The rule - Gamblers Ruin

[TelolettOm]

Many gamblers think the same as your friend, that to get back the money that has run out is to gamble again so that they can win and get their money back again. I don't know why there are so many people who think like this and this is always their guideline in gambling.

But the result??
as we have seen:

Gambling - Lose - gamble again - lose again - gamble again - lose again - gamble again - win - gamble again - lose again - and so on.
The point is that gambling is very easy to make people addicted, and this is one way for us to be aware, by managing the risk and also our gambling,. don't let it harm us later, just for momentary pleasure.

[Sticky Bomb]

Many gamblers think the same as your friend, that to get back the money that has run out is to gamble again so that they can win and get their money back again. I don't know why there are so many people who think like this and this is always their guideline in gambling.

But the result??
as we have seen:

Gambling - Lose - gamble again - lose again - gamble again - lose again - gamble again - win - gamble again - lose again - and so on.
The point is that gambling is very easy to make people addicted, and this is one way for us to be aware, by managing the risk and also our gambling,. don't let it harm us later, just for momentary pleasure.

From the look of things, gamblers who think that they can regain the loses from gambling consistently are having the very wrong mindset and mostly end up in ruins. Most times people fail to admit their mistakes and end up attempting to cover up for such mistakes, thereby making buffer mistakes in the process.

Chasing loses can never be a way to recover your money in gambling, when the funds is gone and you realize yourself, stop and forget the lost funds, Striving to recover them always results in bigger financial loss.

[Eternad]

And then i thought about the Gamblers Ruin Rule. I explain simply to him that anyone who keeps gambling for a long time will eventually lose all their money, especially if they don’t have unlimited cash. If you're playing against someone with way more money than you (like a casino or the market), they can afford to keep going, but you can’t. No matter how lucky you are at first, if you keep playing, you'll most likely go broke in the end. After much argument he still made his decision to bet with the next payment he will get tomorrow.

This is on point analysis due to the house edge effect on our bets. Continuously betting means we will suffer house edge that grows bigger  the longer we gamble.

Human error contributes too on the loses together with the house edge so a casino can guarantee win even with the tiniest house edge available on all of their games.

With this knowledge, you can save your money by not soaking too much on gambling.

[348Judah]

To be brief, i was in a discussion with my friends at home and one of them said he lost every penny he had yesterday in gambling and that he is thinking of a come back. It was so funny because its crazy to say you want to come back for the house or casino because the casino the house (casino) or market has an active unlimited funds, meaning they can outlast gamblers with small bankroll.

And then i thought about the Gamblers Ruin Rule. I explain simply to him that anyone who keeps gambling for a long time will eventually lose all their money, especially if they don’t have unlimited cash. If you're playing against someone with way more money than you (like a casino or the market), they can afford to keep going, but you can’t. No matter how lucky you are at first, if you keep playing, you'll most likely go broke in the end. After much argument he still made his decision to bet with the next payment he will get tomorrow.

I don't want to know how professional you sound in gambling, you still stand a chance of winning nor losing each time you gamble, nothing can be done that will make you acheive your maximum goal on winning being a gambler, you win and you still loose, all the two happens together gambling cannot be predicted, what we may later see could be encouraging and at the same time disappointing, except we are well prepared for both.

[Kelward]

To be brief, i was in a discussion with my friends at home and one of them said he lost every penny he had yesterday in gambling and that he is thinking of a come back. It was so funny because its crazy to say you want to come back for the house or casino because the casino the house (casino) or market has an active unlimited funds, meaning they can outlast gamblers with small bankroll.

And then i thought about the Gamblers Ruin Rule. I explain simply to him that anyone who keeps gambling for a long time will eventually lose all their money, especially if they don’t have unlimited cash. If you're playing against someone with way more money than you (like a casino or the market), they can afford to keep going, but you can’t. No matter how lucky you are at first, if you keep playing, you'll most likely go broke in the end. After much argument he still made his decision to bet with the next payment he will get tomorrow.

Your friend definitely has a very wrong strategy, how much does he think that he has to beat the casino, he'll end up becoming more penniless with his irresponsible gambling. Every experienced and responsible gamblers knows about the house edge, that you should play with amount that you can afford to loose and hope to win sometimes. Gambling is not a business for the gamblers, they play games and luck determines if they win or not. In the end there'll be far more losers than winners, the casino owners compensates the few winners and keep everything because it's a business for them. Play and hope to be among the lucky few, not having an entitlement mindset that you're going to defeat them.

