Why Many Gamblers Ignore Risk Until They Experience A Big Loss

[cryptomaniac_xxx]

Conclusively, experience  teaches lessons that advice can’t teach, many gamblers understand the rules but they don’t understand the value of those rules until they pay the price of ignoring them. My question is that, Do you guys think gamblers can learn risk management without them experiencing a loss or personal experience is the best teacher when it comes to gambling?

It's easier said that done to be honest, for sure we all know that lessons already. But when we gamble, our decisions are clouded because there are a lot of emotions involved when we play. And even if we remember that lessons, it's hard to follow it.

Until we lost all the money including our capital. And then we tell to ourselves that in the next time that we undergo this process, we will go and follow that rule. But still though, I don't think that we are going to learn because once we are winning, it's very difficult to stop.

[HelliumZ]

This is a natural process in gambling. Until someone faces a big loss, there will be no awareness in him. When a gambler makes a profit in gambling, he accepts gambling as one of the main sources of income and does not take gambling as a risk until he gets something negative from gambling. I have seen many gamblers who, after getting a lot of profit in the initial stage, have been seen to face huge losses and go bankrupt and lose all the previous profits. Then maybe some gamblers realize that gambling has appeared in their life as a trap.

[Ziskinberg]

Gamblers ignore the risk because their brains were hijacked with distorted logic that if they continue betting without setting limits, it will lead them to a maximum rewards and outcome. It became true for those few who were lucky enough, but end up as a disaster to those whose bets are against the market and have no luck.

However, when losses start to appear, risk management starts to sink in for them. I guess experience is certainly the best teacher, but its fees are heavy.

[livingfree]

It's easier to listen than to do it actually.

And that's why when we hear people giving advise to others, we take the advise as well.

But when we're the ones who do it, we're having more conclusion of what the reality is about the risk that we're taking.

We haven't calculated it based on what we've heard until it happens to us. Realization is always at the end when we hit big loss.

[Botnake]

I think it's becoming a general issue on gamblers ,,no matter the kind of advice given to a gambler they still allowed there emotions to get the better part of them ,which is the mindset that the next one will be favourable and that is how they keep losing ,but just as you have said ,if they master the act of discipline adding with bankroll management,the accessive risk will somehow be controlled,but if they failed just as you have also mentioned,experience is the best teacher ,they mistake and experience will shaping them in making some better decisions about gambling.

Emotions are the best enemy when gambling. Its hard to create a decisive analysis when your emotions are no longer aligned with it. But for some reason, if they remain emotional when gambling and experience a huge loss, that will teach them a big lesson in return, something that will force them to adapt proper risk management, or else the same mistakes and losses will continue to appear.

And yes, you are right there, with bad experience it will shape their wrong decisions and impulsive actions in gambling.

[Obari]

The truth is that, a lot of people are just fooling themselves and think they are winning as they might gamble away $100 this week an maybe win a $150 at the end of the end and think they are making progress, just to end up losing over $200 the next week and this type of pattern gets them trapped even without them knowing and in most cases they might thing they are making process which they're not.

Most gamblers don't even know who to draw the line and ignorantly chase after their losses after a major loss hits them because after the major loss, they just want to recover their starting capital and unintentionally start chasing their losses and we all know the repercussions of chasing losses.

My people would alway say that, you can't advise someone who's in love and also someone who believes they can fix their lives through gambling.

[Y3shot]

Many gamblers prefers to take the risk because of so mich confidence they have about gambling.  They feel they will always get a win in gambling. It takes good understanding of risk in gambling to go about gambling the right way. Their are some people who have experienced loses in gambling but they never learn feom it but the mindset which they have about gambling which you must take risk pushesthem to gamble more.  One of the reasons why gamblers take high risk in gambling is because of the money they want fepm gambling.

[Pi-network314159]

Conclusively, experience  teaches lessons that advice can’t teach, many gamblers understand the rules but they don’t understand the value of those rules until they pay the price of ignoring them. My question is that, Do you guys think gamblers can learn risk management without them experiencing a loss or personal experience is the best teacher when it comes to gambling?

