The Main Task of a Smart Gambler

[KiaKia]

A responsible gambler is a smart gambler, even those who claimed to have strategy all ended up in that loop of addiction, because they all have one goal in mind, to make more money from gambling as possible.

A smart gambler cares more about risk management than winning big money, although every gamblers hope for such luck but the smart ones believe that it can't be forced.

The only way they have left is risking what they can afford to let go and making sure that they don't increase it even though the activity is favouring them.

[Ryu_Ar1]

In reality, everyone can make mistakes, both the crowd and those who try to bet against the crowd. There's no particular meaning to this, but the crowd is still wrong a little more often. On the other hand, the main task of a smart gambler isn't to be right, or rather, not only or primarily about that. The main task of a smart gambler is to be right where many people are wrong, big time, for big money. Or where a small number are wrong, but, again, big time, for big money. If you win, but your winnings are mere cents, your game is pointless, even if you're right. Conversely, if you lose often, but your losses are small, then there's no problem.
This is a classic George Soros quote: the only thing that matters is how much you win when you're right and how much you lose when you're wrong.

What we consider to be a mistake (in this case it is greater to succumb to defeat in gambling) will always happen even though we do not expect it but with what you say it seems to lead to how we try to go against the flow or when trying to choose a different situation with others so that when many others are wrong in making decisions we get an advantage.

Conditionally things like this can still be done but sometimes being in the same flow as in sportsbetting being in the favorites like the predictions of the bookies sometimes this is not too bad either.
The point in this case I think not to us against the current or go with the flow but follow the instinct in accordance with what we believe, when we consider our decisions can be relied upon even if it is against or go with the flow it will be a good thing regardless of whether it becomes a mistake or not later I think we have tried the maximum with the Gambling we do.

[Jerrycrypto2024]

I always think the job of a gambler is to gauge risk and reward.  Nobody is going to win them all, but managing risk and placing bets according to when you feel the risk/reward is in your favor is the trick.  That is about as close as you can come to the joke of betting big when you are going to win and betting small when you are going to lose.  In other words, when the juice is worth the squeeze, load up on it.

Your view should have been the necessity, if throughly the gambler is smart, the center focus would base on this area of key words, risk management where his losses could be cut down, realizing more wining than losses through proper analysis of the bet or game, it takes smart gambler to achieve this focus, for instance gambler whose work or job is gambler like those pool officer they have a pilled up past and present record of games matches they compares and contrasts to get their desire result which in risk management in gambling system because know what is obtainable reduces one risk because your already working within already known result, I will completely State your view is more of what smart gambler does though some exceptional case may be there where their focus may seem contrary.

[TedMosby]

Yeah, gambling and trading are similar in that case. Win rate is somehow like a false measure of success. Many small wins can be wiped out by one big loss. I think we should start excluding it for this reason. Win rate is more suitable for sports, or something with a flat win draw lose ratio, not a weighted win draw lose.

However, psychologically, when you face more losses than wins, it can affect you when making the next bet. Even when you lose small 9x in a row, then win big on the 10th attempt, you may start questioning if you are doing it right or not, maybe after 4-5 losses in a row. So, I think mentality is also important here.

A bit OOT, for me, win rate in gambling is like seeing shots on goal stats before making a bet on a football match. I already stopped looking at these stats for match predictions and switched to Expected Goals (xG).

[Crakryptvest]

Gambling isn't a skilled thing and that makes it difficult for you to be right by winning big. It's not easy to win big, does that mean that even if you win small amount of money, you are wrong until, you win big. I don't think so. It's because of winning big that has made people get addicted to gambling and I don't see it as the main purpose of gambling because gambling is for fun and not to become rich. What matters for me when gambling is to be satisfied with my profit whether, small or big.

With the definition of being right at the op, If we play to be right, then it means we don't know what gambling is, winning big requires going in with big stake, and what if we lose, gambling should not be viewed in this manner, the little I know about gambling, we are to stake with the amount that add no burden on us, spare money that won't get us disturbed when we lose it, which is the right way of gambling, playing with big money because we want to be right by winning big when don't know what the outcome holds for us isn't a smart idea, the result might be devastating, for me, what I call smart gambling, is sticking to gambling responsibly.

