What is the cost of your mistakes?

[Julien_Olynpic]

I assume that people come to the gambling industry as inexperienced people. And in the process of their activities, they gradually learn from their mistakes. Unfortunately, some of these mistakes are dramatic and cause us quite serious psychological trauma. As a rule, this is due to gross errors and stupid persistent beliefs that push us to the edge of the financial abyss.

First of all, this is risk management and money management. The second is probably unsystematic play. Let me make a reservation that I do not mean casinos, as well as people playing "for fun". I mean sports betting.
So, how much did your mistakes cost? Did they cause you a serious psychological blow? What were your mistakes, did you learn from these mistakes and do you apply this knowledge in practice now? Were these mistakes simply painful, dramatic or catastrophic?

[Oshosondy]

So, how much did your mistakes cost? Did they cause you a serious psychological blow? What were your mistakes, did you learn from these mistakes and do you apply this knowledge in practice now? Were these mistakes simply painful, dramatic or catastrophic?

Yes, I was addicted to gambling since 2014 to 2019. That was five years and I will say it cost me a lot. I do not think it cost me any psychological blow but it is painful when I lost but within some minutes or hours, I will let go of it. I learn from my mistake that everything in life is not about money. The mistake was not catastrophic but it would be catastrophic for many people.

[Achalugo BTC]

So, how much did your mistakes cost? Did they cause you a serious psychological blow? What were your mistakes, did you learn from these mistakes and do you apply this knowledge in practice now? Were these mistakes simply painful, dramatic or catastrophic?

Yes, I do learn from my mistakes on my journey of gambling. Gambling has done a lot of damage in my life, which I had to use my business money to gamble, for me to recover my losses but the more to recover them, the more I lose more money.
I was eager to regain my funds back, because I don't have much money left with me again, to keep my business going, which makes me feel frustrated and depressed and I thought there was no other way for me to keep my business standing or running other than to keep gambling with the hope to win and win a huge amount. So that once I win I will give up but my thoughts failed me and after everything, I just promised myself that no matter what I will never gamble in my life again and even if I gamble, it won't be my money.
Which is why I don't advice anyone to gambling and even if they still insist and gamble, they should learn from others peoples mistakes and experience concerning gambling for their own wellbeing, because not everyone can withstand pressure or bad occurrence, they can either commit suicide or do anything illegal.

[GreatArkansas]

(....)
First of all, this is risk management and money management. The second is probably unsystematic play. Let me make a reservation that I do not mean casinos, as well as people playing "for fun". I mean sports betting.
So, how much did your mistakes cost? Did they cause you a serious psychological blow? What were your mistakes, did you learn from these mistakes and do you apply this knowledge in practice now? Were these mistakes simply painful, dramatic or catastrophic?

For me, when I started in sports gambling - Dota2 and NBA, I lost too much money, it's 2 months of my paycheck in just less than a month. What were my huge losses in sports gambling before, which I have already learned that I don't need to lose that much money in gambling. After that, I learned my lesson to have self-control.

[jackpotmaster]

I've never been addicted to gambling. Sometimes I don't play for months or even years at a time and I think this is what keeps me protected the most. Sometimes I would play a bit in the casino what I like for fun, pull some slots when I am drinking and then I am gone again for a long time. I think this is the best approach even much better than those that do it regularly for fun. But I know a few people who have went down this path and it is not good. It was really hard for them to stop and even now they have just found alternatives for their addiction like gambling on memecoins.

[bitbollo]

in most of the cases the cost is neglectible. otherwise we will have many people completely ruined...

there are just some cases where people ruined their life (and their family life) with many bad mistakes related gambling.
The error here could impact both financial and personal. There are known gambler on forum that have pulled impressive scam devastating not only a brand but close an entire small industry

[Agbamoni]

Lucky enough, I have not suffered any serious consequences  because of gambling. I think the only moment I made a mistake that almost cost me a lot as when I gamble with money that was mine. That period was hell for me after losing. I have to go look for petty jobs which wasn't easy at all. Finally I settled the money but ever since then I dont dare gamble with money that is not mine.

[maydna]

I can say the mistakes cost is big because I was my time and money and my feeling in gambling and lose all of that things. But although that cause me a psychological problem, that will not affect too serious and only regret because of my losses. Yes, I am regretted it but I realize that is my mistake that I must fixed.

And although that is painful in my heart, I can not turn back the time and only could accepted of what happened to me. I don't want that happen again so I really need to take care of me in gambling. I am trying to prevent the mistakes and reduce my gambling time so I don't have to get the same thing as before.

