Why Many Gamblers Ignore Risk Until They Experience A Big Loss

[arwin100]

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?

Many know the risk and just ignore it, because the first thing come up on their mind is they feel like being lucky today and they want to try their luck hoping to get some huge winnings.

Realization usually comes after those big losses, then people have this regrets on why they didn't take everything slow and think about that they didn't experience that those worse situation if they didn't exceed and gambling above on their limits. For many times we have seen this and greed of people is the prime reason on why those bad faiths happens. Great lesson to learn is don't exceed and pay close attention with the risk.

[Obulis]

Risk management is something different from gambling and it can be applied in gambling even from the beginning of gambling life (like allocating or making use of certain amount of dollars monthly after personal financial analysis and nothing more), some starts risk management not because of a major loss but can envisage the benefits, some apply risk management because of other peoples experiences and some because of their personal experiences but then there are those that their painful experiences as people can see and think changes nothing because they just keep up with the risk.

[Crakryptvest]

It is not as if these set of gamblers aren't aware of loss, some gamblers are go at taking risk and the only learn when they are  hit with big loss.
When I hear that a gambler lost a big amount of money, the first thing that comes to my mind is greed, if had some discussions someone that lost big money you'll understand that even as they are angry about their loss with the regret, some will tell you what if they were lucky, it means they aren't novice to the system, but one thing we must not play with as gamblers is risk management because it is the main reason why some gamblers are addicted today, there are losing that trigger chasing on loss, many gamblers understands this which is the reason why they choose to gamble wisely with their spare money to enable them be at peace with themselves if they eventually lose.

[Lannakosa]

Risk management is something different from gambling and it can be applied in gambling even from the beginning of gambling life (like allocating or making use of certain amount of dollars monthly after personal financial analysis and nothing more), some starts risk management not because of a major loss but can envisage the benefits, some apply risk management because of other peoples experiences and some because of their personal experiences but then there are those that their painful experiences as people can see and think changes nothing because they just keep up with the risk.

I believe that for a gambler, the most important goal is to avoid big losses, steer clear of excessive risks, and prevent such blunders. After all, rectifying the consequences of such mistakes is far more difficult than avoiding them in the first place. It is just like with illness, prevention is always easier than a cure. So, for any players who haven't yet taken huge risks or landed massive wins, I think your primary objective should be to avoid that path entirely. Do not give in to the temptation of a big win.

[Dunamisx]

It will be so obvious that some gamblers always think that they are going to win the bet as long as they already have confidence in such, but they never know that everything in gambling is not by confidence or determination, but how we can manage the risk, and also understand what is going to happen based on our decision.

[lovesmayfamilis]

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?

Not everyone will learn from their experience, especially in gambling. There are a lot of people here who know what it means to analyze, read, and learn the intricacies of games from the examples of others. Also, many people consider themselves exceptional from those who fall into the traps of the game, thinking that they are not in danger of such a disease as gambling addiction. I won't even deny that this is possible, since I consider myself to be one, but I have come to this; I also have experience in life of both losses and profits. There will always be different reasons for everyone.

You always need to be able to put yourself in the place where people say and ask, "Who are you?" Smart, who learns from the mistakes of others; or stupid, but with the hope of growing up, going his own way, and gaining his own experience. And how many lessons have you gone through to understand the purpose of gambling as one of the ways of entertainment?

[SPIDERMAN008]

If I say from my own experience, I learned to bet responsibly only after a big loss. Before that, I used to be risky, after a loss, I might have had a hard time managing my next money, I would have had a hard time maintaining my lifestyle, but I used to take risks consistently, but when I suffered a big loss, it was due to taking too much risk. At that time, I could not recover from it very easily. Then I had to keep myself out of gambling for a few months. After that, I avoided taking too much risk. I am not taking  that  kinda risk now. If I want to continue betting for a long time, I bet my amount smaller. But I never bet with the money I need. I maintain this very strictly. So that I never have to suffer a big loss in the future.

[Zadicar]

Risk management is something different from gambling and it can be applied in gambling even from the beginning of gambling life (like allocating or making use of certain amount of dollars monthly after personal financial analysis and nothing more), some starts risk management not because of a major loss but can envisage the benefits, some apply risk management because of other peoples experiences and some because of their personal experiences but then there are those that their painful experiences as people can see and think changes nothing because they just keep up with the risk.

