Does Psychology Need to Be Added to Gambling?

[Free Market Capitalist]

You could only be talking about poker in this scenario when mentioning bankroll management as well, these things simply have little use in any other forms of gambling where you are likely just grinding your pile of cash down with not much control on the final outcome. In that case yes, psychology is one of the major factors which will separate a good statistics based player from an absolute pro because bluffing effectively can really boost your winning margin. Not only that you may even be able to deduce what your opponent is holding based on prior betting patterns and astute observations - you only have to watch some of the top pro tournaments to see people who are able to read their opponents very effectively.

You're right that this applies to poker, and I understand that it applies to sports betting as well. But not so much because of the examples you give about bluffing and reading your opponent's moves, but rather because of being able to weather both good and bad streaks (you shouldn't get too cocky during the good ones either and stop playing your best just because everything is going your way). That, and bankroll management, which also has a psychological component.

[CryptoYar]

It is likely that mind thinking plays bigger role in gambling than strategy and most people vastly miss true size of it. Most easily understood example is the one that refers to the loss chasing point. In sensible way, all of us understand that there is limit of losses at which we should call it a day. However, at the time, nothing but emotion in winning back what was lost wins. This is not a failure of strategy, rather it is a failure of mind control. Tilt is another one of them. Emotional responses to a bad beat, where people start to bet more to make up for it, has nothing to do with luck, and everything to do with mental state. Without discussing mind thinking that leads to the loss of bankroll management, it is useless to teach it. Under pressure, rules won't work unless you can do that, and it is all mental strictness thing.

[GreatArkansas]

(....)
I think, for one, psychology should be taught alongside bankroll management. What us your view on this?

I agree with this; this is important in gambling, even how lucky you are are if you dont have like bankroll management, you cant control your emotion, it's useless.
So for me, Psychology always plays important role in gambling too. It's not always you bet on red or black.

[swogerino]

I was staring at the Bitcoin chart, and it got me wondering. Can psychology be used in gambling just as it is in trading?

When people mention gambling, all they think about is luck, luck, and luck. To a large extent, they are right. But what they fail to understand is that psychology can also play a role in gambling. It deals with the mind, and everything about your mind is powerful.

You can see two different gamblers use the same strategy and end up with different results. That's to say their mindset is different. Not forgetting losses, I view people who chase losses as having more of a psychological problem than a gambling one.

I think, for one, psychology should be taught alongside bankroll management. What us your view on this?

Let me counter this with a single argument. In gambling and in here I am referring specifically to slot machine games in which if you pay close attention you will see patterns happening, like one that happens often in Pragmatic Play if you keep buying the bonus sometimes you will get 0x win which really does happen. In such scenario I don't think psychology can do anything in helping the user experiencing this 0x which is a very bad precedent and we are lucky only Pragmatic does that, no other provider.

[Derekfunds]

I was staring at the Bitcoin chart, and it got me wondering. Can psychology be used in gambling just as it is in trading?

When people mention gambling, all they think about is luck, luck, and luck. To a large extent, they are right. But what they fail to understand is that psychology can also play a role in gambling. It deals with the mind, and everything about your mind is powerful.

You can see two different gamblers use the same strategy and end up with different results. That's to say their mindset is different. Not forgetting losses, I view people who chase losses as having more of a psychological problem than a gambling one.

I think, for one, psychology should be taught alongside bankroll management. What us your view on this?

The analysis and prediction you see gamblers carry out what do you think it is? Isn't that psychology? And yet they still make loss after everything so why won't people agree or believe it is no longer about psychology but about luck. The statistics, activities etc we do check before we pick or select an option are all psychology maybe you have a different understanding about the psychology you are talking about that I'm not aware of and perhaps you should explain more. And for your information trading and gambling are slightly different.

[bitLeap]

I think, for one, psychology should be taught alongside bankroll management. What us your view on this?

Bro, without needing to discuss it specifically, psychology is inherent in every human action and behavior. Decision making inevitably involves emotions, not just logic. Even when you're subconsciously about to place a bet, psychology is already at work. That's why you often imagine the outcome, the risks, and the losses, all crossing your mind, right? Well, that's also part of how psychology works.

[moneystery]

You can see two different gamblers use the same strategy and end up with different results.

In gambling, there's no such thing as strategy because every outcome is determined by chance. No matter what strategy a gambler uses, the outcome will remain random since casinos use algorithms that generate random outcomes, making every outcome difficult to predict using strategy.
So, what gamblers can do is manage their bankroll wisely and avoid chasing losses, as this often leads to further losses.

