Why Many Gamblers Ignore Risk Until They Experience A Big Loss

[Queen uloma]

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.

The truth is that, risk doesn’t show itself immediately. A person may make several careless bets and still end up winning. This can make a person believe that they’re making a good decision, whereas it’s luck that Favor’s him. But once they encounter one big loss, that’s when reality show up. It’s at that time many gamblers start to understand the importance of emotional control, discipline, and bankroll management. Some people even discover that the money they have lose in one bad day can wipe out weeks or months of previous winnings.

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?

[Hispo]

...

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 is that way with almost any aspect of life: love, money, careers and even friendships. People can tell you most of the things which are likely to happen to you down the road, but in the end, it takes something hurtful to happen in order to learn the lesson and for that lesson to stay inside your head.

If people easily learnt from the mistakes and experiences from others, then there would not be so many people in debt because of gambling, divorced and I am sure many people would have not died prematurely because of their recklessness.

When comes to gambling we experience some kind of dissociation, we believe we are "different", "special" or "smarter" when compared to the rest of people who are losing money to casinos and bookies, we get cocky and increase our risk tolerance, until we commit and blunder and get a reality check.

That is something we I have discussed before on this section of the forum, I think.

[nimogsm]

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?

Still, most players learn from their mistakes. You can endlessly listen to advice and moralizing from others on how to do something better, but until you try it yourself, you won't understand the outcome. Gambling is exactly the same: sometimes the risk can be justified. Forbidden fruit is sweet, and a person will always be tempted to do what others are forbidden.

[Bitcoin.com97]

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.

[Agbe]

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.

If a gambler has been instructed with all things you have mentioned and still losing big amount without risk management is caused by greediness. But if the gambler was not an average gambler or low stake gambler but high stake gambler who stake with $1,000 minimum and loss such amount is not a greedy gambler but it would be a normal because that is the level he has created for himself to gamble. But a gambler who was gambling with $5 to $50 increases his stake to $500 and loss them all. I will say it is greediness because he was planning to win big without considering the risk involved.

[adultcrypto]

Just like you stated in your conclusion, experience teaches people faster than anything. Those who fail to take risk management seriously usually find out the hard way which is paying huge price for their actions. Gambling is not a game that someone can mess around with because the risk is huge and involves 100% of every money used to bet a game. To last in gambling,  it is not only regular winning that is required but being able to many money properly.

[Findingnemo]

Even when they know the risk involved in such bets are high, and they should not do it if they are thinking straight but still somehow most of them believes that they got it under complete control and what can go wrong if everything worked in our favor until now are the excuse for their reckless decisions until it ends up on the other side and has to take the bets more seriously when it happens.

I mean humans are incapable of learning anything unless they become a victim first.

[r_victory]

When dealing with gambling, there's no way to ignore the risks. Most gamblers are already aware of them. Unless you think there's no possibility of losing, or you're a novice who was persuaded to gamble by someone who said it was easy to win and not risky.

I didn't need to lose to know it was risky; it's more than obvious.

[Nwada001]

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?

In my own experience, don't teach what advice can't teach, but for some, experience is the only way they can understand what they were advised about better. There are people who are good at learning and understanding through theory alone, while we have those who, if you don't take them to the field and conduct practical activities for better understanding, won't easily grasp it; different players have different ways of how they treat their gambling journey.

[Charles-Tim]

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?

Some people that are very rich and not looking for money through gambling can not be affected with the bad consequences of risking too much on gambling because they are only risking what they can afford to lose to gamble. But people will just have to learn after several losses. I have looked for money with gambling before, but it was not successful, I believe most people that are gambling would have experienced this before and learn from it. It should not be too late and it should not first lead to addiction before realizing the mistake.

[ryzaadit]

Cause fallancy or chasing a losses.

Have you ever meet those ? I'm having those fallancy a couple time, we chase it and needed several lossss or deposit until win bigs. Some people even win bigs more than the money he was deposit on the last deposit.

Thats why people chase it until losing all of their money.

[nara1892]

As the saying goes, "experience is the best teacher," this is an undeniable fact. Life is not actually taught in school. This means that I agree that gamblers will most likely only be able to practice risk management and other things that are bound by limits when they have experienced something bitter and painful. On the other hand, this is also the reason why many gamblers continue to violate the limits they have set or the advice given by others that lead to limits.

[Fiatless]

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?

I don't know about others but I learned how to control my gambling activities through experience. I had some losses that were far beyond my budget and it affected my finances negatively. I had to work very hard to cover the financial losses in order to cover my financial obligations. The few responsible gamblers I know also had some bad experiences before they changed.

[Pandu Geddon]

Experience is always the best teacher for anyone. From our own experiences, we can correct ourselves and make improvements. But it's also possible for gamblers who, from the start study and learn from the experiences shared by other gamblers. If beginner gamblers can apply good discipline, I think it's not impossible for them to be responsible and gamble better.

[justinlamode]

Gambling is all about taking risk and so long as you continue to gamble, you are bound to experience losses. Just that some people risk more than they can afford to bear which hurt them badly.  Also don't forget that people are wired differently, some learn from what happened to others while some learn from their personal experience so there will always be people that will not take risk management seriously until they have seen a good reason to do that through their experience. Wether through personal experience ot that of others, as long as lesson is learnt, it should be fine since we already know that gambling is all about risk.

[danadc]

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.

[Oasisman]

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.

The truth is that, risk doesn’t show itself immediately. A person may make several careless bets and still end up winning. This can make a person believe that they’re making a good decision, whereas it’s luck that Favor’s him. But once they encounter one big loss, that’s when reality show up. It’s at that time many gamblers start to understand the importance of emotional control, discipline, and bankroll management. Some people even discover that the money they have lose in one bad day can wipe out weeks or months of previous winnings.

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?

Yeah, some people understand how the risk of an uncontrolled gambling habit can affect their life both financially and emotionally, just before they even experience it. They are the people who are exercising risk aversion and foresight, and they are the example of "real" responsible gamblers.
But for most gamblers, including me, we all had our fair share of those heartbreaking losses, those endless chasing of losses, and stuff that gets us trapped in a gambling cycle where we are no longer profitable but burning more money.
Not unless you're in the deepest part of gambling addiction, everyone will eventually realize the importance of setting limits for themselves, and this will be the only time we call it "lessons from experience".

I believe all understand the responsible gambling advice mentioned above, but it's almost like our minds are fixated on the thoughts that we are always in control when we play in the casino.

[Charcol]

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 is not necessary to suffer a big loss to learn risk management. A conscious person can also learn from the experiences of others. But the best way to learn risk management without loss is to keep a limited amount of money aside for gambling, excluding expenses, not to gamble with borrowed money, not to increase the amount of bets greedily even if you make a profit, and to stop playing if you exceed a certain limit. By keeping these few things in mind, a person can learn risk management without incurring a big loss.

[Peterfun888]

It's human nature, really. When you're winning, you feel invincible; when you're losing, you feel like the system owes you a comeback. It’s a vicious cycle. Honestly, I think the only way to play without losing your mind is to treat the deposit like money already spent on a night out—if it comes back, great, if not, you've already accepted it as the cost of the entertainment.

[Dunamisx]

Some will always look at gambling from the initial stage before betting, some will also take further steps to stake big neglecting the fact that they stand the chance to lose or win, only to realize that after placing their bet and lose, then their eyes open, that they wouldn't have taken such risk the took in placing the bet, must we make mistake before we realize we shouldn't have, must we learn from our mistakes before we know what to avoid, this is why many put themselves in danger because they don't plan and caution their self in a more discipline manner in gambling.