Why Gamblers Are Tempted to Risk More While Gambling

Introduction

Despite being on the losing spree, the people might gamble more with the hope that they will win the next game. Even the sweet memories of the past victories force the people to play more. A recent study has revealed this trend. The authors of this study have published the outcome of this study in the Journal of Experimental Psychology. In this article, we would be looking at the interesting findings brought out by this interesting study.

Recent Study

The study found that people chose to go in for further plays when the scientists reminded or primed them of past winning outcomes. It has found that people were over 15% more likely to play more by selecting the risky option. The research team from the University for Warwick in Britain believe that memories of the people play a crucial role in making certain decisions. When the team interviewed people who are in the habit of gambling, they found that subtle cues about the past victories play a significant role in propelling them forward to gamble more. This is clearer in people who go for gambling in local casinos. The gamblers even place millions of dollars in cash on the table for the final showdown in some poker tournaments with the hope that they would win in the next game.

Hypothesis

The researchers had come with the hypothesis that memory of winning outcomes in the past forced the people go for more gambling in casinos and risk lots of money on the table. The results of the study more or less confirm the roles these cues play in forcing the people to play more, risking their money. In order to cross check the hypothesis, the researchers manipulated the memory of the participants for past winning outcomes with simple risky choice tasks. The researchers achieved this by asking the participants to select one of the two doors as part of a computer test.

Testing Technique

The authors of the study gave the participants the choice of four coloured doors to select from. Three of the doors always led to guaranteed outcomes (0, 40 or 80). On the other hand, the fourth door led to a risky 50/50 outcome that carried 20 or 60 points. Later in the study, the team members reminded the participants about their past winning or losing outcome based on the points that they got, depending upon the door they opened. When the team members told the participants about the points they had got, they tended to go towards the risky door more often.

Casino Gambling and The Tao

It may seem strange to equate casino gambling with Taoist philosophy, but it may be because gambling is so much a part of and widely accepted in Chinese culture.

The very first recorded history of playing cards date back to 9th century China which makes sense being that they were the inventors of writing paper. The first book written with reference to playing cards dates to the Tang Dynasty (618-907) called Yezi Gexi. By the 11th century playing cards could be found throughout Asia featuring many of the 108 heroes of Lan Shun found in the Chinese classic the “Water Margin.”

In the 16th century playing cards had made their way to France and it is there that they began using the suits of picture cards that we are familiar with today based on figures of French nobility.

Taoist philosophy is said to be nearly 6,000 years old and came to prominence with the teachings of The Yellow Emperor, Huang Ti, the first emperor of China. With many of their scientific discoveries such as mathematics and astronomy, there was also a deep connection to astrology, symbology (a science of symbols and their effects), numerology and many forms of mysticism.

In the 7th Pillar of Taoism, “The Tao of Mastery,” The symbol for water is K’AN and states, “to be successful and fortunate, risk must be taken.” Luck to the ancient Taoists was a form of control and timing.

Clearly in all gambling, timing is an important factor. Regardless of the type of gambling, all of it’s forms tend to run in cycles, both winning and losing ones. It is the skill which one navigates through these cycles that the player conveys their level of control over the outcome.

The first serious studies of gambling in the 20th century were done by economists who expressed their confusion that gambling is a losing proposition and in effect, irrational behavior. In 1945 William Vickery, a noted economist, concluded that gambling should be measured not in expected gains but by the money a gambler doesn’t have that appears to be more valuable to them than what he does have.

The typical view is that gambling is self-destructive, undermines the work ethic and removes money that could be put to better uses in the economy. The notion that most people tend to gamble beyond their means remains unproven and was disputed in research conducted in 1966 in the “Economics of Gambling” published in London, England. In this study it was found to be an affective outlet for frustration, a relief from loneliness and a leveler of inequality among the economic classes.

Many psychologists view gambling as a normal form of recreation and destructive only to the addicted. They stated that the solution lies in treating the gambler, not in the condemnation of gambling as a whole.

The casino patron is courted with opulent surroundings, swimming pools, shops, shows, night life and “comped” amenities. The attraction is undeniable as an escape from tedious and purposeless occupations. Being confronted with the myth of success, when faced with insurmountable economic and social obstacles, makes the whole casino experience much easier to understand.

My own opinion is that people who gamble solely for the thrills and excitement, with no care of the economic results, would do better to find a more fulfilling and less expensive hobby. Gambling is an isolated activity. It will not take the place of a meaningful relationship nor will it counteract feelings of alienation or loneliness. These are not reasons to gamble.

Using any type of gambling to fill a void in ones personal life, something which it cannot do, is the type of gambling that can lead to devastating consequences.

If you’ve ever been in a casino, there is one thing you’ve probably noticed more than anything else… that one thing is seeing people lose money. This happens because the amateur gambler enters into this competition without a basic knowledge of the odds of the games, a playing strategy or even a thought to proper money management. It’s a careless way to handle ones money and does little to change the inevitable outcome.

