The 'play till you hit it' mindset

[Casdinyard]

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?

This is the major flaw in most gambler's mindset when they think of "playing till they get the win they want". Cause they will never get it. Every win they get, they're going to lose in the next bet, and then they'll stupidly justify it with some shit like "meh it's not as big as I want anyway" like some roadside hoe, keeping at this cycle until they killed themselves through gambling in one way or another.

A better mindset would be playing with no worries whether you win or lose, but having the proper obligation to quit when you've hit a certain threshold. It's much better ending the day on a loss than keeping at it while you're losing more money than you would've if you just knew how to quit.

And then these are sometimes also the same type of people who would start blaming everything else but themselves when they don't get things their way and they lose shit. They'd start blaming their luck, the casino, but never themselves. Way to show how you lack the sense of responsibility lol.

[DaNNy001]

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…

Well unlike you the only thing I know about this particular feeling is that you might continue until you get broke trying or even turn a chronic addict and still never hit the jackpot. I don't even know if I have seen someone who had the grace to win the jackpot and gave up gambling, I think the closet I have seen is actually a story told and even the said person that won huge because enemy to whole lot of person due to constant fake love from people around him.

[taufik123]

Well unlike you the only thing I know about this particular feeling is that you might continue until you get broke trying or even turn a chronic addict and still never hit the jackpot. I don't even know if I have seen someone who had the grace to win the jackpot and gave up gambling, I think the closet I have seen is actually a story told and even the said person that won huge because enemy to whole lot of person due to constant fake love from people around him.

It will be very painful and even become an acute addict who does not know where to stop,
Jackpot is just a goal that will never end, because more money is spent than winning.

Getting a jackpot won't guarantee someone will quit, in fact it makes the urge to gamble even more aggressive.
I know some of the people closest to me are so crazy about gambling, that they have no control and always log in despite suffering a lot of losses.

The play-to-succeed mindset is just an excuse to continue gambling without any control,
not to enjoy the game, but rather as a way to satisfy emotions in the hope of getting a bigger jackpot.

[Julien_Olynpic]

Chasing profit is somewhat similar to a special version of Martingale, but without increasing the size of the bets. Or instead of increasing the size of the bets, you increase the size of the time. It sounds funny, but apparently that's what players are trying to achieve. Their mindset is "If we haven't won, let's spend more time on it and see what happens." This strategy would work in investing where you simply become a holder, but in gambling it is always problematic. You cannot become a "single bet holder".

[Egii Nna]

Majority of gamblers started gambling to win big and that has being their mindset until they realize that it is not possible to win big from gambling the way they thought. Some made huge losses and started gambling responsible. Chasing big wins is not good because you will lose more and that is why one just need to gamble for fun and don't put that in your mind because it can lead a huge losses since you will not the cautious with the amount of money that you are using to gamble.

Still, even with the lost many other still have it in mind that they have play gambling for profit, because what ever you believe in is what you will actually see as a result. So to me even though the amount you are loosing is getting higher  every day I don’t still think it is ever a bad idea to give up,  because a day of excitement will definitely come that is the day you will have that huge win or jackpot that you have been waiting for. Taft us why I don’t believe it when people are encouraging others to gambling for fun, I see no reason why I will be losing my money and keep smiling at the same time thus things hardly happen, because if not fir the rich that already have the money how will a poor person gamble and make it for fun without winning?

[junder]

Still, even with the lost many other still have it in mind that they have play gambling for profit, because what ever you believe in is what you will actually see as a result. So to me even though the amount you are loosing is getting higher  every day I don’t still think it is ever a bad idea to give up,  because a day of excitement will definitely come that is the day you will have that huge win or jackpot that you have been waiting for. Taft us why I don’t believe it when people are encouraging others to gambling for fun, I see no reason why I will be losing my money and keep smiling at the same time thus things hardly happen, because if not fir the rich that already have the money how will a poor person gamble and make it for fun without winning?