[POPOLUV]

I agree with you that if you lose a lot, but your losses are small, then there is no problem. However, I do not entirely agree with the other part that if you win, but your profits are small, then your bet becomes pointless, even if you are right.

I don't know, but everyone has their own philosophy, so if the goal of gambling is enjoyment, I don't see a problem with small profits or small losses; the problem is only with large losses.

With the lesson i have gotten so far while gambling, i will rather prefer winning and be getting small small profits than pursuing big money that my games will be exposed to much risky and at the end of day, i will not have any to hold on to as a profits, so if  goal of gamblers is enjoyment, means that gamblers should be Smart enough to secure winning than losing, i was little confused when OP said if you win and your profits will be small, i thought i was only one seeing that part of his illustration and i agree with that every has their own philosophy, so like i said earlier, i rather channel my smartness of winning small small consistently than taking risk i can't hardly bear.

[Stepstowealth]

This is a classic George Soros quote: the only thing that matters is how much you win when you're right and how much you lose when you're wrong.

I on my own would like to consider how much I will lose not how much I can win when I am gambling because considering how much I can win alone will put me in a position where I ignore the amount I am using to bet and console myself with the idea that what is important is the amount I get to win not the amount I lose while trying to win a huge amount of money. Thinking of the amount of money I'll lose when I'm wrong will keep me under control to ensure that I'm not drifted by the excitement of winning. What I'm saying in simple terms is I will consider my loss first before I consider my wins that is I'll consider how much I'm going to lose if I'm wrong because chances of me being wrong are always higher in gambling first before I start considering how much I will win if I am right.

[Fiatless]

In reality, everyone can make mistakes, both the crowd and those who try to bet against the crowd. There's no particular meaning to this, but the crowd is still wrong a little more often. On the other hand, the main task of a smart gambler isn't to be right, or rather, not only or primarily about that. The main task of a smart gambler is to be right where many people are wrong, big time, for big money. Or where a small number are wrong, but, again, big time, for big money. If you win, but your winnings are mere cents, your game is pointless, even if you're right. Conversely, if you lose often, but your losses are small, then there's no problem.
This is a classic George Soros quote: the only thing that matters is how much you win when you're right and how much you lose when you're wrong.

You are making gambling look like it's a competition between gamblers. I don't really care who wins or loses in betting; I am simply minding my business. I don't take betting with or against the crowd into consideration when placing bets.

I agree that it's essential to be strategic when placing bets so you can take advantage of opportunities. This is where bankroll management comes in. I ensure my losses are minimal. I also take risks to win big. I achieve this by placing bets on games with high odds.

[Obim34]

This is a classic George Soros quote: the only thing that matters is how much you win when you're right and how much you lose when you're wrong.

Too many psychology on betting/gambling, what I expect a smart gambler to know is that betting gives us only two possibilities, either win on the bet or lose.

 A smart gambler is as well a responsible gambler who can control his emotional, mental and financial stance, less forgetting that losing is part of gambling, knowing when to cut the chase on losses if at all not pursuing for profits in the first place, it’s impossible to win always, while lucky some times, a smart gambler never takes actions that cause big time regret.

[sompitonov]

With the lesson i have gotten so far while gambling, i will rather prefer winning and be getting small small profits than pursuing big money that my games will be exposed to much risky and at the end of day, i will not have any to hold on to as a profits, so if  goal of gamblers is enjoyment, means that gamblers should be Smart enough to secure winning than losing, i was little confused when OP said if you win and your profits will be small, i thought i was only one seeing that part of his illustration and i agree with that every has their own philosophy, so like i said earlier, i rather channel my smartness of winning small small consistently than taking risk i can't hardly bear.

Ultimately, however, it comes down to each player's choice and how they decide to structure their gameplay. Aiming for a modest win is a perfectly valid goal one that fosters a more stable emotional state though it still requires constant work on one's game. Even if we play better than our opponents, a profitable outcome is never guaranteed, as the element of luck will ultimately determine the final result. That said, we do have options regarding bet sizing and risk management for instance, simply keeping our stakes low can automatically extend the duration of our play.