Casinos love this type of gambler and spend a fortune attracting their business. With the odds squarely in their favor, the casino operators know that even though there are highly effective methods of playing that can shift those odds to the player, very few of them will invest the time or effort to use them.

Common sense tells us that if everyone that gambles in casinos lost, they would cease to exist. In order to attract losers you must have winners and it is just as easy to win at many casino games as it is to lose.

I do not write for the weekend gamblers who are looking desperately to have a good time at any cost. Winning is not even in their vocabulary. They consider the possibility of winning to be remote as if being left completely to chance.

It is the individual who is determined to win at any cost that I feel are most like myself. It is to these individuals that I offer the following. There does exist many ways to achieve your goal. Resolve that you will learn everything you have to in order to win consistently when risking your hard earned money gambling in casinos. To me, nothing else makes sense.

In the words of the ancient Taoist, Lao Tse

“Fortune favors the prepared.”

5 Steps to Be More Successful With Sports Betting

Sports betting shouldn’t be seen as a get-rich-quick scheme. However, with the right strategies and patience, there is the chance to make a decent return on the initial investment. Here are five steps that can help to be more successful with sports betting:

Find value

The ability to be successful with sports betting involves several factors. A major component is the ability to find value in a potential bet. This means searching for the bets with odds that seem too high and capitalizing on those opportunities. Check the bets on every match day and look out for the undervalued teams.

Money management

The ability to manage the bankroll is a major issue for anyone looking to achieve long-term success in this area. A simple strategy to avoid going bankrupt is to limit the maximum stake per bet to 1-2% of the total bankroll. By using this limited stake plan and betting on the value bets, there is the possibility of growing the income for the future.

Have patience

Betting should be seen as another form of investment that is successful over the long-term, and not the short. While the bankroll may seem to be growing slowly initially, this will gradually change when able to comfortably increase the stake for each bet. Betting involves a lot of winning streaks, losing streaks and other swings, so it is important to be consistent with the betting approach and avoid the temptation to stake a large percentage of the bankroll on a single bet in the hope of making it big in a much shorter time-frame.

Use the right sportsbook

Signing up to the best sportsbooks is certain to help become successful. Not all sportsbooks are very accommodating to the more successful players, so it is important to find one that won’t limit or even close the account after a few winning runs. However, there are plenty of good sportsbooks to use and it is simply a case of researching the available options and using those with a solid reputation and offers the type of bets that interest you.

Follow the experts

Many people find it difficult to identify the best or most valuable bets by themselves, and will simply prefer to use the services of one of the many successful tipster services. They can be very useful to compliment the betting action. There are plenty of tipsters offering a wide range of services. It is practical to trial the services for a short period with low stakes to understand the success rate before investing any real money on the tips offered.

History of Gambling and Transformation Into Gaming

Gambling is something that many of us today cannot run away from. It has been in existence for thousands of years and is not about to go anywhere. Some even say that it is intrinsically linked to humanity itself meaning that gambling is well within our very own human nature.

Gambling is the wagering or money or anything else of value with the primary goal of winning a material object or money. The wager is often placed with the consciousness of the risk the gambler is taking. For gambling to take place, three elements must be present, which is the consideration or amount wagered; the risk and the prize. Today gambling has evolved into what is now looked at as modern day gaming and is even regulated in most countries and licensed by gaming authorities. It has truly become a, international commercial activity and is said to contribute millions to economies.

History

Gambling can be traced back to as early as before history was written or as early as 3000BC with the six sided dice. Its history can be traced to ancient China where betting on animals fighting was a common practice. It was not until the 10th century that lottos and domino games appeared in China and gambling started to take its shape. The popular games that we know today like poker appeared in the United States in the 17th Century and they say; the rest is really history.

When gambling became mechanized it became easier for the winnings to be regulated more accurately and for the odds to be in everyone’s favour. No more did people have to rely on the goodness of the betting houses since the machine basically determined the outcome.

Online Gambling/Gaming

The breakthrough for online gambling came in 1994 when Antigua and Barbuda passed the Free Trade and Processing Act into Law allowing the licensing of organizations applying to open casinos online. Between then and 1996 a number of laws were passed all of which were directed to online gambling and in 2003, the first live dealer casino was introduced.

Gaming today

The more technology has advanced, the more the gambling industry has also evolved with developments being made geared towards making the lie of the gamer much easier. Given how lucrative the gaming industry is and the fact that people actually like to play, many governments have had no choice but to allow gaming and only control the industry through licensing. There are numerous online casinos in the world today, the best of which are licensed in the various areas within which they practice.

The gaming industry has fast evolved a number of games are now available online and many jackpots can be won from various sites. The only word to players today is to make sure that they are sure to play with an online casino that is licensed and which has a good reputation or which is properly established.

If you have doubts about the reputation of some online casino, visit a website which offers independent casino reviews on the gaming industry today.