The 'play till you hit it' mindset

[alani123]

One thing I'll never understand with some people is the mindset of playing and spending your balance on games like slots until you hit a big jackpot.
This is something I'll never comprehend. So many people seem to follow this train of thought, while it clearly seems quite problematic and should fall under the chasing profits/losses category. Chasing losses is behavior that some casinos (for example in the UK) are forced to regulate due to government regulation that aims to limit harm to addicted people. So for instance if you were making 1$ rolls on a 100$ balance and all of a sudden you deposit $10k, the casino will ask you for an income statement to make sure you're comfortable making this deposit without ruining your life.

Now, for the people that think they'll eventually hit a big win. Yeah, if you keep playing forever mathematically at some point you'll get a big win. How big though? Well... Slots and games with huge multipliers, aside of having also a house edge, usually also have what's called volatility. So for instance a slot that has a 1000x multiplier, won't give out these rewards 1/1000 times. It will give it maybe 1/4000. This is to make way so they can get profits but also keep some money for even bigger multipliers whenever someone hits them. And even if you hit the 1000x, in a slot with high volatility chances are that you would have lost much more money unless you were extremely lucky.

If you want to see how this translates in real life without spending any money, you could run a powerball simulator:
https://www.cuandomevaatocar.com/en/powerball/simulator/

Powerball has the hugest of rewards in pretty much any game. You could run the simulation for 50 years. i.e. your whole income earning life and still see that chances are very much against you hitting any jackpot or even making your money back.
I made the simulation of buying a ticket twice a week when the lottery runs, for 50 years, and this was the result:

You won in prizes 8.84% of the investment

thankfully not real money, otherwise I could have bought my grandson a used car or something

Not everyone can be a jackpot/big hit winner and that's something we ought to accept I think.

What are your thoughts on this? Is constantly chasing big wins a practice you consider ok in gambling?

[freedomgo]

When you are thinking of hitting it big in a short period of time, you don't think about the mathematical chances because it's very obvious that our chances are lower than the house's. Hence, our only chance is to win by luck. I understand, and I don't really consider it a waste of money as I personally bet on high odds that are almost impossible to hit. But of course, I will try and try, but this is only for small bets.

There's no problem with continuously seeking a big win, as that is our purpose for gambling, aside from having fun. Isn't it more fun if we also win? I guess that's the ultimate goal of every gambler. However, we can't deny the fact that the majority of gamblers lose in the long run, but if you are lucky, you are one of the few who will be truly fulfilled.

[joniboini]

The behavior you described above sounds like a sign of a gambling disorder, especially if it affects their well-being. I have seen someone gamble all their money to quit a game before, but I've never heard of someone who gambles mindlessly just because they believe they can hit the jackpot. Maybe if the cost to do that is small, then I can see that, certainly not with a $10 per bet though.

[OgNasty]

I think that it is true if you play long enough you’ll hit a big win. The question is when you do hit the big one, will you know it is THE big one? I’ve only known one person who ever hit a big jackpot and then never gambled again. After decades of gambling he hit it big and then said he finally got what he’s been playing for. One in a million…

[TravelMug]

Not everyone can be a jackpot/big hit winner and that's something we ought to accept I think.

What are your thoughts on this? Is constantly chasing big wins a practice you consider ok in gambling?

But that is what gambling is right? It's the unknown and so you continue to chase that big win and so you continue to bet even though you have lost so much money already. Others might call it greed, but we all know that gamblers decision are clouded and they don't make the best of it, even if you are winning, you will still not quit.

So I wouldn't blame those gamblers that have this kind of mindset, again, it's the unknown that makes it exciting for us. If we did chase and we win big, then the feeling of it is very different as if you are the best version of you and maybe thank the gambling Gods for your win. So I will say that it's normal for gamblers to have this thought that one last bet could change everything and that you can hit that big win.

[Mr. Magkaisa]

        -    That's what makes it a bit difficult to be a gambler who chases their losses or ours, because this is where we start without realizing that the value of what we lose when we play gambling is growing. So it is very important that we still have self-control.

Also, if you play gambling with a small gambling capital, we will not always be able to play gambling for a long time unless we often win and often lose and recover the loss quickly like that.

[Dave1]

The behavior you described above sounds like a sign of a gambling disorder, especially if it affects their well-being. I have seen someone gamble all their money to quit a game before, but I've never heard of someone who gambles mindlessly just because they believe they can hit the jackpot. Maybe if the cost to do that is small, then I can see that, certainly not with a $10 per bet though.

It could be that they have gambling disorder, but I wouldn't call it addiction though, I mean if you go to land base casinos, you will see a slew of players, whales, average joe and even those who are really looking for that one jackpot win with a minimum or maximum bet. So it's almost equal if you play slot machine and sit together win them.

Specially if the one who sit besides you hit a bonus round or a jackpot, it make you think that you need to still continue and play and that you might be the next one to win and maybe you can win more than the person beside you. It's really hard to understand as we all know that in gambling, there is no logic to what we do, as long as we think that we can win, then we will go and do it.

[Oshosondy]

So for instance a slot that has a 1000x multiplier, won't give out these rewards 1/1000 times. It will give it maybe 1/4000.