[Emjay24]

The main task of a smart gambler is to be right where many people are wrong, big time, for big money. Or where a small number are wrong, but, again, big time, for big money. If you win, but your winnings are mere cents, your game is pointless, even if you're right. Conversely, if you lose often, but your losses are small, then there's no problem.

I don't agree with this, it must not be big money, sometimes accumulations of small wins can make up to something meaningful. If you always target big money, then you will always bet big which may be above your budget and you suffer serious financial deficit. For me a win is a win, no matter how much you made since gambling is not your main income source. The main task of a gambler is to try to remain profitable within your means. If you always target big wins, you might be increasing your net loss by a greater margin than you can contain.

[Jubilee58]

Smart gambling entails many things. If you must be smart as a gambler, gambling shouldn't influence you negatively, and you ensure you gamble within limits, and maintain responsible gambling. Many gamblers are our of control, they don't know how much they spend gambling within a week, month, or within a year, and they don't exercise caution even with long streak losses. Someone who really understand the nature of gambling will always be very conscious of himself while gambling. A Smart gambler will always think about his own safety as he ventures into gambling, and ensure he puts every safety measures in consideration to avoid regret of any kind.
I do gamble, and I loose money too, but I have not regretted gambling even when I loose money, the reason being that in gambling is either you loose or you win, and in my staking, I don't stake beyond necessary which enabled me to stay under control even when I loose.

[danadc]

With the definition of being right at the op, If we play to be right, then it means we don't know what gambling is, winning big requires going in with big stake, and what if we lose, gambling should not be viewed in this manner, the little I know about gambling, we are to stake with the amount that add no burden on us, spare money that won't get us disturbed when we lose it, which is the right way of gambling, playing with big money because we want to be right by winning big when don't know what the outcome holds for us isn't a smart idea, the result might be devastating, for me, what I call smart gambling, is sticking to gambling responsibly.

Responsible gambling certainly has many criteria, and one of them is being able to control emotions and not spend all your money, but only what you're willing to lose. Is it easy? It sounds easy, but it isn't. I would think that every player who now masters these criteria did so because they previously made the most common mistakes that shouldn't be made. I'm an example of that; I made all sorts of rookie mistakes, but I think I've learned. I do spend money, but not like when I started. The smart player is the one who spends less money.

[PhilosopherKing]

In reality, everyone can make mistakes, both the crowd and those who try to bet against the crowd. There's no particular meaning to this, but the crowd is still wrong a little more often. On the other hand, the main task of a smart gambler isn't to be right, or rather, not only or primarily about that. The main task of a smart gambler is to be right where many people are wrong, big time, for big money. Or where a small number are wrong, but, again, big time, for big money. If you win, but your winnings are mere cents, your game is pointless, even if you're right. Conversely, if you lose often, but your losses are small, then there's no problem.
This is a classic George Soros quote: the only thing that matters is how much you win when you're right and how much you lose when you're wrong.

Imo, no game is pointless even if the winnings is few cent. The amount that a person use to gamble is what determines the size of the profit that is get, and it is not everyone is a big risk taker of using big money to gamble.  So when small money is used and it produces small profits, it should be appreciated because profits is not even a guaranteed something in gambling.

So if a person use few cent to gamble, the important thing is that the person can keep on repeating that their winnings, because if that is happening then the person can be stacking up their profits till it becomes part of a large result and when that happens you will see why every game is important.

I trust in the compounding power of how small winning can add up over the time when there is ongoing consistency to it.

[Marvelockg]

This is a classic George Soros quote: the only thing that matters is how much you win when you're right and how much you lose when you're wrong.

Because you can not tell what point in time you can be right and what point in time that you can be wrong, this theory can be easily faulted because you might end up being wrong with your prediction when you use a big amount for your bet and then win when you use a smaller amount. if you loose more with bigger amount, in total, you are generally not a smart gambler. being smart should be that you are gambling with what you can afford to loose and that you are not going all in while gambling. you can not be too smart in the process of gambling.

[blockman]

If you win, but your winnings are mere cents, your game is pointless, even if you're right. Conversely, if you lose often, but your losses are small, then there's no problem.

