This is How to deal with big gambling losses

This is How to deal with big gambling losses

Why do I gamble until I lose?

There are lots of gamblers and bettors who share almost the same thoughts about failing to stop gambling and betting habits even if not successful. No matter what kind of gambling activity you practice, the feeling and the adrenaline caused by them are very similar.

The adrenalin rush felt when the player scores or the card you waited for just shows up will cause addiction.

Every bet and every stake you place are offering you the chance to win more or to recover your losses. A lot of gamblers and psychologists who are experts in this domain are of the same opinion.

Bettors and gamblers who are struggling with addiction generally think that winning and losing streaks are not infinite.

Even when the gamblers know the amount of money that they want to win before starting their activity, they continue playing until they start losing everything.

It’s mathematically proven that the odds of winning, in the long run, are decreasing. Gambling until the moment you lose everything is almost a normal behavior among most players.

Trying to recover losses is normal even for smart bettors. But the strategy used for this purpose can be very different.

Can a gambler ever stop?

Gambling addiction can be stopped in several ways. Whether a person is seriously addicted because of personal or financial issues, or is a compulsive gambler, if it has a negative effect on the quality of life, the activity should be stopped.

To really stop this activity, the first step is to acknowledge that gambling is causing problems to him/her and for the ones around them.

Understanding the role of the feelings caused by betting and gambling is an important step for leaving this addiction behind.

Every player knows the financial downsides of losing in gambling. Experiencing debts and later the loss of friends can be enough to stop gambling.

But for some people, understanding the psychological side of their behavior and their need for gambling can mean the real refugee from this addiction. On the other side, an “unorthodox” way of curing gambling addiction is learning strategies that are based on mathematics and are guaranteed to be profitable in the long run. This way the gamblers won’t need to stop the activity, but at least it will have a positive effect on their life. You can read about smart betting and gambling addiction here.

Is gambling waste of money?

Gambling can take the role of a recreational activity that is not affecting your finances. In this case, gambling is not a waste of money. But the borders between a recreational gambler and becoming addicted is slim.

So for a total beginner, I would advise not to start any kind of gambling activity without knowing the possible consequences. Every card game, roulette, slot game, and sports betting is created in a way that the house has more chance to profit in the long term. Most of the time “the house” or the bookmaker has a 2% – 9% of profit margin on the services offered. This will cause an almost guaranteed loss for players who are gambling for too long of a period. The only real way of being profitable in the long run is to learn techniques and strategies that are based on mathematics.

Basically, you have to beat the bookmakers to generate profits. I think every other strategy is a waste of money and time.

Betting and the game of clear mind

Smart betting is the game of the clear mind, so psychology and smart betting have a strong connection between them. In some ways, it is similar to stock trading. To be successful you have to stick to a proven winning strategy and you have to be patient and calm.

Real-life examples about smart betting

Even though I have some really profitable, well-proven strategy, with very small variances somehow a bigger losing streak is coming sometimes. By “bigger” I mean being in the loss for 2-3 weeks. Most of the time with my strategies a losing streak is not taking more than 2-3 days, so after 2-3 weeks I am starting to have some questions…likes…why am I losing money with this winning strategy? What am I doing wrong? For 90% of these cases, the answer for my failure is my mental state.

But how can a bad mental state mess up a good sports betting strategy with a ROI of  8% – 10%?

There are several ways:

  • Changing your staking strategy
  • Placing too high stakes after some losing bets
  • Choosing an event with no real value to bet on (forgetting 1 – 2 fundamental point of the strategy, or not respecting them strictly enough)
  • Placing bets from anger to get back the lost money (gambling)

What could those bad mental states be?

Some of them:

  • Being angry for any reason
  • Being too greedy and not patient
  • Being desperate for some reason: too much money lost, expenses are coming and you do not have enough money, too big goals for your pocket (buying car, trip, house in a short period)
  • Being too happy – yes… it can have a negative effect on your performance

In summary, many feelings can have a negative impact on your betting journey. The optimal state of mind is when you are calm and vigilant, so you can focus 100% on betting without any distraction. How to get in that state of mind? Well…it’s on you…for me, it is helping when I get a massage, I take a walk in nature, speak with a friend, take a nap, or when there is a bigger mood problem I take a break for half a day, some days…or even a week if I need it.

Personal experience about the role of a clear mind in sport betting

Based on my experience, a bigger break could help tremendously in making me calm, getting motivated, and becoming profitable in betting. For example, I experienced it two times, that I’ve been in a loss for a long time like 4-6 weeks. This downfall was because of stress. After I had stopped the source of my stress I took a break of 3-4 days with no betting at all. After that in, 1 week, I made a profit I would normally make in one month. So when you are not successful for a long time, it is worth having in mind that probably it is not a simple variance, but your mental state is not appropriate for betting.

FAQ

Why do I gamble until I lose?

The adrenalin rush felt when the player scores or the card you waited for just shows up will cause addiction.

Can a gambler ever stop?

To really stop this activity, the first step is to acknowledge that gambling is causing problems to him/her and for the ones around them.

Is gambling waste of money?

Gambling can have the role of recreational activity that is not affecting your financials. In this case, gambling is not a waste of money.

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