What Does ‘Only Gamble What You Can Afford to Lose’ Really Mean?

[Fivestar4everMVP]

We always hear the line “gamble only what you can afford to lose.” Most people interpret that as: keep your bets small. But is that really the meaning?

Think about it, not everyone has the same financial status. What looks like a “small bet” for one person could be huge for another, and vice versa.

For a high roller, losing $10,000 might be nothing. For someone else, even $100 is already reckless.

I saw a post where someone lost big money and people were quick to say he was betting recklessly and “couldn’t afford to lose it.”
But who decides that? If his financial capacity is different, maybe for him that amount is affordable.

So here's what i like to ask..
[1] Is “afford to lose” about the actual number (small vs big), or about your own financial situation?
[2] Does betting a large sum automatically mean you’re being reckless?

What do you think guys?

"Gamble only with what you can afford to lose" simply mean exactly as it is written, what one can afford to lose isn't talking about numbers, it's talking about your financial capacity, some with alot of money can easily afford to lose $10,000 and even much more and it won't shake them as this money is just like $10 or even as little as $0.10000, so this is what this person can afford to lose and it's completely OK..

On the other hand, a poor man can only afford to lose maybe $5 per game session or even in a week or the whole month depending on how much they earn and this is completely OK as well, everyone to their fiancial capabilities.
We discover that when a poor man can only comfortably lose $5 and it won't shake him, if he tries to gamble with a higher amount like $10, and lost it, he will surely go through  some financial stress, pressures as a result.

So, in the nutshell, "gamble with what you can afford to lose" is talking about our financial capabilities and not really about specific numbers or figures.

[GreatArkansas]

[1] Is “afford to lose” about the actual number (small vs big), or about your own financial situation?

It means you are prepared to lose that money in gambling, whether it's a large or small amount, depending on your financial situation... Being able to lose means you won't lose everything, you still have money left or you set aside 1-5% for gambling.

[2] Does betting a large sum automatically mean you’re being reckless?

Yeah, it's reckless to gamble large amounts... For us, large amounts for gambling are irrelevant, but we don't know about high rollers who lose $10K... for us, losing $100 is already very reckless.

We can give real real-life example here..

Let's say you have a family and your budget for food every day is $50, and every day you earn $100 for work or any other source of income.
If you lose $100 for a day in gambling, you will not feed your family for the day.

It means that it is only your financial capability, losing more than you earn is already you can't afford to lose, like you are losing a day of food for your family in gambling is already too much.

[danherbias07]

I think it depends on the financial situation. Let's say a person who makes $1000 a month can afford $100 to gamble, while the other person with a salary of $10000 can afford $1000 to gamble. But there are circumstances when a person is thrifty and he/she will probably just half of that "afford to lose" money.

The important part of that rule is abiding by the rules. If your budget is just $100 for a month, stick with it. That's the "afford to lose" number, don't go beyond it.

[jcojci]

If someone places a big bet but he cannot afford to lose, he is making a mistake. Playing gambling can cause him to lose, so he needs to realize the risk of losing money and not place a big bet to avoid a big loss.

It is not about the actual number but it is related to your own financial situation. You can not risk too much money if you can not accept the loss. That is why you can only place a bet using the money you can afford to lose.

Doing that can save you a big loss because you could only risk a small money. You will not let yourself place big or become greedy because the loss can come to you anytime.

[Cointxz]

This topic was already discussed many times here in gambling discussion board but due to many perspective of each person we can’t define what’s right or wrong among all this bunch of replies with their opinion.

I’m starting to think to compile what’s the most logical and accurate take on this subject matter to avoid keep repeating the discussion for this.

It’s very simple for me. It’s betting a money that you don’t want to let go for the sake of just gambling.

[Shinpako09]

Of course, it depends on your financial capability. It’s not about the number. We all have different financial situations, which is why the amount we can afford to lose also differs. But even if you can afford to lose $1k per bet or $10k seems like nothing to you, if you’re gambling your savings or the money meant for bills, I think that’s still going beyond your means, coz that’s already out of control.

[Rockstarguy]

[1] Is “afford to lose” about the actual number (small vs big), or about your own financial situation?

It is about your financial status. Your financial status will determine what figure will seems to be small for you. Your financial status will determine what will be consider small or big.

