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Main reason of losses in gambling

Started by KingsRoulette, November 27, 2012, 06:27:27 AM

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KingsRoulette

I do not know how to create a poll here but I want to know your opinion in this regard as to which among this you consider the main reason of losses in gambling:
1. Martingale or martingale type progressions
2. Gamblers' fallacy
3. Martingale+gamblers' fallacy
4. Over-expectation or greed
5. Variance or delay/irregularities in our chosen bet
6. Bad luck
7. All of the above are equally liable.
Nothing can perfectly beat a random session but luck. If someone claims perfection in every session, he is either a fool himself or think all to be fools.

Proofreaders2000

I think #7

Also want to add failure to exploit temporary biases by dealer signature

esoito

8.  Not knowing when to stop  (Playing without a pre-defined stop-loss)

Ophis

in my case:
4. Over-expectation or greed

i think this would be equal to:
8.  Not knowing when to stop  (Playing without a pre-defined stop-loss)
Multi Systems Tracker
➨ *Link Removed*

Bally6354

I think number 4 is a biggie!

A lot of players think they can take the casino home with them every night.

People who make money out of gambling have a more long term approach.

There was a professional gambler in the U.K by the name of Phil Bull in the 60's.

He worked on the fact that he could make 5% profit each year on his turnover.

He would need to wager 1 million in a year just to make 50k. (In today's money)


Think more longer term and try and set some kind of sensible targets or have a few goals you would like to achieve through your gambling. This can provide a bit of discipline which is needed.
Sometimes it is the people who no one imagines anything of who do the things that no one can imagine.

Bayes

I agree about no. 4. In his book "Full Time Gambler", Louis G. Holloway said that the main cause of failure was "miscalculation". Most don't do the necessary research and aren't aware of the risks.

KingsRoulette

 in my case:
4. Over-expectation or greed

i think this would be equal to:
8.  Not knowing when to stop  (Playing without a pre-defined stop-loss)

Exactly, If you keep playing even in bad times that it will recover soon, it is overexpectation. Similarly, not quitting even after winning in beginning is greed or overexpectation.
Nothing can perfectly beat a random session but luck. If someone claims perfection in every session, he is either a fool himself or think all to be fools.

Blood Angel

I think all of them to a certain degree. But 4 and 5 mainly. Fluctuations can be a killer!
Luck happens when Preparation meets Opportunity.

Dino246


monaco


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Butch Cassidy: Alright, I'll jump first.


Sundance Kid: No.


Butch Cassidy: Then you jump first.


Sundance Kid: No, I said.


Butch Cassidy: What's the matter with you?


Sundance Kid: What about the house edge?


Butch Cassidy: Are you crazy? The dispersion will probably kill you.


Sundance Kid: Oh, stuff...



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Dino246

Hey Monaco....is that what they call....going off a Fiscal-Cliff !!

Bally6354

10. keep changing strategies.

I think it's a good idea to stick with something and refine it as you go along.

Starting from scratch every other week with something new is not the way to go.

Imagine if you could add a couple of % improvement every so often through new knowledge and experience. This would gradually take you through the ranks as a player.
Sometimes it is the people who no one imagines anything of who do the things that no one can imagine.

Bayes

Funny no-one's suggested this:

11. The house edge.

Nah, that can't be right!  :P

But you really should avoid bad bets like the Tie in Baccarat, some Craps bets, and (ahem) the double-zero wheel.

Dino246

# 12.

Playing outside bets before the dealer has spun the wheel.(just my paranoia).

Gizmotron

Quote from: Bayes on November 27, 2012, 09:24:36 AM
I agree about no. 4. In his book "Full Time Gambler", Louis G. Holloway said that the main cause of failure was "miscalculation". Most don't do the necessary research and aren't aware of the risks.

It's impossible for me to calculate incorrectly. #13. By not playing the current conditions. There's no calculating or guessing while evaluating the conditions. They are what they are.
"...IT'S AGAINST THE LAW TO BREAK THE LAW OF AVERAGES."