[iBaba]

Many gamblers think the same as your friend, that to get back the money that has run out is to gamble again so that they can win and get their money back again. I don't know why there are so many people who think like this and this is always their guideline in gambling.

But the result??
as we have seen:

Gambling - Lose - gamble again - lose again - gamble again - lose again - gamble again - win - gamble again - lose again - and so on.
The point is that gambling is very easy to make people addicted, and this is one way for us to be aware, by managing the risk and also our gambling,. don't let it harm us later, just for momentary pleasure.

Well unlike you said it, it might not really be like that for many individuals unless of the gambler does not know their onions and are only chasing dreams. I do not one individual to get comfortable at gambling while losing consistently. It doesn't make any real sense. My advise for people like that is, and most gamblers alike is, when you gamble in three consecutive times and lose again and again, take a break from the gamble and understudy your pattern of gambling once more. It could be from the odds you're staking that you're getting wrong not necessarily because you cannot win. Since you're not gambling for..free, then you must equally take the initiative and work hardly to understand the game.

[Oluwa-btc]

no matter how lucky someone gets if they keep playing against an entity with unlimited funds the odds will eventually catch up to them. It’s tough to watch a friend ignore logic and go down that path especially after losing everything. Hopefully he realises before it’s too late that chasing losses usually leads to even bigger losses. Some lessons are painful but I hope he reconsiders before putting his next paycheck at risk.

This theory/strategy is really a tough situation for even the smart gamblers indeed, because at the end of the day, even if the game is fair,the gambler losses faster than his expectations which eventually keeps them broke in the long run.Possibly,the Gamblers ruin rule has an 100% probability concept that gives an inevitable loss to players.

[Ishicryptic]

no matter how lucky someone gets if they keep playing against an entity with unlimited funds the odds will eventually catch up to them. It’s tough to watch a friend ignore logic and go down that path especially after losing everything. Hopefully he realises before it’s too late that chasing losses usually leads to even bigger losses. Some lessons are painful but I hope he reconsiders before putting his next paycheck at risk.

This theory/strategy is really a tough situation for even the smart gamblers indeed, because at the end of the day, even if the game is fair,the gambler losses faster than his expectations which eventually keeps them broke in the long run.Possibly,the Gamblers ruin rule has an 100% probability concept that gives an inevitable loss to players.

No gambler can beat the casinos on the long run, if they keep going with that mindset they can end up broke or become addicted, a gambler is just an individual but the casino is way bigger. When you gamble you should keep an open mind to take a win if you're lucky, if you're not, exit and try your luck another day, no need to take loses too personal. Having knowledge about how gambling really works is important if you don't want to keep chasing loses inorder that you can recover and win, so that you can get back at the casino. This is a wrong mindset for gambling, gamblers who take that route will ruin their income and peace of mind on the long run.

[promise444c5]

   Nobody has unlimited money  to continue gambling forever unless they are printing it  . There’s a clear difference in that some are disciplined about it. I don’t believe much in strategy, but it does work for some, while the majority just gamble irresponsibly.

Long-term gambling depends on the gambler themselves. Either they are addicted, or they are getting some income from gambling itself, but I think the addiction aspect accounts for the higher percentage. While we have those addicted, fun can still keep some gamblers engaged for a long time, especially if the casino provides what they need, but only a few do this particularly.

[Outhue]

To be brief, i was in a discussion with my friends at home and one of them said he lost every penny he had yesterday in gambling and that he is thinking of a come back. It was so funny because its crazy to say you want to come back for the house or casino because the casino the house (casino) or market has an active unlimited funds, meaning they can outlast gamblers with small bankroll.

And then i thought about the Gamblers Ruin Rule. I explain simply to him that anyone who keeps gambling for a long time will eventually lose all their money, especially if they don’t have unlimited cash. If you're playing against someone with way more money than you (like a casino or the market), they can afford to keep going, but you can’t. No matter how lucky you are at first, if you keep playing, you'll most likely go broke in the end. After much argument he still made his decision to bet with the next payment he will get tomorrow.

Casino's money is at stake too but not in the way you put it, you are not going head to head with the casino but against their games, which i believe was made up to favour the casinos more than the house even if its from game providers.

Its possible that a gambler will keep losing money and in between the losses you can get lucky too, but the only way to sustain till your luck comes to you is to risk the kind of money that can't do you shit if you lose them, normally its acceptable that you will keep losing the money for a while.

If you ask me, the signs are already there, gamblers just don't want to accept some certain things about gambling, they appear to be smart but they are really not, which is good for the business, I mean if they are all wise casinos will probably not make enough money.

