The Problem with Long Gambling Sessions

October 14, 2013 Posted in Strategy by No Comments
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One of the funny things about many gamblers is that they only end gambling sessions after they’ve run out of money. Then, they wonder why in the heck they can never book a win and conclude that the games are rigged.

Written, it sounds obvious. But in practice, it isn’t always clear that this is happening. Someone might deposit $20 online or head to the local casino with $100 in his pocket. If that person doesn’t go with a specific win-limit or time-limit in mind, the tendency is to keep gambling for as long as it takes to lose all that money.

You really should consider implementing a time limit, win limit or both when you gamble. Don’t just go in there and throw money around willy-nilly. Go in with a plan of action and stick with the plan. You’ll find it much easier to book wins if you have a hard stopping point.

Even though you can’t change the odds of any casino game, win limits and time limits do increase the likelihood of winning compared to only stopping after you’ve lost every last dollar.

Forget all that nonsense about hot streaks and riding the wave. There is no such thing as a hot streak in gambling. Well, I guess you can identify “hot streaks” in the past, but those are just random examples of short term variance and they have no effect whatsoever on future bets.

No matter how hot or cold your luck may seem, the next bet you place always has the same odds. At a roulette table, it doesn’t matter if red has come up on the last 20 spins in a row; the next spin still has a 47.37% chance to land on red.

So don’t worry about ending on a hot streak or waiting for your luck to turn around. Stick with your time limits and win limits every single time. Not only does this make it easier to book wins, but it reinforces healthy gambling habits. Remember: you are the one in control. Don’t get into the habit of gambling out of habit or gambling to recover losses.

So how long should I gamble?

There’s no hard and set rule on the optimal gambling session length. It all depends on how much money you have, how big your bets are compared to your bankroll and your own risk tolerance. If you have a large bankroll and like to make small bets, you are a good candidate for longer sessions. If you have a limited bankroll and like to make bigger bets, you should opt for shorter gambling sessions.

This goes for both win limits and time limits. Higher time limits and larger win limits are riskier than short time limits and low win limits. I also recommend setting a loss limit as a backup plan to help limit the damage if you have a rough night at the casino.

The important thing is that you set limits and stick to them. You can always adjust the length of your gambling session as you go. Once you get into the habit of stopping when it’s time to stop, you’ll already be on the right track.

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