I believe that for a gambler, the most important goal is to avoid big losses, steer clear of excessive risks, and prevent such blunders. After all, rectifying the consequences of such mistakes is far more difficult than avoiding them in the first place. It is just like with illness, prevention is always easier than a cure. So, for any players who haven't yet taken huge risks or landed massive wins, I think your primary objective should be to avoid that path entirely. Do not give in to the temptation of a big win.

Actually losses are inevitable, it is just that do matter on how someone would really be able to handle up things accordingly and not really just that expecting that you would be having that perfect winning streak and becomes profitable with gambling. Make sure that you arent that anticipating or expecting up that much because once you would be having that kind of anticipation then you do lost then it would really be that making you impulsive and if it happens then it will really be that resulting on putting up even more money or making deposits then you would be making your loses that even more deeper and thats something that you do need up to consider out and be careful with that kind of mentality because once you cant be able to control it then it will be leading into disaster and this is something that you must avoid. You would be able to avoid it out if you arej ust that sensible into your actions and not tolerating that anger or greed whenever you do play gambling.

[YOSHIE]

Why Many Gamblers Ignore Risk Until They Experience A Big Loss

The urge to win, even if it is false, creates illusions and cognitive biases that often lead gamblers to have their brains hijacked to ignore the risks of gambling, Even though they know about the risk of loss and so on, they still don't care about it, they want to continue placing bets.

Many of us have the illusion of control, where we think we have the skills or strategy that can beat the dealer and the confidence to win, in fact they know that gambling in general is purely a result of luck. This is the nature that often makes people often ignore the risks of gambling.

[Accardo]

I believe that for a gambler, the most important goal is to avoid big losses, steer clear of excessive risks, and prevent such blunders. After all, rectifying the consequences of such mistakes is far more difficult than avoiding them in the first place. It is just like with illness, prevention is always easier than a cure. So, for any players who haven't yet taken huge risks or landed massive wins, I think your primary objective should be to avoid that path entirely. Do not give in to the temptation of a big win.

Gambling fallacy is an unconditional believe for most players, flipping a coin 10 times and it lands on head consecutively ten times, tells, to an average player, more reason to go for the tail on the 11th flip, forgetting that the previous event makes no change to the next outcome, players unconsciously will judge a gaming outcome from past events, this also happen in sports events. In roulette games, if a wheel continuously hit red 15 times in a row, gamblers in the room could bet their life savings on the next wheel to hit black. It's natural instinct, no strategy or management skill evicts this temptation, unconditional it is, and that it'll remain to be for both responsible and irresponsible gamblers. 

[purple_sparkles]

I think there are strategies that can work quite well in gambling, but like everything else, they evolve and become more complicated over time. Casinos and bookmakers do not stand still either, they continuously improve their algorithms because their goal is to make a profit, and that profit is ultimately built on someone else's losses. The reason people are drawn to gambling is that it can never be completely predictable. What is not fully known is often much more attractive than what we already understand and can predict in advance. Our brains become interested because they do not know exactly what the final outcome will be. That uncertainty creates excitement. We experience anticipation, hope, and the possibility of a reward. And the fact that the reward is not easy to obtain makes it feel even more valuable and satisfying when it finally comes.

[Smartprofit]

In my opinion, the problem here is not so much a lack of life experience as a lack of a good education. 🙋

To properly assess risks, it is necessary to study the theory of mathematical probability, game theory, logic, and other similar scientific disciplines. Humanity, through biological evolution, has not acquired an innate ability to assess risks. This, in my opinion, is not surprising... In complex life situations (for example, when attacked by a saber-toothed tiger), there is no time to calculate probabilities. You must either run, hide, or fight.

As for gambling, during such games, a person must perform complex mathematical calculations in their mind to maximize winnings or minimize losses. Not everyone is capable of this. The situation is further complicated by the fact that gambling always includes a significant element of chance. Therefore, many people completely turn off their brains while playing, relying solely on magical thinking. And sometimes they even win! But more often, this leads to their losses... 🤷

[Aanuoluwatofunmi]

It is not as if gamblers are not aware of the risk in gambling that they can lose or win a bet, but everyone wanted to make an attempt to also see what will happen at the end over any decision taken by them, but one thing they left behind is in having the ability to take it as it may come, because some are taking the risk that they cannot bear, it is unfortunate that many have been in trouble as a result of irresponsible gambling, don't ignore the risk, just see that you can afford it before you Gamble and take the risk.