[Josefjix]

It's good you advise him and eventually there will be a time when he'll remember your advice in what you told him not to do, he may or may not listen but he must remember, yes, you've done your part as a friend to help him reduce his losses and he didn't listened.

Gamblers learn the hard way, and the funny part is that, gamblers will continue to ruin their funds until they'll get tired and gets afraid of entering more in, because they'll realized it that its never even adding to their growth but demoralizing their standard over time.

[maydna]

It's good you advise him and eventually there will be a time when he'll remember your advice in what you told him not to do, he may or may not listen but he must remember, yes, you've done your part as a friend to help him reduce his losses and he didn't listened.

Gamblers learn the hard way, and the funny part is that, gamblers will continue to ruin their funds until they'll get tired and gets afraid of entering more in, because they'll realized it that its never even adding to their growth but demoralizing their standard over time.

If his friend can remember his advice and decide not to gamble, he will not loss his money. But we know that someone can back to casinos because of his loss and he want to recover his loss. It is not advisable but we can not force him to follow our advice. If his minds can not think clear about the risk, he will forget our advice and still back to the casino. Gamblers need to learn how to control themselves so they will not meet a big lost. Yes, they will loss their funds if they can not hold themselves from back to casinos. They will difficult to get their funds back no matter if they use more money. Many gamblers already lost their money so we don't have to follow the same thing.

[danherbias07]

Many gamblers think the same as your friend, that to get back the money that has run out is to gamble again so that they can win and get their money back again. I don't know why there are so many people who think like this and this is always their guideline in gambling.

But the result??
as we have seen:

Gambling - Lose - gamble again - lose again - gamble again - lose again - gamble again - win - gamble again - lose again - and so on.
The point is that gambling is very easy to make people addicted, and this is one way for us to be aware, by managing the risk and also our gambling,. don't let it harm us later, just for momentary pleasure.

I will not disagree with what you said. It should all be a momentary pleasure, something we could do while we are idle or just to maybe have a little bit of fun. I experienced a lot of downs in gambling, and most of them are from losses that I cannot seem to get back anymore. The chasing of losses is where it hurts the most because it's like you are being forced to deposit again just to get your revenge and your money back. But it doesn't end well for any gambler, most of the time it's just more losses until it's all piled in and we cannot recover from it anymore.

I just get lucky sometimes that I get high multipliers, but it's very rare that it will make you feel stressed first before it happens. It's not worth it.

[gunhell16]

To be brief, i was in a discussion with my friends at home and one of them said he lost every penny he had yesterday in gambling and that he is thinking of a come back. It was so funny because its crazy to say you want to come back for the house or casino because the casino the house (casino) or market has an active unlimited funds, meaning they can outlast gamblers with small bankroll.

And then i thought about the Gamblers Ruin Rule. I explain simply to him that anyone who keeps gambling for a long time will eventually lose all their money, especially if they don’t have unlimited cash. If you're playing against someone with way more money than you (like a casino or the market), they can afford to keep going, but you can’t. No matter how lucky you are at first, if you keep playing, you'll most likely go broke in the end. After much argument he still made his decision to bet with the next payment he will get tomorrow.

Your friend definitely has a very wrong strategy, how much does he think that he has to beat the casino, he'll end up becoming more penniless with his irresponsible gambling. Every experienced and responsible gamblers knows about the house edge, that you should play with amount that you can afford to loose and hope to win sometimes. Gambling is not a business for the gamblers, they play games and luck determines if they win or not. In the end there'll be far more losers than winners, the casino owners compensates the few winners and keep everything because it's a business for them. Play and hope to be among the lucky few, not having an entitlement mindset that you're going to defeat them.

The hard thing about gambling is that when you have unlimited money to put into the casino, especially if you are a rich person who is really addicted to gambling,
because for sure if you are caught out and lose your money, you will run out of money because you have no control over your fund.

And we have read many stories like that in other gambling communities, in which it is happening repeatedly to different gamblers in different eras. So you are right when you say
that gambling is not really a business for gamblers. But gamblers are a business for gambling owners.

[Nwada001]

no matter how lucky someone gets if they keep playing against an entity with unlimited funds the odds will eventually catch up to them. It’s tough to watch a friend ignore logic and go down that path especially after losing everything. Hopefully he realises before it’s too late that chasing losses usually leads to even bigger losses. Some lessons are painful but I hope he reconsiders before putting his next paycheck at risk.

There is nothing like unlimited funds. If there is any party that we need to categorise into the level of having unlimited access to fund should be the casino since they get revenue every single day from gamblers.