This is the reason I do not like slot games at all. I prefer to just be playing roulettes, although which is also risky but the chance to win is higher for me but the main reason I go for roulettes is because it is not boring like slots.

What are your thoughts on this? Is constantly chasing big wins a practice you consider ok in gambling?

It is a very bad thing for a gambler to be chasing profit. Worse if chasing money earning with gambling and seeing it as a way of having income is worst.

[mindrust]

To many people gambling itself doesn’t make any sense. So different people have different views. Some people still try strategies like martingale for example. They think they can fool math and go home with the big prize. Can a person lose 20 times consecutively? Hell yes! But they don’t have that information, yet. Lately there was another guy on another thread who lost 50+ times consecutively. Some people think it is not possible and that’s how they get poor.

[len01]

-snip

What are your thoughts on this? Is constantly chasing big wins a practice you consider ok in gambling?

It's not recommended for anyone, even for a rich gambler, to be careful and avoid a mentality of pursuing big wins. Unless a very wealthy gambler has money that will never run out.

Practices like this are actually not good in my opinion but most gamblers today have the wrong mindset expecting big wins to be obtained when they keep gambling. And they forgot if it was about luck, and if they had a great victory, it would not correspond to the loss they had spent in gambling.
So having a positive mindset is very important and considering gambling is just the entertainment to try your luck with small amounts and only done when you have the rest of the money.

[junder]

Not everyone can be a jackpot/big hit winner and that's something we ought to accept I think.

What are your thoughts on this? Is constantly chasing big wins a practice you consider ok in gambling?

remembering that gambling is a business where the goal of setting up a casino or gambling is to make a profit, so it is not possible for everyone who gambles to get a big win or jackpot, moreover, winning at gambling is based on luck, which means that winnings at gambling cannot be obtained. by everyone just like that, even small wins are rarely achieved. There are people who believe that having a strategy can win, but the results do not match their expectations, but defeat will still dominate. and I think for players who have a smaller chance of winning it should be acceptable.

I don't agree that pursuing victory continuously is a good practice, because as I have said, victory based on luck cannot be obtained easily, even though gamblers gamble continuously it does not guarantee that they can win with certainty, however what is certain is losing more money. Those who continue to chase victory may forget that gambling is a means of entertainment that does have rewards but they are not guaranteed to be obtained.

[danherbias07]

One thing I'll never understand with some people is the mindset of playing and spending your balance on games like slots until you hit a big jackpot.
This is something I'll never comprehend. So many people seem to follow this train of thought, while it clearly seems quite problematic and should fall under the chasing profits/losses category. Chasing losses is behavior that some casinos (for example in the UK) are forced to regulate due to government regulation that aims to limit harm to addicted people. So for instance if you were making 1$ rolls on a 100$ balance and all of a sudden you deposit $10k, the casino will ask you for an income statement to make sure you're comfortable making this deposit without ruining your life.

Oh, this will be problematic to those who like to gamble the whole day every day.
It's a great regulation and I think this should be implemented in most countries whose number of spent money gambling is high. It will probably hurt the taxes given to the government but they will doing a favor for those who are trying to stop their gambling addiction.

Now, for the people that think they'll eventually hit a big win. Yeah, if you keep playing forever mathematically at some point you'll get a big win. How big though? Well... Slots and games with huge multipliers, aside of having also a house edge, usually also have what's called volatility. So for instance a slot that has a 1000x multiplier, won't give out these rewards 1/1000 times. It will give it maybe 1/4000. This is to make way so they can get profits but also keep some money for even bigger multipliers whenever someone hits them. And even if you hit the 1000x, in a slot with high volatility chances are that you would have lost much more money unless you were extremely lucky.

That's right. And this is also why whenever I play Plinko with x1000 as the highest multiplier, I try to divide my funds to x2000 first, and the quotient will be my bet amount per roll/drop. That way, I am giving room for the game to profit especially if I am just trying to increase my wagered amount.

Not everyone can be a jackpot/big hit winner and that's something we ought to accept I think.

What are your thoughts on this? Is constantly chasing big wins a practice you consider ok in gambling?

No, I already hit the max win in one slot game and I can tell it is not that satisfying. Sure, I enjoyed the money that I got but after a day or two I realized how difficult it is to get the same result.
Last week I had $95 and tried to play a slot game, I was lucky to get $5 from just 10 spins of $0.1 which means I only spent $1. After that, I went out and didn't play that game again. This question depends on each gambler, some are satisfied with small wins while others don't.

[Davidvictorson]

What are your thoughts on this? Is constantly chasing big wins a practice you consider ok in gambling?

You have written so well and even brought in a lot of illustrators to help the average person understand your point. As for what I think about this I would say that he is relative and based off of other several factors. The person that comes to mind is Drake the musician who chases big wins despite his uncomfortable losses. I have always been vocal against his type of gambling because I do not consider it okay. For me it is a form of reckless and irresponsible gambling. I don't care if he is the richest person in the world. It is not acceptable.

