How to overcome The Twin Evils of Gambling
The twin evils of gambling are negative expected values and chasing losses. Negative expected values may be casino odds, rakes or commissions. Another way of describing chasing losses is “I will get it back ” syndrome. Gamblers are not just losers. They are big losers. The majority suffers from the human inborn instinct of “chasing lossses” . In other words, you want to get it back.
If you compare casino odds with the interest you earn from the bank saving account, you will realize how powerful casino odds are on the players.
Let’s say the casino odds is 3%. Saving accounts yield or return 3% in one year. Casino yields 3% in ONE bet. Casino make from the gambler in one bet what you make in a year from your saving account. Shocking! Isn’t it?
And if you chase losses, you will invariably lose out of proportion to your modest wins. For example, you may win 1k, 1k, 1k over the first three bets, then lose 1k, 2k, 4k over the next three bets. So, it is not about winning or losing. It is more about how fast you lose.
A fellow gambler posted in his blog that for every 1.3 seconds there is a “new” gambling system released for craps, sports betting, poker, roulette, baccarat and so on. And there are easily thousands of worthless gambling systems out there. Only a few gambling systems have merits. You must learn how to review or evaluate whenever a gambling systems
I have covered in my earlier posts in great details the pros and cons of gambling systems. Gambling systems are vulnerable to the full devastating effects of these twin evils of negative expected values and chasing losses.
If you are new to gambling, or if you are a recreational player, you need to learn how to tolerate or accept losses and not to chase losses. This is not easy but it becomes easier with practice and time. If you are an experieced professional, then you may counter the evils of chasing losses by learning strategies of smart chasing of losses. I have described several methods of smart chasing of losses such as HP Johnson’s system, Arthur Irwin Bruce Midas Touch System, modified Monte Carlo system, SF Roulan Fast Roulan and 1221 system as well as Frank Barstow series of systems.
(The modified Monte Carlo system is the system I used to win 160,000 over ten months).
The goal is to keep stakes low, such that your average wins are always higher than your average losses . As a reminder this method works short run only. For this method to work, you must make sure that short term does not become long term. Short term is defined by process, not time. You must learn how to review gambling systems
Test yourself by buying or borrowing a book on gambling systems
Similarly, you counter negative expectations games in two ways.
1. Define your game plan. It must be finite in terms of number of bets and time. Because within this context, it is possible to use strategies such that your average win is higher than your average loss.
2. Train yourself to spot situations as well as choosing games with positive expected values. In other words, you play only games or situations with positive expectations. Positive expectation is a very reliable and stable platform. Professional gamblers rely on positive expected value systems to make a living.
GAMBLINGHELP provide free gambling courses to help gamblers in recreational gambling, professional gambling, quit gambling.
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