Editorial

Monday, 19 April 2010 02:40

If gambling is something you enjoy doing, then it pays to know how to avoid many of the common mistakes that are made.

Whether you have a preference for gambling at a real live casino, bingo hall or horse track or any of the many online offerings that are available today, you need to avoid making mistakes if you want to get the best from your experience. That's because mistakes can cost money and in cases where the stakes are high, mistakes can add up to losing you a lot of money. In order to help you avoid costly mistakes, here is a collection of the more obvious gambling mistakes that are commonly made by amateurs and sometimes even the pros and how best to avoid them.

Ignorance is Never Bliss

In the world of gambling, not knowing the rules of a particular game, or being ignorant of some basic strategies can prove very costly. This is especially so in games where you have to pit your wits against other players, such as in poker where an opponent's greater grasp of the game will give them a clear advantage over you. It can also be costly when you are unsure of how much to bet on certain instances of a particular game.

Believe it or not, lack of understanding of a game is the most common cause of big losses and casino owners are all too aware of this, as it makes them the most money. To avoid making mistakes, fully learn and understand the rules of your chosen game as well as being proficient in its several basic strategies. This will place you on an even footing with opponents and enable you to make competent bets to reduce your chances of losing.

Managing Your Bankroll

A common mistake is the failure to manage your bankroll properly. This often results in bets being placed that are greater than you can afford to lose and leads to the rapid erosion of the all important bankroll. Encountering losing streaks is a fact of gambling life and if you place yourself at a table with high stakes you may run out of money before you can turn your luck around.

Proper bankroll management involves knowing how much you can realistically afford to lose through a long run of bad luck without depleting your funds before you start winning again. Remember that bad bets that are made at the wrong time will more often than not lead to spectacularly devastating losses.

Chasing Your Losses

A long, drawn out losing streak can bring with it another gambling mistake, that of chasing losses. This can happen when a you are losing and compound the problem by making more bad bets with higher stakes to try and make up for the money you have already lost. When you get into this rapidly accelerating downward spiral, the stress of watching your losses accrue ever more rapidly can in turn lead to further even more expensive mistakes.

To avoid this, you need to understand that losses will occur and you have to be firm with your bankroll. Follow the gambler's rule that you should only gamble with money that you can afford to lose. Sometimes it helps to step back and lay off for a while so that you can get yourself calm and composed again before getting back into the fray.

Greed

Getting on a good winning streak is what every gambler craves, but when this happens greed can take over and with the rush of adrenalin comes the need to win more. The mistake here is to believe you are unstoppable and start making bigger and more rash and outlandish bets. The temptation to show off to your peers or audience of you have attracted one can make you reckless and lose your cool completely. It isn't long before the bubble bursts and wins turn to losses and those losses are now big and come fast.

Avoid this by keeping a cool head at all times, even when you are killing it.

Alcohol and Drugs

It goes without saying that in order to have the best chances of winning you need to stay cool, focused and in control. Abusing alcohol or drugs while gambling is committing bankroll suicide because you will quickly lose your edge, your head and your bankroll before you know what has happened.

The simple answer to this one is to stay sober and stay in control.

Hunger and Tiredness

Playing for long sessions at a time can leave you not only feeling fatigued, but also hungry because you simply forget to eat. Hunger creates a chemical imbalance in your body which will begin to affect your judgement, especially where long bouts of intense concentration are needed. This also leads to fatigue and can affect your concentration and ultimately your betting decisions which can prove costly.

Make sure you take regular breaks to recompose yourself and while you are doing it, eat something healthy and drink plenty of fluids.

Missing out on Bonuses

While this will not directly affect your bankroll, it is all too easy to miss out on bonuses that are offered to loyal players by casinos both real world and online. Always remember to make use of any bonuses, comps or other offers that are passed your way while you are at a casino.

Summing Up

Gamblers know that lady luck is here one moment and gone the next, but true knowledge stays with you for life. Knowing what to mistakes to avoid and how to avoid them is a great asset in combating the variables in any casino game and will improve your chances of winning at any game you decide to pit your wits and bankroll against.