Indeed, lucky days will come and we can win, but that doesn't mean we have to continue gambling because continuing to gamble blindly without caring how much money you have lost will only make you a chronic gambler, and it will be difficult. for you to be able to get out when it happens. Apart from that, gambling continuously doesn't guarantee winning either, as you said lucky days will come so you don't have to gamble continuously, just gamble sensibly with limits so as not to make things worse and not damage our own finances.

with poor people who gamble, of course their goal is to gain profit or win, and of course they will be happy if they succeed in winning. and with that of course they will not be happy if their money is lost, but if poor people gamble with a goal that is not to win maybe they can get pleasure either from the gambling they do or something else because when they gamble I think they will find a moment where it can make their adrenaline attracted and surprised. although it's not certain to happen either. It's important to remember that everyone has different thoughts, even though the majority of the poor gamble with the aim of winning, but I think there may be some of them who are not like that.

[retreat]

The chance for someone to hit a big jackpot is very low, like the chance of getting it is 1 in a thousand or more (depending on the type of game). So if someone plans to get the jackpot, then they have to be prepared that they will need to spend more money or take longer to get it - even if they can get it in a short time with less money - but let's just think realistically that the casino have designed their games with a probability that we can say is low, and if someone wants to get the jackpot then they need luck and strategy, and not all gamblers have those things.

[Hirose UK]

Chasing profit is somewhat similar to a special version of Martingale, but without increasing the size of the bets. Or instead of increasing the size of the bets, you increase the size of the time. It sounds funny, but apparently that's what players are trying to achieve. Their mindset is "If we haven't won, let's spend more time on it and see what happens." This strategy would work in investing where you simply become a holder, but in gambling it is always problematic. You cannot become a "single bet holder".

But that kind of mindset isn't very funny, gamblers spend more time trying to win by slowly spending money in certain increments, but they don't realize that what they are doing is mistake because there is no right stopping point.
Basically, gamblers will continue to try and optimize their efforts to achieve victory, but what they do is just careless and a waste of time, in fact there is no strategy or target whatsoever because they are gambling passionately.
There are many gamblers who lose more money for the reason of chasing victory and they cannot take steps for the strategy that should be used because spending money without management strategy will only result in losing more money.
I think what constitutes success in gambling is those who think and really apply the right attitude, such as stopping when they lose or win.

[bangjoe]

Majority of gamblers started gambling to win big and that has being their mindset until they realize that it is not possible to win big from gambling the way they thought. Some made huge losses and started gambling responsible. Chasing big wins is not good because you will lose more and that is why one just need to gamble for fun and don't put that in your mind because it can lead a huge losses since you will not the cautious with the amount of money that you are using to gamble.

I think it's not right, in my opinion the majority of gamblers start from trial and error then get a big win and he is interested in doing it again using big money to try bigger luck, or see other people get big wins then he wants to try his luck which ends up losing more and not accepting it and the next time chasing defeat.

Chasing a big win or trying to have a bigger luck is not a good thing in a gambling procession, it will have a bad impact on us as gamblers who in fact do not always get lucky, we must be aware of the limits and risks that we will get if we gamble based on that.

[Kelward]

I think that play till you win mindset is a common desire among gamblers but it doesn't have to be on one day. Where it becomes a problem is when a gambler is chasing his loses on a particular day till he wins, there's a high chance that he will exhaust his bankroll and never get that win. Gambling responsibly is having a budget for the amount that you intend to gamble with and never exceed the planned amount whether win or lose. Main factor of irresponsible gambling is being obsessed with chasing loses and it is a road to addiction.

[bitbollo]

@OP
the percentage you obtained, highlighted in your thread, is in line with the expectations of a good gambler (sports betting).
Ok there may be the big jackpot or the bet won with high stake but if you consider the entire gaming volume this is the real result you get...
People think that from gambling they can earn crazy amount but its something real only for a few of them.

[ralle14]

Where it becomes a problem is when a gambler is chasing his loses on a particular day till he wins, there's a high chance that he will exhaust his bankroll and never get that win.

In addition to that, the problem could continue even if a gambler wins big, some gamblers aren't satisfied with a single big win alone, and I agree with one of the posts from the previous pages that it's usually not enough.