Truely experience is the best teacher, it teaches what advice could not do. Advice could just help one to gather knowledge but that makes us to understand that knowledge is limited until expirience does it own. Learning personal risk management is good  but expirence will make you learn more compared to when yu don't even have a single expirence.

[BitMaxz]

My question is that, Do you guys think gamblers can learn risk management without them experiencing a loss or personal experience is the best teacher when it comes to gambling?

Even if you have risk management, you could still lose when gambling. This is a game of luck, and it needs a deposit. You can't gamble without money, but if you want to become disciplined, avoid big losses, and follow proper risk management, you won't make it seriously if you never experience them. Ignoring them will lead to addiction, and in the worst-case scenario, you'll lose everything if you don't understand why people gamble.

That's why you shouldn't ignore what other gamblers experience because they already experience the worst part, and they are just sharing something that can benefit us or help us avoid the worst-case scenario.

[alastantiger]

This is a natural process in gambling. Until someone faces a big loss, there will be no awareness in him. When a gambler makes a profit in gambling, he accepts gambling as one of the main sources of income and does not take gambling as a risk until he gets something negative from gambling. I have seen many gamblers who, after getting a lot of profit in the initial stage, have been seen to face huge losses and go bankrupt and lose all the previous profits. Then maybe some gamblers realize that gambling has appeared in their life as a trap.

Yes it is a natural something that happens to everybody, people have the intention of learning from their own experience than how they learn from others experience. Until it happens to them personally they will not learn their lesson and when it happens then they realize that they have been wasting money gambling when they could have used that money for something very important in their life and it would have given them more profit than what they are receiving from the games that they are playing. It is until a gambler loses a huge amount of money that he begins to plan his life very well so it does not happen again but unfortunately once they have started they can't stop it as addiction has stepped in hence they continue to lose money unless they get professional help and that is when they return back based on how discipline they become.

[bhadz]

My question is that, Do you guys think gamblers can learn risk management without them experiencing a loss or personal experience is the best teacher when it comes to gambling?

Possible if they have some other ways of taking risk like in investments. Although it's a different thing but the risk that they have experienced from the other areas can also make them say that they know and have learned risk management through it. We have different takes and ways about risk management. Some are good in it in words but in the actuality, they're not. Some are good through experience even if people think they're dumb and not good at it. So, it doesn't invalidate about experience as the best teacher but there can be some ways of determining it even without them not experiencing it yet.

[Furious 7]

Many gamblers knows all the advice that people gives them. They know about bankroll management, setting limits, avoiding chasing after losses, and self control. But the truth is that many gamblers don’t take all those things serious until they experience a painful loss. When a person  wins or lose only little amount of money, they usually believe that everything is under control. Because of this confidence, they will start increasing their stake, neglect warning signs and take bigger risks.

I think it goes back to the mindset of each gambler because some gamblers can believe it because they've experienced it and others will only believe it when they realize that they already have a tendency to follow greed over reason.

Many gamblers know that crossing boundaries including tolerating risk is a mistake but they won't make it a threat until they've experienced the repercussions for themselves.
But for those who have already experienced considerable repercussions including losing their money or property I think they will definitely try to come to their senses and make gambling more controlled.  We always try to tolerate it even if it's wrong but this can change (if the gambler realizes the mistake) when we already feel the loss.

[Joeboy]

...

Do they really know them? The answer is no they don't... Knowledge without actions is practically useless...About your question OP, I like to always think that experience is the best teacher as far as gambling is concerned..  Most gamblers turn deaf ears whenever advise are being dished out, infact many of this guys are very much aware that gambling is highly risky, yet you would still see them going to take loans just because they want to double the money... And no matter what you tell to that gambler, he/she isn't going to listen to advice, but they will understand better when they get burned once or twice..

