Five Gambling Mistakes You Can Avoid

November 13, 2013 Posted in Strategy by No Comments

Although big gambling wins are very possible, the casino has an advantage over the long term. However, you can make it more likely that you leave the casino with more money in your wallet by avoiding these five gambling mistakes.

1. Gambling with money that you have set aside for other purposes

This is one of the classic (and most dangerous) gambling mistakes that people make. Remember that although gambling can be a profitable endeavor, nothing is guaranteed. You should always keep your gambling bankroll separate from the rest of your money. It is best to treat your gambling money as money that you are willing to spend for a night of entertainment.

Do not ever gamble with money that you have set aside for rent, bills, groceries, tuition or anything else. Even if you feel confident that you will win, it is vital that you do not wager money that has been set aside for other purposes. This strategy keeps your gambling fun, light-hearted and stress-free.

2. Placing bad bets

Every bet that you place in the casino is subject to a certain amount of house advantage. The higher the house advantage, the more likely it is that you will lose your money. Some wagers in the casino have an obscenely high house advantage. The following bets are best avoided if you want to maximize your chances of leaving with more money in your wallet:

You won’t drop over dead if you place any of these bets, but they have higher-than-normal house advantages. Progressive jackpot side bets can be a lot of fun because they offer massive payouts, but you pay for those potential payouts with a high house advantage (upwards of 25% depending on the size of the jackpot).

3. Gambling while emotional or drunk

This is a horribly expensive gambling mistake. Gambling while emotional or drunk is an easy way to lose a lot of money that you didn’t plan on losing. In both cases, you are not gambling in a clear state of mind. This makes it difficult to quit, easy to underestimate losses and more likely that you take big risks.

It requires great effort to stop gambling if you are emotional or drunk. If you repeatedly have problems not gambling during these states, it may be a sign of a gambling problem. There’s no way a website can definitively diagnose a gambling problem, but it’s something to keep in mind.

4. Chasing Your Losses

Chasing your losses is another huge gambling mistake. If you have a bad night at the casino and continue gambling in order to make those losses back, you are chasing your losses. The problem with chasing your losses is that it can get out of control quickly. It breaks through any loss limits you may have set and can turn a bad night into a disastrous night.

You can avoid this gambling mistake by setting a loss limit and sticking to it. For example, you might give yourself a maximum loss of $500 in any given gambling session. Pick an amount that you can lose without it affecting the rest of your life (see mistake number one). If you lose that much money, just stop gambling. Continuing past this limit is risky business.

5. Falling prey to betting systems

Betting systems are betting strategies that are supposed to defeat the house advantage of different casino games. The problem is these betting systems do not work. They are often promoted by people who have something to sell you.

Betting systems can also get you in over your head quickly. For example, the martingale betting system tells you to double your wager every time you lose. This can get out of hand quickly if you hit a minor losing streak.