[2] Does betting a large sum automatically mean you’re being reckless?

Yes  if it is an amount that you can't afford to lose. In gambling everyone has a limit,  what is seems big can be small for others and what seem small can also be big for others. So as individuals if it seems large for you and you know you can't afford to lose it, then it means you are gambling recklessly.

[mirakal]

So here's what i like to ask..
[1] Is “afford to lose” about the actual number (small vs big), or about your own financial situation?
[2] Does betting a large sum automatically mean you’re being reckless?

What do you think guys?

That depends on our financial status. But this highlights the wrongdoing of poor people who come to casinos and gamble despite limited money. And some of them are sacrificing the needs of the family for the sake of their gambling addiction.

This will not be a problem for rich gamblers, but this will be a problem for those who struggle to earn money. Just gambling the money that we can afford to lose is just a reminder that we should stick to our limit, as exceeding it will not just ruin our finances but also create future problems.

[YOSHIE]

So here's what i like to ask..
[1] Is “afford to lose” about the actual number (small vs big), or about your own financial situation?

Point 1 Everyone has a diverse understanding of the money used for gambling.
I personally have meaning, money can lose, This means that I gambling is not a person's money, loans or salaries that really money is used for daily needs in the household.
Money can lose, the money that I use money from other income, can be tip money and so on, if you lose gambling is not a burden for me.

[2] Does betting a large sum automatically mean you’re being reckless?

Yes, surely no one knows the future fate, luck or unlucky, gambling is a game, losing and winning part of the game, meaning that a large amount loses you fell, if you play in small amounts, meaning that if you lose, of course there is still an opportunity to bet again.

[panjul07]

[1] Is “afford to lose” about the actual number (small vs big), or about your own financial situation?

For me it is simple, afford to lose means that the amount which will not give me financial issue or other issue if I lose it.
Some people may have what is called by gambling funds, funds which is managed after they calculate what they have wisely so this funds can be said as free to use without any worries if this funds gone fast.

[2] Does betting a large sum automatically mean you’re being reckless?

Depends, large for us does not mean large for others because gamblers has different financial situation.
As long as the large sum is an amount that a gambler can afford to lose, it can be said as being reckless.

[Japinat]

[1] Is “afford to lose” about the actual number (small vs big), or about your own financial situation?

For me it is simple, afford to lose means that the amount which will not give me financial issue or other issue if I lose it.
Some people may have what is called by gambling funds, funds which is managed after they calculate what they have wisely so this funds can be said as free to use without any worries if this funds gone fast.

But do you always think about the thrill when you’re gambling too? i mean, when you say you can afford to lose, shouldn’t it still hurt a bit when you lose? because that’s the only way you actually feel the thrill, right?

Like for example, if i’m gambling and only betting $1, yeah i can afford to lose that, but deep inside it doesn’t bring any excitement. maybe $10 would give that real thrill, something that makes you feel involved in the game.

[viljy]

[1] Is “afford to lose” about the actual number (small vs big), or about your own financial situation?
[2] Does betting a large sum automatically mean you’re being reckless?

What do you think guys?

I think that this reasoning is pulled out of thin air. Since it is quite obvious that this recommendation clearly shows that the threshold of the amount that a person can painlessly lose is different for each person. Accordingly, betting on a large amount does not mean that a person is insane if he has the surname Rothschild.

[giammangiato]

The question may seem trivial, but it's actually an important one.
Let's start with the principle that gambling is equivalent to losing money 99% of the time.
Managing your family finances is important; a practical example might be this:
You earn 2,000 from your job, but to support your family, you need 1,500 a month for electricity, gas, a car, food, and everything else you need to live.
You have 500 left, and then you decide what to do with that 500. The right thing for a gambler to do is use 100 for the entire month, then 25 a week, and put the rest into investments and savings plans.
But everyone manages their finances as they see fit; the important thing is not to spend more than normal on gambling.

[Slow death]

So here's what i like to ask..
[1] Is “afford to lose” about the actual number (small vs big), or about your own financial situation?
[2] Does betting a large sum automatically mean you’re being reckless?

What do you think guys?