[lovesmayfamilis]

Any loss of money is always a significant or minor source of stress. I don't think that even those who have a fat wallet, realizing that at some point their money is stupidly lost, do not experience at least some grief. There is a good expression, "There is no such thing as too much money." Therefore, as beginners, we often bet on self-confidence but lack an understanding of many subtleties, which can result in losses. But we should take away only useful things every time, even from our mistakes, replenishing our experience. Sports betting requires good analysis. Even with a good understanding of the rules, there are not many winners, since sports are always full of surprises.

[Ruttoshi]

Losses are inevitable when gambling, but how one can limit his losses is what should be considered and put first when you want to gamble to avoid emotional truama and careless spending. I was given some money to keep for quite some months and due to my gambling urge, I was using the money to gamble little by little whenever I feel like.

I believed that before the money will be exhausted, aI would have doubled it but it wasn't so. It was when I have lost all the money to gambling, was when the money was demanded for. I got confused and couldn't say that I don't have the money. I had to look for various ways to replace the funds to avoid embarrassment. Unfortunately, I couldn't pay back the money at the right time. I felt bad and quitted gambling.

[viljy]

If you are referring exclusively to sports betting, then many people are already using predictive AI in this area, although this is not widely advertised. In essence, sports betting is turning into a kind of science, where the human factor is replaced by algorithms and statistical predictions. As for my personal experience, it was in this area that I did not have any absolutely monstrous mistakes (and as a result, losses), as well as in the field of investing in crypto. There were more situations of lost profits as a result of excessive caution.

[adaseb]

For mine I think the worst was during a martingale strategy with dice. I dont remember what site it was, perhaps Primedice or some other popular dice site back in like 2015 or so.

Basically I think I lost like 1 BTC or 1.2 BTC due to my strategy. Back then Bitcoin wasn't worth as much so it didn't sting as much as it does today but it was still a bad loss.

To make a long story short, I got like 10 or 12 losses in a row and basically one roll made that BTC disappear. If you don't think 12 losses are in a row are possible, then you aren't listening.

[BitGoba]

I assume that people come to the gambling industry as inexperienced people. And in the process of their activities, they gradually learn from their mistakes. Unfortunately, some of these mistakes are dramatic and cause us quite serious psychological trauma. As a rule, this is due to gross errors and stupid persistent beliefs that push us to the edge of the financial abyss.

First of all, this is risk management and money management. The second is probably unsystematic play. Let me make a reservation that I do not mean casinos, as well as people playing "for fun". I mean sports betting.
So, how much did your mistakes cost? Did they cause you a serious psychological blow? What were your mistakes, did you learn from these mistakes and do you apply this knowledge in practice now? Were these mistakes simply painful, dramatic or catastrophic?

I made a lot of mistakes because I was new and rushed into things. But I learned that without a plan and discipline, you won’t get good results. Now, I’m more careful with my bets and try to manage my risk better. Those mistakes didn’t break me they taught me to be more patient and smarter with my money.

[Derekfunds]

I assume that people come to the gambling industry as inexperienced people. And in the process of their activities, they gradually learn from their mistakes. Unfortunately, some of these mistakes are dramatic and cause us quite serious psychological trauma. As a rule, this is due to gross errors and stupid persistent beliefs that push us to the edge of the financial abyss.

First of all, this is risk management and money management. The second is probably unsystematic play. Let me make a reservation that I do not mean casinos, as well as people playing "for fun". I mean sports betting.
So, how much did your mistakes cost? Did they cause you a serious psychological blow? What were your mistakes, did you learn from these mistakes and do you apply this knowledge in practice now? Were these mistakes simply painful, dramatic or catastrophic?

Even though someone come into the gambling industry as inexperience I believe there are still some level of inexperience up till now because we keep learning and seeing different, new things etc everyday. As long as gambling is concerned we can never know everything about it or let say the skill and knowledge that will make us to be winning all the time though we can improve a bit.

Sometimes mistake is what make people to improve if there is no mistake there won't be need for improvement, someone said if there is no mistake it means we are perfect and the truth is we can not be perfect no matter how we try. I have made a lots of mistake though it is painful and annoying yet I have learnt from it and so I know the kind of mistake I can not make again because I have passed through it.