[Julien_Olynpic]

Risk has a deeply philosophical nature. That is, the nature of risk is probabilistic, and this creates cognitive distortions in gamblers' minds, such as that they should get lucky this time, while losses and losses will come another time. Another time, when they won't be gambling, lol. Sometimes it's truly astonishing how gamblers deceive themselves. People generally love to deceive themselves, especially in gambling. And perhaps it's precisely in gambling that people deceive themselves the most.

[junder]

The number of gamblers who ignore the risk of suffering a big loss is because they are interested in the victory that can be obtained so that not a few gamblers choose to take risks such as betting like crazy just to get a win.

And it has become a case that is no longer strange with someone who has suffered a big loss because he ignored the risk, on the other hand, the big loss will not happen if we have good self-control, so try if you really like gambling, keep limits so as not to experience big losses. And by taking risks sometimes it is necessary but we must first see what things will be done, whether it is appropriate to take risks or not.

[ZeroVinsonN]

I say this from my point of view and from what happened to me when I was starting out in this casino world. We ignore a big loss because we think we're not going to lose, that's the real reason. It's not because we think otherwise, but because I thought I wasn't going to lose. That's why I always thought I was going to win and make a lot of money, and we believe that so much that when we realize we've spent a considerable amount of money, that's when we should stop.

this is mainly real for beginners who have basically no experience with gambling, they look at the system and tell themselves it will be easy to beat, I have been there, alot of gamblers have been there as well but it's different for someone who's been gambling for a while, most of them ignore risk until a big loss happens because they are desperate to win, desperate enough that they forget that gambling doesn't have any guarantee of winning with it, it's a risk game that pays whomever luck shines upon.

[Bryan jessy]

Some gamblers do not even learn from others experiences nor their personal experience, most of them just keep gambling hoping to win, the scariest part is if their first attempt fails the second fails, some still continue because of anxiety disregarding the amount they might lose while giving a try, some gamblers realized how much they have lost after they must have spent almost all they have, this is like learning the hard way some still continue betting, by borrowing and selling property properties chasing lose. Some learn fast and withdraw after losing.

[Die_empty]

Some gamblers do not even learn from others experiences nor their personal experience, most of them just keep gambling hoping to win, the scariest part is if their first attempt fails the second fails, some still continue because of anxiety disregarding the amount they might lose while giving a try, some gamblers realized how much they have lost after they must have spent almost all they have, this is like learning the hard way some still continue betting, by borrowing and selling property properties chasing lose. Some learn fast and withdraw after losing.

The problem is not spending all you have budgeted, but rather gambling with more than you can afford. There are times I gamble off my weekly budget for gambling on one sitting. The temptation to refund my wallet with money from other sources will arise. The ability to refuse such an urge and follow the budget strictly is essential. Those who don't learn from other people's mistakes will become victims. Those who also don't learn from their mistakes should seek professional help.

[swogerino]

Some people are so stubborn that they never learn, sometimes a greater force like God wants to teach them a lesson by making them losing a lot of money so they quit gambling as this is what going to happen to you if you continue down this path yet they persist in search of the impossible. There is no risk that can make these people learn a lesson as long as they have a clear objective of getting a jackpot or a huge max win. These persons are the compulsive gamblers that only feel joy in life when they are gambling, so desperate cases that is what they are.

[eisen33]

Some people are so stubborn that they never learn, sometimes a greater force like God wants to teach them a lesson by making them losing a lot of money so they quit gambling as this is what going to happen to you if you continue down this path yet they persist in search of the impossible. There is no risk that can make these people learn a lesson as long as they have a clear objective of getting a jackpot or a huge max win. These persons are the compulsive gamblers that only feel joy in life when they are gambling, so desperate cases that is what they are.

I don't think anyone here is trying to teach a gambler a lesson or anything like that. What we're seeing instead is a lack of responsibility. If a person is planning to gamble with large amounts of money while knowing that they are far from being a top gambler and have a long history of losses, then they should acknowledge that this bet could lose as well. Just relying on luck is a poor decision, and as a result, it can lead to a major loss.