Why Many Gamblers Ignore Risk Until They Experience A Big Loss

[Tetu100]

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?

That has been the nature of human being, we love learning by hard and terrible experience. If you like advice a gambler that is mean from now till tomorrow, what he has in mind to do is autually what he will end doing, all your efforts in talking some sense into him will all fall on deaf ears. Unless some few gamblers that has this in build discipline mindset in them and also know the disaster that's pretty involved in doing otherwise.

[AmaGold70]

If you are gambler, it is necessary to abide by the gambling rules, this will help to save you from many disaster that you would have encountered. Gambling can sometimes give you an emotional imbalance, more especially when you are not favoured. Sometimes we are the cause why we spend more than expected, and incure losses more than necessary. In the first instance, we understand that when you follow this necessary rules as a gambler, you will still make losses, but you exercise control over your gambling lifestyle, you will be able to manage your risk properly. But in a situation where you gamble neglecting these important gambling rules, you spend more money, and possibly you might even get addicted.

[TopTort777]

I think many gamblers have too much trust in their skill, luck and experience, even though they are hard to measure. Gamblers think that they are now elite gamblers and high risk bets works for them as regular bet. They think that if there are millions gamblers around to world, then probability of them losing is lower. They think they know and seen already everything, making them prepared for everything. They believe that if they had already a big loss, then they wont be having it again (again probability theory). Last but most common reason - people are stupid and think they are somehow special.

[Somegory]

It's a drive, right from the beginning of a gamblers journey, the dream was to make alot of money by gambling and escape poverty, what do you expect? When you have zeal on the wrong things you will waste all your energy and learn the hardest way.

I can get rich if I hold Bitcoin for many years, but trust me, many peoples aren't ready to hold Bitcoin for that many years to come, they look at 10 years as if it's impossible to become the past.

Learning is just the way of life, so it's good that most of them ended up learning the hardest way, it's very normal.

[SuperBitMan]

When I started gambling I was not actually bothered about risk management it was when a lost very huge amount of money that I understood risk management and the reason why I needed to see gambling as an entertainment and why I should use only my discretionary income to gamble, I’m sure that a lot of people will never understand risk management until they have lost huge amount of money, when you tell some gamblers to apply risk management or you tell them to use only their discretionary income they will not take you serious until they have lost good amount of money.
We all needs to understand that in gambling experience is the best teacher, so I really don’t bother myself advising any gambler because I know as time goes on his going to learn better.

[Altryist]

 I don't think they ignore the risks, rather every gambler tends to believe that a major loss won't happen to them. They think this way until they experience one of those significant losses themselves. I believe that most people understand how high the risks are in gambling, but very few truly expect those risks to affect them personally. After a major loss, many enter a stage of disappointment and either try to recover their losses by continuing to gamble or decide to quit gambling altogether. In fact, I think that for some players, the second option may be the more appealing one.

[Zigabel]

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?

Somethings are better experienced than said, some gamblers can be told everthing, taught every way of gambling responsibly but will never apply them untill the day they eventually suffer a loss that hits them so bad, then they will learn by their selves how not to be reckless with gambling, they will understand better the principles that has been taught them and then they will be able  to apply it better for their own good because  they have been hurt by not listening.  These are actually a separate set of gamblers.

There's another set that will learn from been told or from seeing another gamblers experience, so invariably, they may not have to experience it first hand for them to be able  to understand the consequences of not gambling responsibly, not following the risk management rules. So for some gamblers, experience has to be the best teacher meanwhile for some others, it doesn't necessarily have to be experience, they learn from others.

[Dr.Bitcoin_Strange]

After the big loss has been experienced by the gambler, that's when reality hits hard on the person, that's when all the advice flashes right before their face and then they enter a mood of blames and regret, some would learn to do better next time, while some world not learn anything but instead they activate the mood to chase the loss and get it back, at times they can be lucky to win it back while at times they are not.

[Cityhunter34]

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?

Of course, personal experience is the best teacher, because you might not believe someone if you haven't experienced it yourself. Although most gamblers don't usually wait to get hurt before they learn, without even being told we are always supposed to be aware of the risk involved in the game, because gambling has more losses than wins.

Honestly, gamblers need to learn risk management on time, because that's exactly the best way to prevent yourself from getting caught up in gambling.

[len01]

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 rarely advise anyone who gambles recklessly, and I don't even want to interfere in their finances. This is because, in my personal experience, no matter who advised me, I never listened and always ignored them. But everything changed drastically when I lost most of my valuables, and that's when I began to realize the worst thing I'd done.

So, I think it's rare for a gambler to understand risk management without some experience, or at least some losses. This way, they know what to avoid to remain a responsible gambler.

[Hewlet]

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?

That has been the nature of human being, we love learning by hard and terrible experience. If you like advice a gambler that is mean from now till tomorrow, what he has in mind to do is autually what he will end doing, all your efforts in talking some sense into him will all fall on deaf ears. Unless some few gamblers that has this in build discipline mindset in them and also know the disaster that's pretty involved in doing otherwise.

In general, there's a huge difference between talk and action and that you know something doesn't mean that you are capable of implementing it. Three are several stories of past and present gamblers that have gotten it wrong and one will think those coming into the system will learn from their mistakes but it's always deficult to learn from those mistakes. Everyone always feels like they are a different breed and that what happend to other gamblers won't happen to them. Unfortunately, no one is too special that he can't get it wrong in gambling if he doesn't take the right steps.