Irrespective of how much the person has, I also agree with you that they can't sustain themselves and win against the casino; no amount lasts forever. As long as the person is not gambling responsibly, it will get to a point where they will run out of funds since they don't get any winnings.

[Odohu]

And then i thought about the Gamblers Ruin Rule. I explain simply to him that anyone who keeps gambling for a long time will eventually lose all their money, especially if they don’t have unlimited cash. If you're playing against someone with way more money than you (like a casino or the market), they can afford to keep going, but you can’t. No matter how lucky you are at first, if you keep playing, you'll most likely go broke in the end. After much argument he still made his decision to bet with the next payment he will get tomorrow.

I don't know who pronounced this rule but I do know that gambling is not 1:1 the casino to the player and depending on the type of gambling, a player can enjoy advantage up to 1:10,000 which means one win for a player with as little as $10 will cost the casino as much as $100,000. Although this is not easy to get but it clearly shows that your chances of hitting that target increases as you continue to play and with little bankroll, you can endure the pain of losing.

Finally, the casinos does not have unlimited funds, they can be wrecked and render bankrupt although this is not easy. By the way, we should worry about crippling the casinos but thing of way of taking advantage of gambling to improve our finances.

[Lida93]

no matter how lucky someone gets if they keep playing against an entity with unlimited funds the odds will eventually catch up to them. It’s tough to watch a friend ignore logic and go down that path especially after losing everything. Hopefully he realises before it’s too late that chasing losses usually leads to even bigger losses. Some lessons are painful but I hope he reconsiders before putting his next paycheck at risk.

There is nothing like unlimited funds. If there is any party that we need to categorise into the level of having unlimited access to fund should be the casino since they get revenue every single day from gamblers.

Irrespective of how much the person has, I also agree with you that they can't sustain themselves and win against the casino; no amount lasts forever. As long as the person is not gambling responsibly, it will get to a point where they will run out of funds since they don't get any winnings.

Going all out with your paycheck against the house is tantamount to going against oneself because in an unlimited funds comparison the house stands uphill far above you the gambler who's only going into the game with just a paycheck for a battle that you have no hedge on but just luck. Meanwhile, there's the house with an obvious house edge which they enjoy as an entity in business.

Experience truly is the best teacher, if you try explaining to some people they won't understand not until they face a tragic loss themselves. And that's why in most cases, than to argue I just let people do their thing and allow the results speak louder.

[Die_empty]

There is nothing like unlimited funds. If there is any party that we need to categorise into the level of having unlimited access to fund should be the casino since they get revenue every single day from gamblers.

Irrespective of how much the person has, I also agree with you that they can't sustain themselves and win against the casino; no amount lasts forever. As long as the person is not gambling responsibly, it will get to a point where they will run out of funds since they don't get any winnings.

When I saw the words " unlimited funds", I was surprised because even countries have limited funds. People who think they can avenge their losses by playing more in a casino might become frustrated. It is simply chasing losses and this can lead to great losses. Gamblers shouldn't see gambling as competition with the casino company, it's just a source of entertainment. The house always have an hedge. Hence there is no need to see it as main or alternative source of income.

[Shinpako09]

I can understand your friend. Not all, but a lot of gamblers have undying hope. I'm not gonna lie, I have that too. Those few winning moments we had keep us fired up. We always think we can do it again, over and over. But of course, the opposite usually happens. Still, because of that undying hope, we don't back down from losses. We keep believing that one big win in our gambling journey or career that could make us rich or help us recover our losses. We hold onto that imagination, even if we know the chances are slim.

[bubilas]

To be brief, i was in a discussion with my friends at home and one of them said he lost every penny he had yesterday in gambling and that he is thinking of a come back. It was so funny because its crazy to say you want to come back for the house or casino because the casino the house (casino) or market has an active unlimited funds, meaning they can outlast gamblers with small bankroll.

And then i thought about the Gamblers Ruin Rule. I explain simply to him that anyone who keeps gambling for a long time will eventually lose all their money, especially if they don’t have unlimited cash. If you're playing against someone with way more money than you (like a casino or the market), they can afford to keep going, but you can’t. No matter how lucky you are at first, if you keep playing, you'll most likely go broke in the end. After much argument he still made his decision to bet with the next payment he will get tomorrow.

From a psychological point of view, your friend simply does not fully understand that he lost all his money in the casino, and it is very difficult for him to accept that they would not have been in his hands, but now he has zero and it happened so quickly and easily and during this time he did not acquire anything, the money just disappeared.
This is a psychological mistake of all newbies (and not only) gamblers, because they think that if the money was lost so quickly and easily, then it will return from the casino in the same way. But this is a big mistake.