Where Money Goes Down the Drain

A foole and his money are soone parted, said the wise king.

One of the greatest slip-ups you can make is to deceive yourself, and there are a ton of falsehoods which gamers tell themselves. These untruths can keep you away from success, and may even prevent you from seeing when you are falling flat.

The best gamers approach it with an entrepreneurial mind, clear-headedness, and a money-making strategy. Anything other than that is a risk to your time and money. Straightaway let’s dive into the many lies that online gamers tell themselves.

1. I’ve won a few bets, the ones I lost are only a hiccup

When somebody requests to see your wagering portfolio, they may highlight a group of lost wagers, and say, “What went on here? You don’t appear as though you are doing so well.”

You may look at the wagers, shrug, and afterward divert their attention to one or two bets that you won and say “All things considered, you can see here that I am progressing nicely. Those that I lost were only a temporary case of bad luck that is over at this point.”

In certain circumstances, that may be the case. Hiccups do occur. But in most cases, when gamers say this, they are simply refusing to look at reality in the face. If you lose more than you win, something must be wrong.

You need to stop and reevaluate your gaming strategy—you can find useful game tips on this site—and do the math. If you are making huge losses, it would be insane to keep playing.

2. I’m going to have a profitable year, so it’s okay to lose a few bets

This is another adaptation of a similar lie above. “I realize I have been losing this previous month, but look—when you run the numbers for the whole year, you can see that I made a good profit in the long term.

The issue with this is that the recent decline in your account balance might be huge. If you don’t fix your gaming strategy or habit—staking higher even when you are losing—this could be the start of endless financial problems for you and your loved ones.

One other version of the lie:

“I realize that I’ve had a bad year, but look how far I am up this month! Things are looking good now, and that is what is important.”

Could it be that you have at last found your mojo and are headed for success? Sure. Even so, this could be merely a stroke of luck—a winning streak that doesn’t last that long.

Disregarding your long-term metrics is an ill-conceived decision. It makes it easy to deceive yourself and others when, in reality, you have no idea what you are doing. Your fortunes could be wiped out in a minute.

3. I must keep using this strategy, I have put so much into it

This is one of the lies that keep gamers and investors from success. After finding that they are deeply vested in a strategy, gamers and investors may want to stick with it even when they are bleeding money.

People in these situations often console themselves with statements like “if Benjamin Franklin had quit we wouldn’t have electricity.”

You are not Franklin. Sometimes in life, you do need to quit and find something that works. If you stick with what does not pay, you waste both time and money.

4. I can’t stop betting on this sport, I’ve put so much money into it

There are so many sports and casino games to try your gaming skills. But sometimes, despite the extensive availability of options, gamers stick with one game and a single strategy to recover all the money they have lost. What happens next is a vicious cycle of losses and a refusal to try new games and new strategies.

5. I’m a naturally skilled gamer, I don’t need research

Setting bets every day and staying informed of current news can be daunting, but it is something that you must-do if you are hoping to make a penny from gaming.

In any case, research is a vital continuous part of any gamer’s life. It isn’t merely something for newbies. It’s something that you must do every day to discover bigger opportunities and strategies for winning.

For success in betting, you must acknowledge the risks with every bet. Luck plays a part in the betting outcomes, but success or failure largely depends on your strategies and mental clarity. Don’t pour money down the drain.

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