This is a good point but IMHO, as long as you win and whether that's a small amount then that's better. Someone who's losing and if they're small, I agree that there's no problem because it's an acceptable amount in that measure. So, this isn't all about being right or wrong if the winning amount is small. But as long as you minimize your losses, then that's an important thing to be remembered and smart gamblers are taking every win that they can get even if it's a small one, they don't ignore it because if these small amounts and wins have been added, they could be big.

[Mrbluntzy]

On the other hand, the main task of a smart gambler isn't to be right, or rather, not only or primarily about that. The main task of a smart gambler is to be right where many people are wrong, big time, for big money. Or where a small number are wrong, but, again, big time, for big money. If you win, but your winnings are mere cents, your game is pointless, even if you're right. Conversely, if you lose often, but your losses are small, then there's no problem.
This is a classic George Soros quote: the only thing that matters is how much you win when you're right and how much you lose when you're wrong.

Is there smartness in a scheme that often involves luck? I feel the best way to be smart in gambling is to:
- Know when to walk away—whether in profit or loss.
- Know how to manage your portfolio to make the best out of it.
- Have self control and be disciplined enough to stick to your strategy.

Your question first, and the other response that followed it still proves that indeed a player can show smartness in schemes that involves luck, perhaps, you still answered the question you asked. It might interest you to know that despite that all games of gambling involves luck, some of the games also involves skill and based on what OP has said, a player should be smart enough to make right selection when the large public has made a wrong selection that will cause them losses. Sometimes, the large public gamble with emotions without doing adequate analysis but you the smart player will always be careful when gambling and your smart ass can even know when your strategy might fail you and you will stay away from playing which is a sign of discipline and self control

[Bright0515]

I think the main responsibility of a gambler is to practice what we always hear about, which is responsible gambling. I don't need to explain it too much because I think we already understand what that means.

Mathematically, we really don't have an edge over the casino in the long run, so losses are expected. The reason many of us can still enjoy gambling despite losing is because we know our limits and try to stay responsible.

It is easier said than done, everyone knows that they are supposed to be gambling responsibly but the problem is that it is very easy to  get off track especially when losses starts coming in. A lot of gamblers that you see that are addicted today know fully well that they are supposed to be gambling responsibly but greed and lack of self control are the reasons why lots of gamblers lose consistently. It takes a lot of discipline not to chase losses or profits, if it were that easy to be responsible when gambling a lot of people wouldn't be addicted to it.

[iv4n]

A lot of talking without saying anything... "Win big, lose small"! Like it's something we can wish for and get... Or maybe OP has some concrete examples, or even how he does it?

This is a classic George Soros quote: the only thing that matters is how much you win when you're right and how much you lose when you're wrong.

Yes, that matters... but Soros didn't make money on sports betting. So I'm not sure how anyone can apply this to sports betting. I mean, all of us would like that, but it's near the imposible...
By the way, this also works in Poker... you need to know what you can do with your stack, how to not overpay some silly hands, and maybe more importantly, how to get maximum when you have a good hand.

[icebar]

I think the main responsibility of a gambler is to practice what we always hear about, which is responsible gambling. I don't need to explain it too much because I think we already understand what that means.

Mathematically, we really don't have an edge over the casino in the long run, so losses are expected. The reason many of us can still enjoy gambling despite losing is because we know our limits and try to stay responsible.

It is easier said than done, everyone knows that they are supposed to be gambling responsibly but the problem is that it is very easy to  get off track especially when losses starts coming in. A lot of gamblers that you see that are addicted today know fully well that they are supposed to be gambling responsibly but greed and lack of self control are the reasons why lots of gamblers lose consistently. It takes a lot of discipline not to chase losses or profits, if it were that easy to be responsible when gambling a lot of people wouldn't be addicted to it.

For most gamblers, the main goal of gambling is to make money and if there is no risk in gambling, it is difficult to achieve that goal. That is why gamblers constantly try to take risks. When they gamble responsibly, they do not suffer much even if they lose, but when the desire to make money becomes more pronounced in them, they start losing, which later creates more problems for them. A responsible gambler is a smart gambler because they can survive in gambling for a long time. Many times, gamblers suffer the most due to quick losses. In my opinion, the one who survives in gambling for a long time will have a greater chance of winning big and reducing losses in some gambling activities is also a characteristic of a smart gambler.