Author Topic: Beating gambling ‘problem’  (Read 3352 times)

Ukwhat?

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Beating gambling ‘problem’
« on: January 31, 2018, 11:24:43 AM »
Hi.

I think I have a slight gambling problem... I don’t know how it started, I think I just read something on blackjack the other week and thought I would give it a go after seeing a £40 cashback signup bonus when waging £40 (in other words it started off free).

Long story short from that £40  I am now up About £5000 and I know it’s a slippery slope thinking ‘I can make more out of this’, the last bet was £2500 in one hand and got me from £2500 to £5000.

I know the statistics, I know I can’t or extremely unlikely to win long term but I am far too tempted to put this £5000 down and make it into £10000.

Anyone else been in this situation and struggled? How did you or how should I stop myself from being even more foolish than I have been?

Thanks

bluebelle

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Re: Beating gambling ‘problem’
« Reply #1 on: January 31, 2018, 11:31:48 AM »
I'm not a gambler, and I don't have the urge to gamble, and understand the odds, so I don't consider it a money maker, gambling to me is an entertainment expense....

CASH out your winnings now and take the profit....If you want to continue, start over with 40 or 50 pounds, and any time you're up over 200, cash out again....and decide how often you're willing to loose money (aka replenish lost money)....

partgypsy

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Re: Beating gambling ‘problem’
« Reply #2 on: January 31, 2018, 12:50:05 PM »
You haven't actually won anything, until you cash out.

marty998

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Re: Beating gambling ‘problem’
« Reply #3 on: January 31, 2018, 01:47:57 PM »
wow you escalated quickly... amazing how it hooks you in.

Cash out now, delete the website and browser history so you don't accidentally type it into your search box.

Toast your good fortune and set a yourself a max limit for any future bets you might take, and bet only in person.

I'll wager it is much harder to gamble in person with cash money, than drop $2,500 pixels on a screen.

mustachepungoeshere

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Re: Beating gambling ‘problem’
« Reply #4 on: January 31, 2018, 02:16:51 PM »
Cash out now, delete the website and browser history so you don't accidentally type it into your search box.

You could also install a Chrome plug-in like StayFocusd to block the site.

Good on you for being aware of how quickly this can become a problem.

Willpower often won’t cut it - you’ll need all the armour you can get.

Saving in Austin

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Re: Beating gambling ‘problem’
« Reply #5 on: February 01, 2018, 05:53:29 PM »
I used to play a lot of Blackjack about 30 years ago.

I would count cards in international casinos, read up on different versions of basic strategy, etc.

I made some money, lost some, broke even quite often.

Then I did the math and realized my hourly rate was not high enough to warrant the effort I was putting in.

Playing Blackjack became work and ultimately started to be boring.

All the sitting, cigarette smoke, and the focus on winning and losing took a toll.

I've played a few times since, but it is better for me to stay away.

AMandM

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Re: Beating gambling ‘problem’
« Reply #6 on: February 01, 2018, 06:40:44 PM »
I'm not a gambler, and I don't have the urge to gamble, and understand the odds, so I don't consider it a money maker, gambling to me is an entertainment expense....

CASH out your winnings now and take the profit....If you want to continue, start over with 40 or 50 pounds, and any time you're up over 200, cash out again....and decide how often you're willing to loose money (aka replenish lost money)....

+1
because

You haven't actually won anything, until you cash out.

Sibley

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Re: Beating gambling ‘problem’
« Reply #7 on: February 01, 2018, 08:03:08 PM »
Honestly? All the above, and also look into gambling addiction treatment. Then NEVER gamble again until you know for sure you can keep control. It's ok to admit you're vulnerable.

NoraLenderbee

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Re: Beating gambling ‘problem’
« Reply #8 on: February 02, 2018, 04:09:48 PM »
It seems really normal to feel excited about a winning streak and to want to keep it going. That's not necessarily an addiction--that's what makes gambling attractive. Do what bluebelle says. While you're ahead, have fun. When (if) you lose your stake, STOP.
If you can't stop, then you have a problem.


CASH out your winnings now and take the profit....If you want to continue, start over with 40 or 50 pounds, and any time you're up over 200, cash out again....and decide how often you're willing to loose money (aka replenish lost money)....

Smokystache

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Re: Beating gambling ‘problem’
« Reply #9 on: February 04, 2018, 06:01:44 AM »

I know the statistics, I know I can’t or extremely unlikely to win long term but I am far too tempted to put this £5000 down and make it into £10000.