[Wakate]

It is not as if gamblers are not aware of the risk in gambling that they can lose or win a bet, but everyone wanted to make an attempt to also see what will happen at the end over any decision taken by them, but one thing they left behind is in having the ability to take it as it may come, because some are taking the risk that they cannot bear, it is unfortunate that many have been in trouble as a result of irresponsible gambling, don't ignore the risk, just see that you can afford it before you Gamble and take the risk.

Gambling and ending up losing money should not be a problem at all but the most important thing is for gamblers to gamble responsibly. When you are gambling and you are observant to know when you are going to extreme, that alone can reduce your chances of losing more money to gambling in the future.

[justdimin]

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.

I agree, gamblers are not idiots, they are not losing because they can't see the obvious, they can, they know it. The problem is that when you are a gambler and you are willing to take risks then it is literally in your nature as a gambler to take a risk on doing something people say do not do it.

I mean by logic, there are people who jump out of planes willingly because they believe the parachute would stop them from dying, and many do not die too. Compared to that, you think gambling with a big risk is bad? I rather gamble my entire money away on a lottery ticket than do that lol, I rather just burn my cash than do that lol.  So yeah, they are "aware" they just ignore it because this is way more fun to ignore the risks and gamble it.

[Webutxo]

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.

It's not like gamblers don't see risk, they do but the problem here is that they ignore it and focus on winning. Many gamblers have this sense of thinking they can win in gambling, the over confidence is the first mistake many of them make even if the signs are there that they are going to lose, the confidence makes them think they can win and in the end, they don't, they lose and people that have quick conscience quickly stop, the ones that are stubborn don't.

Gambling is supposed to be fun, the money can be source of motivation but if you can't think of anything but money in gambling and don't look at how gambling can take everything from you, there is high chance that you are going to lose everything to gambling. I always tell people, if you see people doing what you don't know, don't ever leave your strategy and follow their own, there is chance that you will not see what you are even looking for in the first place.

[shawonngp]

As we all gamblers know, gambling is a high-risk task; there is no guarantee of winning, yet why do we get involved in gambling? Because we don't care about profit or loss, we try to get experience, and many people start gambling, thinking that gambling is the way to get rich overnight. In gambling, we continue gambling until we take a big loss, and maybe we stop when we face one. Indeed, it is not easy to control emotions in gambling, even after setting a budget limit, I exceed it many times and make big losses. It is not always possible to execute planning at the right time in gambling.

[Leahized]

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.

First of all gamblers should avoid making wrong decisions because it is not easy to get rich through gambling. Rather, those gamblers are more economically damaged, which they cannot believe in the future. I think, one should not learn too much through gambling but should move forward through hard work in real life. Because the winning percentage is very low according to gambling statistics. And speaking of long-term investment. Not possible by most people because our mindset is to make a profit very quickly. Which will not be implemented according to the current situation.

[Queen uloma]

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.

I agree, gamblers are not idiots, they are not losing because they can't see the obvious, they can, they know it. The problem is that when you are a gambler and you are willing to take risks then it is literally in your nature as a gambler to take a risk on doing something people say do not do it.

I mean by logic, there are people who jump out of planes willingly because they believe the parachute would stop them from dying, and many do not die too. Compared to that, you think gambling with a big risk is bad? I rather gamble my entire money away on a lottery ticket than do that lol, I rather just burn my cash than do that lol.  So yeah, they are "aware" they just ignore it because this is way more fun to ignore the risks and gamble it.

I agree with you gamblers are not fools. Most times they know the risk  involve and they even see the danger clearly. The  problem is that gambling itself attract people who like taking risks. So even when they tell them don’t gamble, some will still go ahead because they believe that it may win, Just like people who enters plane with parachute, they know the danger but they keep doing  it, because of excitement and they believe that things will end well. Its same mindset that gamblers have. They neglect the risks, because they are hoping that they will win more because of overconfidence, The truth is that excitement cannot replace consequences. Taking risk can be for fun but gamblers still needs discipline and limit because once emotion take over, what seems to be fun can turn into serious regret.

[sana54210]

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.

Yes, and nothing teaches you better than experiencing something yourself. There is a reason gambling is looked upon as a bad thing and even a sin by some people and religions. When you are gambling, it's a different feeling that only someone who has gambled can truly relate to. When you're winning at Keno and the numbers keep hitting, you get a feeling that I don't think many other forms of entertainment can provide.

Now there are tools such as deposit limits, wager limits and some even provide hourly limit where you can set how many hours maximum you want to spend, and after that period the casino logs you out.