Gambling responsibly is having a budget for the amount that you intend to gamble with and never exceed the planned amount whether win or lose. Main factor of irresponsible gambling is being obsessed with chasing loses and it is a road to addiction.

This is one of the toughest challenges for a lot of gamblers as they tend to overlook the amount they spend plus the lack of acceptance whenever they lose since it can all start with a couple of consecutive losses.

[$weetne$$]

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 it is not a practice I will consider okay because you are going to lose while chasing profits or trying to get back your losses. You can not hit the jackpot by over gambling. Hitting the jackpot is something that happens without you planing it and it is totally you just being lucky. I have not seen any gambler that has intention of hitting the jackpot and got it done but I have seen many that lost because they were not comfortable with the winning they were getting. If you keep chasing profits, you are going to get addicted to gambling, be okay with small wins and they can accumulate over time and give you a bigger profit. Winning jackpot is something only fewer gamblers are going to get a feeling of but if you can consistently stay on the winning side and keep winning small amount, you can still consider yourself a winner. To get a jackpot also depends on the games that you are playing as you should not expect to win big from games that do not have that option.

[Gheka]

The chance for someone to hit a big jackpot is very low, like the chance of getting it is 1 in a thousand or more (depending on the type of game). So if someone plans to get the jackpot, then they have to be prepared that they will need to spend more money or take longer to get it - even if they can get it in a short time with less money - but let's just think realistically that the casino have designed their games with a probability that we can say is low, and if someone wants to get the jackpot then they need luck and strategy, and not all gamblers have those things.

From a practical standpoint, very few people prepare for a plan to win a special jackpot because it is an unpredictable coincidence, sometimes it is regulated by the organizer, sometimes it is also a blessing that people have accumulated in a spiritual sense. More preparation will not determine the time when the jackpot appears and holding a dream with such a mindset, it only pushes away other opportunities as well as realities that we can establish. The jackpot is just the heirs with the late key, if not the identity of being an heir, it is better to make efforts and establish yourself as a legitimate heir.

[ethereumhunter]

I think that play till you win mindset is a common desire among gamblers but it doesn't have to be on one day. Where it becomes a problem is when a gambler is chasing his loses on a particular day till he wins, there's a high chance that he will exhaust his bankroll and never get that win. Gambling responsibly is having a budget for the amount that you intend to gamble with and never exceed the planned amount whether win or lose. Main factor of irresponsible gambling is being obsessed with chasing loses and it is a road to addiction.

But that's a wrong mindset when you playing gambling because you will still difficult to wins even if you spends all of your money to playing gambling. Gamblers doesn't need to have that mindset when playing gambling because that can makes them forgets to control themselves and no matters how much money they will use, they will still difficult to wins.

They must remember that playing gambling is just for having fun and not chase the wins. That can makes them to prevents the big lose that they can gets from gambling. They can wins but that will not happens many times so they must accepts that and not chasing more winning. They can exhaust their bankroll until no money left in their account but they will not wins easily instead will lose all of their money. After all, they must responsible with their money and not have that mindset to enjoy the gambling games.

[Eternad]

The chance for someone to hit a big jackpot is very low, like the chance of getting it is 1 in a thousand or more (depending on the type of game). So if someone plans to get the jackpot, then they have to be prepared that they will need to spend more money or take longer to get it - even if they can get it in a short time with less money - but let's just think realistically that the casino have designed their games with a probability that we can say is low, and if someone wants to get the jackpot then they need luck and strategy, and not all gamblers have those things.

Yeah, Only deep pocket gamblers can afford to aim for jackpot since they have the money to spend for a longer play time.

On chance that is very low to occur. The consistency is the key on getting it since you will need a lot of tries to hit a jackpot. Gamblers that aiming for jackpot will tend to lose since they will do a lot of risky bet such as betting on low odds for a chance to win huge multiplier instead of playing a game with fair odds which they can enjoy themselves.

I believe that the real jackpot on gambling is when you enjoy the game without losing big time in the process.