[joeperry]

I'm exaggerating it if I say that it traumatize me but probably a little expensive mistake or a wasted opportunity, you see before I start in sports betting, I'd like to try things out and I'm a careful person and I don't deposit big amount of money however there's a time where I managed to be lucky and all the bets I've done that day is winning let's say (22 wins - 3 losses) some of these bets were parlay so imagine the profit I've gained on that day, the mistake I've made is being confident and being greedy, my thoughts we're "Today is my lucky day and I don't see myself losing so I will not withdraw this money and have more profit" and guess what? 3-4 consecutive losses and I do chase my losses and it goes straight to the floor.

So for me it's a wasted opportunity, it didn't traumatize me but after that day and the following days I always think "What if I have that money and withdraw it, I should be able to buy this and that..." not traumatizing but there's still effect psychologically.

[TravelMug]

So, how much did your mistakes cost? Did they cause you a serious psychological blow? What were your mistakes, did you learn from these mistakes and do you apply this knowledge in practice now? Were these mistakes simply painful, dramatic or catastrophic?

I think that is the obvious part, mistakes really cost us big, like when you already know who to bet to and suddenly you have a change of heart in the last minute. Then when the game is over, your supposedly original bet win. So that is one of the mistakes that I have learn in the beginning. Don't you ever change your bet, I have heard this lessons to many old gamblers around me, but at first I don't understand what they mean until I experienced it. Even in seldom sports betting that I used to bet like 10 years ago, horse racing, I have this habit to change my bet but it really cost me big money. And definitely, it was painful and sometimes it took me days to recover from that mental trauma that I felt.

[giorgione]

So, how much did your mistakes cost? Did they cause you a serious psychological blow? What were your mistakes, did you learn from these mistakes and do you apply this knowledge in practice now? Were these mistakes simply painful, dramatic or catastrophic?

I think that is the obvious part, mistakes really cost us big, like when you already know who to bet to and suddenly you have a change of heart in the last minute. Then when the game is over, your supposedly original bet win. So that is one of the mistakes that I have learn in the beginning. Don't you ever change your bet, I have heard this lessons to many old gamblers around me, but at first I don't understand what they mean until I experienced it. Even in seldom sports betting that I used to bet like 10 years ago, horse racing, I have this habit to change my bet but it really cost me big money. And definitely, it was painful and sometimes it took me days to recover from that mental trauma that I felt.

You must never back out, you must continue with the bet you have chosen and you must not look back, it is impossible that in certain cases the opposite will come out, it always works like this, every time you back out the bet comes out and punctually if you had left that bet you would have won, never back out

[TopTort777]

If I remember it correctly, my gambling mistake cost me 500 bucks. I have lost a bet and immediately made another hoping if I win it would cover my losses. Such a casual newbie mistake, a thing that everyone knows not to do, but emotions lead me to making that stupid mistake. I think years have passed since then, but those two huge losses in less than 10 seconds that has come one after another stuck in my mind Btw, I wish that this failure to stuck in mind for a very long period as a reminder and prevent making similar mistakes in future.

[swogerino]

I assume that people come to the gambling industry as inexperienced people. And in the process of their activities, they gradually learn from their mistakes. Unfortunately, some of these mistakes are dramatic and cause us quite serious psychological trauma. As a rule, this is due to gross errors and stupid persistent beliefs that push us to the edge of the financial abyss.

First of all, this is risk management and money management. The second is probably unsystematic play. Let me make a reservation that I do not mean casinos, as well as people playing "for fun". I mean sports betting.
So, how much did your mistakes cost? Did they cause you a serious psychological blow? What were your mistakes, did you learn from these mistakes and do you apply this knowledge in practice now? Were these mistakes simply painful, dramatic or catastrophic?

I think in sport betting mistakes do not cost as much as the mistakes people make when playing slot machines. There is that saying that goes, experience is the sum of all errors that we make as  the only people who do not make mistakes are the people that don't do anything in life. Personally I have been doing a lot of mistakes during my gambling years and luckily I have been far from catastrophic though some dramatic ones I have commit. I have learned a lot from such mistakes and now I am not gambling that much anymore thanks to such mistakes. So overall mistakes are not that bad when we learn something from them and we put those lessons to good use. From what I have learned in slots is that they are not truly random as they are advertised rather they have some patterns which they abide by.

[giammangiato]

My mistakes have actually only cost me time. I usually play small amounts and rarely withdraw my winnings when I win, but I keep playing. I've even gone overboard and gambled away all my winnings in 15 days. Losing them in just 5 minutes of playing has been a huge disappointment.
For several months, I didn't play anything at all, then gradually I made some small bets, and now I only play when I find the bet interesting or on a slot machine I particularly like.