No amount of advice will change a gamblers mind from doing what he's set at doing. Most times, you've got to let him be and slow him learn his lessons himself. Sometimes, you've got to have a first hand knowledge of some things for you to appreciate it.

[Barikui1]

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?

Learning risk management starts with how the said gambler takes gambling for, because if he takes gambling just for fun, he will gamble with what he can afford to lose without anyone telling him to do so, but if he is taking gambling as a means of making money, managing his or her risk will be very difficult, especially when the said gambler is chasing losses, because they just can't walk away when they are at the losing end. So it's more easier to manage your risk properly when you are taking gambling solely for entertainment, not when you are seeing it as an opportunity to make money.

[maydna]

Gamblers take all those things serious but following to the result they get, they slowly change and start losing control while that affect them to continue playing without care what happened to them. Even they get a big loss, they will not stop easily but they still want to recover their losses.

But if they starts to get a big loss and aware, they could regret without having a chance to recovers because they already losing much.  They really need to manage themselves and aware of the risks that might occurs so they can prevents that happens.

Gamblers can learn risk management for their own good but they can learn from others experienced so they can get the point how to manage the risk.

[LastKiss]

Gamblers take all those things serious but following to the result they get, they slowly change and start losing control while that affect them to continue playing without care what happened to them. Even they get a big loss, they will not stop easily but they still want to recover their losses.

But if they starts to get a big loss and aware, they could regret without having a chance to recovers because they already losing much.  They really need to manage themselves and aware of the risks that might occurs so they can prevents that happens.

Gamblers can learn risk management for their own good but they can learn from others experienced so they can get the point how to manage the risk.

High risk high return is what many gamblers think when they gamble, they're expecting the rewards to be big but unfortunately, it's not that easy. In reality, most of them end up spending more money than they win. Once their budget is dried up and they experience significant losses they start wondering when that big return will finally come.

And later on, just like you said many of them end up regretting their decisions for spend that much money altough they know the risk they still doing that, some of them learn from the experience and change the way they gamble by managing their bankroll properly, setting limits or treating gambling purely as a form of entertainment rather than a way to make money.

[|MINER|]

The simple answer here is that most gamblers are greedy and therefore cannot correct themselves until they experience a major loss in gambling.
There are even many gamblers who become more receptive and more addicted to gambling after a big loss because they want to recover their losses and even though they take out loans to recover their losses, they end up gambling and losing more money later.
But personally, I think most people initially ignore the issue of risk and only become aware when they face a little more loss, but so far at least I think it's good because it's better to recover from a mistake.

[Dunamisx]

Every Gambler have the perception of what is good and the one that is bad for them to take as a decision in gambling, but sometime we try to risk ourselves on some other unnecessary things, that we have passion for gambling does not mean we should go extremely high in taking decision that will later affect us, this is not about tempting to see what will be the outcome of a gameplay, but a kind of foolishness that does not makes us to accept our fate to gambling outcome when we lose.

[YellowSwap]

Almost all gamblers knows what gambling is all about, apart from those kids who got influenced by their class mates, there is always a brother or neighbour who lives close by and he is a gambling addict.

The problem is the feeling of been different from those who are losing or those who have become an addicted gamblers, some people thinks that they are special in everything, they have forgotten that been a specialist is always on one thing only.

Even investments comes with risks, the world smart millionaires have advice people to always invest only a percentage of their income on any assets, and that's because the chances of something bad happening is still on the table.

[Sammye3]

Some gamblers are risk takers while others gamble with caution. Every gambler has a peculiar partern that works best for them and it cannot be criticized because that is their way of enjoying gambling.

There is this friend that would always play one big impossible odds every weekend in the Premier League football games without an ounce of fear or doubts that the game could fail, would you believe that?

 It is just the way he enjoys playing, and then on very few occasions he actually wins the bet and that kind of covers up for the incurred losses over time. So some gamblers do not ignore the risk but rather take the risk with a potential loss in mind.

[Decimetre]

Some gamblers are risk takers while others gamble with caution. Every gambler has a peculiar partern that works best for them and it cannot be criticized because that is their way of enjoying gambling.

There is this friend that would always play one big impossible odds every weekend in the Premier League football games without an ounce of fear or doubts that the game could fail, would you believe that?

 It is just the way he enjoys playing, and then on very few occasions he actually wins the bet and that kind of covers up for the incurred losses over time. So some gamblers do not ignore the risk but rather take the risk with a potential loss in mind.

Real gamblers a proud risk takers and they believe that the higher the risk the better the chances of making bigger profit. It is good to do what works for you as long as you have the mind to bear whatever consequences may come out of it. I have a friend too who plays only draws up to 10 in each ticket and if you ask him to reduce the numbers, he will say that it's either he makes it big or loss completely. He believes that making small cash in a bet is a waste of time. Some of these people only stops gambling when they have no money at all, even after a big loss, they still bounce back and continue with their gambling. When someone is fully into gambling, he barely gives up because of losses.

[POPOLUV]

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?

I totally agree with you but on the second thought, i don't really blame those gamblers that are ignoring the risks that is been associated with gambling because life is full of risk itself, it is just few gamblers that are very lucky to experience a huge winning when they didn't expect or see it coming, there is something you should know that we take risk to win and most of the gambling that has not experienced any reasonable winning, is because they failed to understand the power of taking risk in gambling, so i will advice that taken risk in gambling is not a bad idea but be wise when making some conclusions with your prediction.