The point is this: when you or anyone else has $10 to buy beer, to watch a movie, to dine at a restaurant, to go to an amusement park, to go to the beach, to go have coffee somewhere. Then those $10 are disposable, and an amount that when you spend it will not affect your bills. Therefore, since it is an amount intended for your entertainment, and gambling is a form of entertainment, then taking those $10 and playing will not be a problem if you lose all $10. Obviously, if you are rich, then your amount intended for entertainment will be much greater than the $10. In my view, that is what it is based on.

[mcdouglasx]

I understand it as a bet that doesn't cause you problems, doesn't alter your mood too much, and doesn't harm your economy. I think that's the key point of the phrase. It's obvious that economies differ depending on each person, so giving an exact figure wouldn't be correct. Although it can also be understood that a bet that is too high can be taken by some as recklessness even if that person has enough money, because it could be taken as recklessness, for example if that money could have been used to expand a business, but that is subjective.

[Fiatless]

So here's what i like to ask..
[1] Is “afford to lose” about the actual number (small vs big), or about your own financial situation?
[2] Does betting a large sum automatically mean you’re being reckless?

What do you think guys?

Gambling with what you can afford to lose simply means that you should stake the amount that will not affect your financial, mental and physical health negatively. Some people gamble with money that should be used for food or to pay for other bills. Some people react violently or suffer emotional problems after losing an amount. These are all signs of recklessness.

It does not mean using small sums but amounts that you can comfortably let go if you lose. It is using a part of your income that could be lost without any adverse effect.

If you can afford to gamble with a billion dollars, it's not reckless because maybe you own a trillion.     

[hedgeh0g]

I understand it as a bet that doesn't cause you problems, doesn't alter your mood too much, and doesn't harm your economy. I think that's the key point of the phrase. It's obvious that economies differ depending on each person, so giving an exact figure wouldn't be correct. Although it can also be understood that a bet that is too high can be taken by some as recklessness even if that person has enough money, because it could be taken as recklessness, for example if that money could have been used to expand a business, but that is subjective.

I think every bet causes some, albeit minimal, damage to every player, if not to their wallet, then to their emotions. This has a cumulative effect, so it's essential to limit your play to avoid losing on tilt. The key is to find the smallest bet that's least damaging for you while still maximizing your enjoyment. I think this is the most rational approach, but we also need to remember to strive for a winning strategy, not just play for fun, if we want to surpass average players and approach the pros. No one wants to lose their bankroll overnight because they can't afford to lose it, but in reality, things often turn out quite differently.

[Doan9269]

So here's what i like to ask..
[1] Is “afford to lose” about the actual number (small vs big), or about your own financial situation?
[2] Does betting a large sum automatically mean you’re being reckless?

1. The two in question should be considered here, we have to know what we can risk to lose and this comprises of the amount of money, the game as well being played, some play the games they don't know how to play, some make use of the features they don't know all it entails, some are just doing things the way they see them without proper understanding of what is required and the conditions attached before playing, now coupled with the amount of money we are going to risk in playing, could all these be affordable by us to risk?

2. Betting a huge amount of money shows that you're more inclined to knowing that gambling is not for making money, but a way of catching fun and knowing ones ability and limitations to an extent, once you're able to afford the risk of losing it, then you're not been reckless, because everything been done by younelis with an understanding of what gambling is and can afford to beat the consequences without any regrets.

[Mpamaegbu]

[1] Is “afford to lose” about the actual number (small vs big), or about your own financial situation?

The answer to your question is – it's about one's own financial situation. Yes, that's it. Elon or billionaire WB can afford to lose $1 million on a bet and not lose sleep or make anything out of it. That $1 million can be another's reckless gambling and in some cases, it can be someone else's net worth. Even as a trader, our lotsizes and leverages can't be determined by what others think is right or sensible. Every trader/gambler should be in that position to decide what's right for them. He who wears the shoes should know where they pinch.

[2] Does betting a large sum automatically mean you’re being reckless?

No, it doesn't. Further explanation has been rendered in my comment above.

[Joeboy]

It is not about the actual number but it is related to your own financial situation.

That's right what matters the most is one's financial situation..... This is cos there are some persons that if they lose a huge amount of money while betting they wouldn't be affected in any way, they would still be calm, able to sleep at night and whatnot, but then there are some folks that they become so restless and frustrated when they lose even though the loss is just a little amount