[rbynxx]

I was staring at the Bitcoin chart, and it got me wondering. Can psychology be used in gambling just as it is in trading?

When people mention gambling, all they think about is luck, luck, and luck. To a large extent, they are right. But what they fail to understand is that psychology can also play a role in gambling. It deals with the mind, and everything about your mind is powerful.

You can see two different gamblers use the same strategy and end up with different results. That's to say their mindset is different. Not forgetting losses, I view people who chase losses as having more of a psychological problem than a gambling one.

I think, for one, psychology should be taught alongside bankroll management. What us your view on this?

Do you know that psychology do have a huge range and even in gambling, it's application can be used. Well, there's only three obvious outcome (lost, win, or return) in it but still that's makes our mind twirl the moment we are planning or about to goes in it. Losses is probably not that entirely involve the psychology for some considering there are people who definitely bets to their favorite no matter what, but I think chasing could be obvious. It should be, bankroll management isn't just looking at it, it involves your mind to be present and even the optimism afterwards.

[Somto9Light]

Bro, without needing to discuss it specifically, psychology is inherent in every human action and behavior. Decision making inevitably involves emotions, not just logic. Even when you're subconsciously about to place a bet, psychology is already at work. That's why you often imagine the outcome, the risks, and the losses, all crossing your mind, right? Well, that's also part of how psychology works.

Very true, psychology is already at work, that's why one has make use of it, when making decisions and without psychology, its easy for their emotions to control them, as they make decisions or choice based on logic and not based on emotions, as they will gamble responsibly. Also, that is why awareness its important as it helps one to understand that doing or playing the game rightly is the only way they can prevent from irresponsible gambling.

[LastKiss]

I was staring at the Bitcoin chart, and it got me wondering. Can psychology be used in gambling just as it is in trading?
~snip~

Of course, it plays a role in our gambling activities and it's not a small one it's very important role tho. Everyone always talks about luck but to be a responsible gambler, we need to have a strong mindset. We can't control the outcome of our bets since most of it comes down to luck. However, whether we win or lose we need to stay mentally strong so we can resist temptation and make logic decisions not based on emotion.

[TheUltraElite]

If the person who is gambling has been taught how the casino can take advantage of the normal human reactions and emotions expressed, it might help them not get addicted - this sounds theoretically correct, but practically speaking, rarely becomes true because nobody starts gambling with the intention to learn how casinos work but with the intention of making money from gambling.

A good number of people learn their mistakes eventually and are forced to stop but these people will relapse back to gambling once they get their debts in somewhat control. They can rather be taught about the ill effects of gambling and how humans end up being controlled by their ego to gamble.

[robelneo]

I think, for one, psychology should be taught alongside bankroll management. What us your view on this?

Governments should be proactive in recommending psychology in the gambling industry instead of creating self help hotline for gamblers who are already too deep in gambling.
Right now, it's different; the player goes to the casino with the wrong mindset because they are not properly educated on the harm of gambling and how to control themselves, and the authorities become alarmed when addiction becomes too rampant. The government and the casino industry should be proactive by introducing psychology and educating people before engaging in gambling.

[Alex077]

I was staring at the Bitcoin chart, and it got me wondering. Can psychology be used in gambling just as it is in trading?
When people mention gambling, all they think about is luck, luck, and luck. To a large extent, they are right. But what they fail to understand is that psychology can also play a role in gambling. It deals with the mind, and everything about your mind is powerful.

You can see two different gamblers use the same strategy and end up with different results. That's to say their mindset is different. Not forgetting losses, I view people who chase losses as having more of a psychological problem than a gambling one...

I also think psychology plays a huge role in gambling, even though it has absolutely no effect on the odds or the outcome of a random event. It doesn’t change the game itself - it changes the player and the decisions they make. Gamblers may be playing the exact same game with the exact same odds, but their long-term results can be completely different because of differences in mindset and discipline.
In this case I believe psychology deserves just as much attention as bankroll management. More often than not, it’s emotions - not the lack of a strategy - that lead to the biggest financial losses.

[fredericktaylor]

If the person who is gambling has been taught how the casino can take advantage of the normal human reactions and emotions expressed, it might help them not get addicted - this sounds theoretically correct, but practically speaking, rarely becomes true because nobody starts gambling with the intention to learn how casinos work but with the intention of making money from gambling.

A good number of people learn their mistakes eventually and are forced to stop but these people will relapse back to gambling once they get their debts in somewhat control. They can rather be taught about the ill effects of gambling and how humans end up being controlled by their ego to gamble.