[zuzie]

To many people gambling itself doesn’t make any sense. So different people have different views. Some people still try strategies like martingale for example. They think they can fool math and go home with the big prize. Can a person lose 20 times consecutively? Hell yes! But they don’t have that information, yet. Lately there was another guy on another thread who lost 50+ times consecutively. Some people think it is not possible and that’s how they get poor.

That is the result of the impact of excessive gambling, gamblers only see the winning side, even though most gamblers experience such a big loss, even though they lose many times they can't stop gambling because they already have an addictive nature in pursuing a victory that they are not sure they get.
I agree with you, indeed every gambler has their own views in understanding and interpreting what gambling really is and they also have their own mindset in how they run the gambling they choose and the point is that gamblers must maintain good control in every game because that is the most important thing so as not to be excessive in gambling.

[swogerino]

That is the mentality I used to follow until not long ago.I thought to myself that one day I will hit the x100000 as the x11339 is the max I have hit although I have lost much more compared to what I have won from such multipliers which unfortunately were hit with minimum bet of 0.10 dollar.Imagine if I had hit with 10 dollar bet that would have been not 1139 usd anymore but 113339 dollars and that is a great amount and this I think is what keeps people coming back,they dream of a huge win with a big base bet.Of course it is better to stop playing slots.

[Frankolala]

What are your thoughts on this? Is constantly chasing big wins a practice you consider ok in gambling?

Chasing big wins is a bad practice in gambling because it might not come to pass till you quit gambling only if you are lucky to bet at the right time with the right amount of money to fetch you that big win. You should also put in mind that it is not a guarantee that you will hit the jackpot when you are gambling constantly because the chance of losing is higher that winning since the house hedge will always win.

Chasing big wins can lead to addiction and one thing that I discover is that those that are after big win take gambling as their job and if they win big, they might not quit gambling to invest the money but they will be greedy and continue gambling believing that they will win a bigger amount that what they have already won and that will lead to their bankruptcy missing the opportunity that gambling has given them to change their lives.

[Hatchy]

What are your thoughts on this? Is constantly chasing big wins a practice you consider ok in gambling?

It's actually will depend on the gamblers mindset and experience to be precise.if one has enough experience and knows that he is certain of the games he wants to play and understand them very well then I see no problem is he wish to continue playing. The only problem is that he should also be able to remove that mindset that he must make a win from every game he plays. If not he might end up losing all the time.we should avoid chasing our losing by all means. Gambling is a game of luck and sometimes we run out of luck no matter the experience we have. You just have to accept it and try again next time.

[Gozie51]

What are your thoughts on this? Is constantly chasing big wins a practice you consider ok in gambling?

To chase big wins in gambling is not an error but the error in it is being consistent about it even when it is not possible. I have seen gamblers who chase big wins from time to time, they have target for it either monthly and when they fail for each month they wait for the next month. That is could making budget and target for your gambling adventure and to me, that is reasonable gambling. But to be consistent about it and never sleeps because of big win is a chronic addiction and addiction doesn't give better result because you will be engrossed in it to keep playing for the purpose of that big win in your mind.

What are your thoughts on this? Is constantly chasing big wins a practice you consider ok in gambling?

You have written so well and even brought in a lot of illustrators to help the average person understand your point. As for what I think about this I would say that he is relative and based off of other several factors. The person that comes to mind is Drake the musician who chases big wins despite his uncomfortable losses. I have always been vocal against his type of gambling because I do not consider it okay. For me it is a form of reckless and irresponsible gambling. I don't care if he is the richest person in the world. It is not acceptable.

I think that of drake is for showmanship. He brings himself to the faces of households by doing that. It is about being relevant for the show business and I think it could be his style to be more relevant in the social media space.

[Distinctin]

This is us gamblers, we gamble to hit it, our goal.

I think most of us are really aiming for a huge win that we don't have to work for a long period of time. Like when we are lucky and we hit the jackpot, so we will be constantly gambling, will not mind our losses as eventually that time will come. However, that doesn't mean that we will stop after the win as we are gamblers and we know we enjoy what we are doing. We don't talk about our chance here as the house really have the big chance of winning, our chance comes when we are lucky and everyday we are trying our luck to win big.

At the end of the day, as long as we gamble according to limit, everything should be fine.

[Kemarit]

This is us gamblers, we gamble to hit it, our goal.

I think most of us are really aiming for a huge win that we don't have to work for a long period of time. Like when we are lucky and we hit the jackpot, so we will be constantly gambling, will not mind our losses as eventually that time will come. However, that doesn't mean that we will stop after the win as we are gamblers and we know we enjoy what we are doing. We don't talk about our chance here as the house really have the big chance of winning, our chance comes when we are lucky and everyday we are trying our luck to win big.

At the end of the day, as long as we gamble according to limit, everything should be fine.

Yeah, most gamblers really look for that big hit and that's what our goals are. So regardless of how much we bet, be in max bet or just $0.1 we always think that at the end of the day, we are going to win and our chances are very high.

That's usually our mindset, be positive and we hope that lucky luck will be on our side. We then continue to play let's say slot games, worst kind of odds but still, maybe we will be lucky that we will hit the jackpot and play all our capital in just one sitting, and then deposit for more if we lose that initial capital.