There's the problem. You still believe there is a chance to continue playing long-term and come out ahead. This is online blackjack playing, right? Where they have all sorts of ways to reduce the chance of someone being able to count cards (because otherwise there are lots of smart people out there who will write software and create bots that would allow them to win at this. But the online blackjack companies know this, so they create online blackjack rules that will prevent it. You are not "extremely unlikely" to win long-term. You have zero chance of winning over the long-term. Or put another way, you are 100% guaranteed to lose the 5000 pounds eventually.

[Is it ever possible to beat the house at blackjack? Yes. If you study for months or years, practice, practice, practice, and then find multiple casinos where you play in person and they have not implemented rules that limit how much you jump your bets near the end of the shoe, etc, etc.. But even with the ideal conditions, you will have very rough swings of variance and you will go through significant periods of losing, and you have to do it in-person. As others have mentioned, your hourly rate will likely not be worth it. And remember, these conditions don't exist in online blackjack. Because otherwise some smart programmers would set up 100s of robot accounts that play perfectly every time and they would make a killing.]

Instead of focusing on what you're losing (possibly doubling your money), let's see what you can gain. And if that isn't enough, calculate how long it would take you to earn 5,000 (after taxes, etc.). Do you want to piss that away on one bet? Instead, run the calculations on how that will earn in 10, 20, 30 years (I'm not sure your age or if you goal is to FIRE). For example, if you cash out now and leave it in an investment for 20 years that earns 8% (obviously leaving out tax implications, etc. based on where this money sits, etc. etc.) it would grow to 23,305. In 30 years it would grow to 50,313.

This could be 50k for you, for simply just cashing out and adding it to your retirement investments and waiting.

So here's your choice: You can gamble it and have a less than 50% chance of doubling it (but then forced to decide if you wanted to do it again, and again, and again until you eventually lose it all) OR you can have a virtually guaranteed 50,000+ in 30 years.

(I hope this doesn't come across as insulting - I have gone through my own gambling time in life and have studied and learned about variance, etc. Long-term investments are just really, really easy and infinitely more possible. This is what I tell myself when I get the itch). 

LWYRUP

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Re: Beating gambling ‘problem’
« Reply #10 on: February 04, 2018, 07:10:17 AM »
The math is against you with blackjack.  This is irrational, you need to stop.

If you like gambling, study poker like crazy and go to some local casinos and play on the low limit tables and see if you can make money from the other players (the house will take it's cut, but some people can still come out ahead).  Make SURE you practice hard because competition is tough and dedicate no more than X to the project.

X should be a hobby line item in your budget and considered spent for entertainment until you cash out and walk away. 


WhiteTrashCash

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Re: Beating gambling ‘problem’
« Reply #11 on: February 04, 2018, 07:25:46 AM »
Cash out and buy some shares of VTSAX. Then you can do what I do and obsessively watch the markets. Just as good as gambling, but in the end you always win.

May2030

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Re: Beating gambling ‘problem’
« Reply #12 on: February 04, 2018, 02:56:25 PM »
You cannot always withdraw these sign up bonuses unless gambled x amount of times, it could just be a number. If you can withdraw £5k hard cash take the money and RUN away as fast as you can.

If you think your having too much fun and it could become a issue just accept you cannot gamble safely. Had several benders when I was younger and recall one night being up £1500 and had to walk home as I blew every penny. Just one more bet. I never got in to debt but had nothing to show for it, hate to think what that would be worth now.

RWD

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Re: Beating gambling ‘problem’
« Reply #13 on: February 04, 2018, 03:37:21 PM »
[...] the last bet was £2500 in one hand and got me from £2500 to £5000.

[...] tempted to put this £5000 down and make it into £10000.

Quote edited above for emphasis. This is not a sane way to gamble. You're one bad card away from wiping out all your winnings and starting funds.

I once talked with a guy that made millions gambling, mostly sports betting. He told me the following about his strategy: "If I had $100 I would bet $1. Then if I won, I would bet $1 again." If you can't restrain the amounts you are betting to a level you are okay with losing then you shouldn't be gambling.

UnleashHell

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Re: Beating gambling ‘problem’
« Reply #14 on: April 13, 2018, 05:46:01 AM »
gambling should only ever be considered entertainment. 
you could win but the odds are in favor of the house. doing it online is foolish at best.

take your winnings and invest.