios 11/10 F
17:05 1 Mickley 15/2
17:40 1 Jayarebe 7/1

Yeah, the moment he mention taking unnecessary risk for an odds above 50/50 make my eyebrow curl a bit. This guy surely doesn’t gamble at all because most of the gambler take high odds especially if the match involves a darkhorse team that frequently take down favorite despite being an underdog.

Now please ELI5 how your 50/50 odds would have worked?

He is assuming that low odds is sure win that’s why he called a taking unnecessary risk or miscalculated risk all bets above his 50/50.

[Fivestar4everMVP]

Then I wonder why some people would bet heavily on odds above 5 points, some would even risk all their profits to make more profits. The aim of one who wants to be successful in gambling shouldn't be to waste money in the name of taking risks, it's avoiding numerous loses and spending wisely even if you want to take risks it should be calculated risks not risking all your profits to make more profits.

If I'm an expert at gambling, which means I know what I'm doing, the amount I wager on each of my games might be considered a high roller, but to some, it might also be seen as a low roller.
 
It all depends on the level of money the person who is judging has in his or her own possession, and if he or she is a gambler, they will judge me based on the amount they wager on each of their bets.

Exactly the point op didn't get, and this is exactly what I tried to make him understand in my previous comment on this topic.
Personally, I assume it is wrong to judge people/other gamblers we do not know in person; based on the amount of money we see they wager while gambling, every trousers like we all know may have a pocket, but some pockets are deeper than the others.

An amount we assume or presume to be too big for someone to put in one bet may just be that person's pocket money, which means that they have far much more than that, this are some of the things we should always endeavor to consider and or think about before we proceed to judge the amount of money people we do not know in person; are spending on games.
Personally, I always prefer to give attention to my gambling actions than give attention to what people I don't know are doing.

[Yatsan]

We saw multiple cautions and warnings about risk management in gambling, but why are still people falling to such unfortunate instances? Some gamblers are just lacking the discipline to do so. It is easy to think of the things we should and should not do. However, none of these would really matter if you're still hooked with the idea that you will sometimes bet everything that you can with high hopes of earning more than in return. As we all know nothing's assured with gambling activities; you will sometimes lose or times you'd win. The only way to have a good position with the outcome is to manage the amounts you will engage in this industry.

and because of that you need to gamble responsibly and according to your ability. because there are so many gamblers betting with odds above 5 points as you said and i see that they are greedy people who only see victory, and do not consider whether they are able to bet and lose on the bet. what they do is just wasting their money because with odds like that it means that they will most likely lose. wise gamblers who have measurements on their bets will definitely not want to take bets like this, unless they are ready to lose their money.

Financial capability, always keep it in your mind. It is indeed in great feelings to assume for a big multiplier on how much you have engaged. However, risk is not only  something you could generate from.

[Nrcewker]

Taking unnecessary risk in gambling is mostly done by ignorant people

Are you referring here to sports betting only? As this statement can only be applied to sportsbet IMO. In casino bets, whenever you place the bet, the risk is always on, and there is the highest chance that you might lose the funds. But yes, in sports betting, you can calculate the risk by placing the bet on the winning team by analyzing the match conditions. I have seen miscalculation always happen due to greed. A gambler needs to be always careful, especially while placing the bet. See all the possible outcomes and the risk involved, and then only place the hard-earned money in the bet. 

[Rockstarguy]

Taking unnecessary risk in gambling is mostly done by ignorant people, or those that are newly into the system, well it's understandable because they're ignorant of the risk management of gambling, but what baffles me is seeing experts taking unnecessary risk like betting heavily on risky odds, I consider that unwise cause no matter how rich one is you don't go wasting money all in the name of taking risks.

That's it. It is very common to see people who have been gambling for a longtime still make this mistake. When the understanding is not their people don't mind to risk all their money  in gambling, and it is not surprising that even gamblers that have been in the system don't even care if they are taking a big risk or not. When people see gambling as a means of income they don't have any fear of the kind of risk they take . The reason why people have choosed to go for much risk is because of lack of understanding,  they feel taking so much risk is a guarantee of winning money in gambling.  Gambling is unpredicted and taking so much risk is not a guarantee that money must be made. It is good in risking the amount that you can afford to lose.

[Oilacris]

Taking unnecessary risk in gambling is mostly done by ignorant people, or those that are newly into the system, well it's understandable because they're ignorant of the risk management of gambling, but what baffles me is seeing experts taking unnecessary risk like betting heavily on risky odds, I consider that unwise cause no matter how rich one is you don't go wasting money all in the name of taking risks. we all know that in event where winning is a 50/50 chance one is required to bet wisely right? Then I wonder why some people would bet heavily on odds above 5 points, some would even risk all their profits to make more profits. The aim of one who wants to be successful in gambling shouldn't be to waste money in the name of taking risks, it's avoiding numerous loses and spending wisely even if you want to take risks it should be calculated risks not risking all your profits to make more profits. Stick to your limits, bet on low risk odds, take profits and don't bet all your profits one very risky odds, and most importantly bet on what you can afford to lose, these are what is expected from a gambler who wants to be successful, not taking unnecessary risks.

Well, this is how things works on which to those people who do have lack knowledge and experience will really be trying out to do the things on what they do have on mind without trying to hear out
or see other past experiences on which they could really be able to reflect into themselves. There are people who are really that close minded ones and would really be tending to do on what they do
want to do.On the moment that they would really be experiencing those hardships then they would really be ending up on having those regrets that they should have followed into those words that they have read up earlier. Risks management is really something that would really be crucial in gambling world because if you do make yourself that not mindful about this one then you might be ending
up on having miserable life due to bad handling specially with money or funds.

[uneng]

Stick to your limits, bet on low risk odds, take profits and don't bet all your profits one very risky odds, and most importantly bet on what you can afford to lose, these are what is expected from a gambler who wants to be successful, not taking unnecessary risks.

Actually, even bets placed on high risky odds can be considered a calculated risk. It really depends on each case and each gambler. Some gamblers prefer taking high risks, while making huge profit from their bets when they win, instead of placing many bets on small odds to make tiny profit, which will be worthless anyway when compared to their performance on the long run.

I believe calculated risk means the gambler is already putting at stake what he can afford to lose. If the odds taken are high or low, it just reveals the personal preferences of a gambler regards the strategy used in game and what playstyle must satisfy him. Personally, just like you, I don't like risky high odds, because I feel uncomfortable during the gameplay. However, other gamblers might feel on the opposite way, so no issues at all.

[acroman08]

Taking unnecessary risk in gambling is mostly done by ignorant people, or those that are newly into the system,

or they know what they're doing and are willing and prepared to take those risks. there are gamblers who are just risk-takers and it doesn't bother them if the risk is extremely high.

but what baffles me is seeing experts taking unnecessary risk like betting heavily on risky odds, I consider that unwise cause no matter how rich one is you don't go wasting money all in the name of taking risks.

it is valid that you think what they are doing is unwise but for them, it isn't. As I mentioned before, these "experts" probably know what they are doing and are willing and prepared to take those risks. personally, while I think betting heavily on a very risky bet is unwise I still don't see anything wrong with what they are doing as long as they only gamble what they can afford to lose.