In reality, most people start gambling to make a quick profit, without understanding how casinos work. When they experience a big financial loss through gambling, they temporarily stop gambling and when they can handle the financial stress, the gambler starts gambling again. Only gamblers who can control their greed or emotions and gamble with discipline are the ones who can ultimately maintain self-control and protect themselves from the ruin of gambling.

[m2017]

I was staring at the Bitcoin chart, and it got me wondering. Can psychology be used in gambling just as it is in trading?

Psychology in gambling can only be used in games that involve a human opponent, such as poker. Psychology is the science that studies human behavior.

When people mention gambling, all they think about is luck, luck, and luck. To a large extent, they are right. But what they fail to understand is that psychology can also play a role in gambling. It deals with the mind, and everything about your mind is powerful.

But psychology enhances this enormous power of the mind only in gambling against a living opponent (a person).

You can see two different gamblers use the same strategy and end up with different results. That's to say their mindset is different.

What does it mean if two different players with different strategies make the same bet? Is there room for your "psychology" here? It seems to me you interpret the meaning of this word differently (in your own way).

Not forgetting losses, I view people who chase losses as having more of a psychological problem than a gambling one.

And now from "psychology" you smoothly moved on to "psychological problems"?

I think, for one, psychology should be taught alongside bankroll management. What us your view on this?

Could you explain what you mean by "psychology" and how it can help, for example, when betting on sports? I think you mean by this a supernatural force that will make every gambler a millionaire.

[Fivestar4everMVP]

I was staring at the Bitcoin chart, and it got me wondering. Can psychology be used in gambling just as it is in trading?

When people mention gambling, all they think about is luck, luck, and luck. To a large extent, they are right. But what they fail to understand is that psychology can also play a role in gambling. It deals with the mind, and everything about your mind is powerful.

You can see two different gamblers use the same strategy and end up with different results. That's to say their mindset is different. Not forgetting losses, I view people who chase losses as having more of a psychological problem than a gambling one.

I think, for one, psychology should be taught alongside bankroll management. What us your view on this?

Sorry but you are completely wrong with this one, first of all, psychology isn't even the right thing to use here because psychology simply means the study of how a person thinks or reasons.
And yes, mindset may likely play a very important role in trading but you have to understand that trading is completely different from gambling, there aren't any type of mindset you want to employ now that will guarantee your winning games in gambling when luck says you are going to loose that game.

So whether you are ready to agree to this or not, luck is the paramount thing that matter in gambling outcomes, forget mindset, or psychology, or whatever you choose to call it, what ever this is can only help with bankroll management and nothing more.

[coin-investor]

I think, for one, psychology should be taught alongside bankroll management. What us your view on this?

The authorities should mandate this for casinos, because casinos will not do so on their own; they are profit-driven platforms that want players to play as much as they can, as often as they want.

They can do restrictions to some extent, but not to the point that will limit their playing time and deposits of their own volition.
If this is mandated, the player undergoes a test to test their control and how much they understand gambling addiction, and they have a way of their own not to fall into this situation .
 

[Bright0515]

Most times gambling can test your mental maturity so it is safe to say that psychology should be added in gambling. In order to be disciplined one must understand the psychological aspects of gambling because this what controls your emotions and how you react to losses and a lot of things about your gambling activities. But the misconception about psychology is that it helps you win, it certainly doesn't control the outcome or helps you make profit, it is necessary or needed because this helps to master your emotions.

[Stepstowealth]

I was staring at the Bitcoin chart, and it got me wondering. Can psychology be used in gambling just as it is in trading?

Psychology in gambling can only be used in games that involve a human opponent, such as poker. Psychology is the science that studies human behavior.

Psychology could also have some usefulness in some sports betting situations where casino or bookmakers are trying to play on your emotional frailty in games by maybe providing odds that look too good to be true or odds that suggest an obvious result whereas we all know that results in gambling are never that obvious.

It is a psychological test for you to decide either to go with the bets, how much to bet on the bet or whether not to go with the bets at all.

[Awaklara]

I think, for one, psychology should be taught alongside bankroll management. What us your view on this?

That knowledge would be good for someone who is going to gamble. But have you thought about whether a gambler would study that before gambling? I don’t think so. Most beginners in gambling see it as a trivial matter, something unimportant and not threatening to them. That’s what makes gambling addiction so dangerous. Actually, it’s the gambler’s own mindset that leads them into addiction.