[topbitcoin]

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…

Well unlike you the only thing I know about this particular feeling is that you might continue until you get broke trying or even turn a chronic addict and still never hit the jackpot. I don't even know if I have seen someone who had the grace to win the jackpot and gave up gambling, I think the closet I have seen is actually a story told and even the said person that won huge because enemy to whole lot of person due to constant fake love from people around him.

If the orientation is the big win it will be very difficult it will spend resources the possibility is very small, talk big, then think the biggest, meanwhile other people's wins usually become a comparison and it will be very dangerous for finances, you may be able to continue gambling but it will be a sad end to your gambling life, I often see this, many people continue to gamble longer and longer, then lose what has been owned from the results of his hard work over the years, maybe it's true that there are only one in a million people who get the biggest luck, it will be a very acute addiction, or very chronic.
The saying is play until you lose it all.

Chasing profit is somewhat similar to a special version of Martingale, but without increasing the size of the bets. Or instead of increasing the size of the bets, you increase the size of the time. It sounds funny, but apparently that's what players are trying to achieve. Their mindset is "If we haven't won, let's spend more time on it and see what happens." This strategy would work in investing where you simply become a holder, but in gambling it is always problematic. You cannot become a "single bet holder".

Yes, that's the thought that is always held by many irresponsible gamblers, maybe some people might be able to get lucky with such a strategy but I think not everyone can get a win, more people will have problems if they always use such methods.

[Samlucky O]

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…

That is the question we all ask ourselves all the time. Emagine you won a huge amount that may be the highest of all your bet in life , and  you never knew but still having hopes, you may feel it's one of those small win and expecting high wining with the courageous thoughts of " greater days ahead" only for you to gamble for some days, week, months, year and even up to a century and nothing to Boost of, lolz..That quite funny but True. The problem of human is that they are unsatisfied in nature. otherwise most gamblers who became broke after gambling there wining hoping for a better days, may have learnt there lessons but never did. The best way not to regret in this, is by seing any big win as if it's the highest, by making judiciously use of it. Just like the saying goes that "opportunity comes but once" and you may never know when the opportunity has come so each opportunity should be cherished.

I’ve only known one person who ever hit a big jackpot and then never gambled again

I am still wondering who that person is, that because I haven't seen one. I always hear the story of people that won and yet they are still playing hoping for more.

[Ultegra134]

The chance for someone to hit a big jackpot is very low, like the chance of getting it is 1 in a thousand or more (depending on the type of game). So if someone plans to get the jackpot, then they have to be prepared that they will need to spend more money or take longer to get it - even if they can get it in a short time with less money - but let's just think realistically that the casino have designed their games with a probability that we can say is low, and if someone wants to get the jackpot then they need luck and strategy, and not all gamblers have those things.

That's not always necessary, as probabilities are completely random and someone might even win on the first try. The issue is that people get carried away thinking that the more you play increases your chances of winning. In theory, it sounds simple enough, but in practice, things aren't as easy as they sound. You'll actually end up spending a fortune without yielding any reasonable results, going into debt, and being unable to stop because you're still thinking that sooner or later, you'll hit the jackpot and recoup your losses, which is what the OP mentioned in their first post.

[Awaklara]

Yeah, Only deep pocket gamblers can afford to aim for jackpot since they have the money to spend for a longer play time.

On chance that is very low to occur. The consistency is the key on getting it since you will need a lot of tries to hit a jackpot. Gamblers that aiming for jackpot will tend to lose since they will do a lot of risky bet such as betting on low odds for a chance to win huge multiplier instead of playing a game with fair odds which they can enjoy themselves.

I believe that the real jackpot on gambling is when you enjoy the game without losing big time in the process.

In fact, you will also hear a lot of gamblers who enjoy the game and have fun with their gambling. but I'm not sure that gamblers who are having fun are enjoying the game. they come and play at the casino every day, meaning much time is spent on gambling. more gamblers are ambitious, not for fun.
The jackpot may be for those who have large capital. they have more opportunities with longer playing time. but still, it doesn't provide certainty of winning the jackpot. but I'm sure, many gamblers play and bet consistently with the target of winning the jackpot.