The main rule of gambling is to always have control over your actions and prevent yourself from facing issues related to excess losses. The expansion of online platforms influenced the market to become much easier for players.
Therefore, you can now simply enter a website and play all kinds of games or bet on different events. You should pay special attention to the strategy and how you control your funds. In most cases, the issues will come as a result of reckless moves caused by the lack of a proper plan.
Another factor to consider is the selection of a gambling site. If you are interested in classic games, you should pay attention to promo deals, the selection of games, and user experience. If you are interested in playing some of the most popular games, check out Wunderino.
In case that you prefer sports betting, it is important to compare the odds provided by different sportsbooks. The advantage of sports betting is that you can create more accurate predictions by analyzing the previous results. However, keep in mind that some cognitive biases can also affect how you are betting. Here are some examples of how cognitive biases affect sports gamblers.
1. Having a False Sense That You Will Win
This is not a rare case, and it is often related to people who are fans of certain clubs. That often leads to a feeling that their club must win the following game no matter the additional factors like the importance of that game, potential injuries of key players, quality of the opponent team, and more.
Such belief and determination, along with the sense that there is no way that any other result is possible than a victory of your favorite club can lead to problems if you decide to put a lot of money on that as well. For example, your team has lost three of their previous home games, and they are now playing against the main rival in the league.
You, as a fan, will expect that they will prepare for that game and give their best to winning it. This situation is not always related to favorite clubs. Many people will use common sense and focus on some previous results thinking that it must be the only factor that will determine the following results as well. Keep in mind that surprises are possible in every sport.
2. Thinking That You Must Win
Sings of egocentrism in gambling are not rare. That is the case where people think that there is a universal balance related to their gambling success. The simple explanation is that the player will start thinking that the chances are bigger for winning a ticket if they lost a lot in previous ones.
This is similar to the case where people are thinking that they cannot lose, and how it is their lucky day or a week. It often leads to reckless moves where players are investing much more money. This sense of false confidence can lead to many issues, both mental and financial.
3. Illusion of Control
This is also a common bias seen among frequent players. It is present among people who are playing casino games in the same percentage as for those who prefer sports betting.
There are many similarities with the egocentric feeling where the player will think that there is a divine rule where he must win at some point. The sense of control can be even worse than that.
For example, when a player is betting on live games, and he thinks that there will be more points because it seems like both teams are playing open style with the focus on attacking.
The natural result is investing more money on positive margins and high scores. The issue is that a lack of such results won’t affect them to question their action. Instead of that, players will continue spending even more on the results they predicted.
4. Sense of Win
This is a complex issue that can be seen among many players. It is common for most people to start gambling with smaller amounts of money. However, the first time when a player wins a bigger prize, the effects on the mind are enormous.
For example, if a player was gambling with only $10 tickets only all the time, and the amount was $100, the first time after he wins that amount, the feeling will be different.
From that moment, a lot of players will get used to the fact that winning $100 was not a big deal. Therefore, they will play even more tickets, while the feeling after winning the same amount won’t be the same anymore.
That will lead to a case where they might consider investing even more money. Whenever they manage to win a bigger amount, the sense will change, and the focus will be on an even bigger prize. It is especially common among people who prefer casino games, but it can be seen among sports betting as well.
The Bottom Line
It is very important to be aware of these problems. When you are aware of these red flags and the importance of having a proper strategy, chances are decreased to face various issues. Gambling addiction is a serious problem that can lead to debts, bad relations with people around you, and mental issues like depression and anxiety.
Keep in mind that all types of gambling are games of luck with certain odds that represent your chance to win. Even if that chance is over 70% or 80% when you are placing a bet on a total favorite, there is always a possibility for them to lose. Therefore, it is never a good solution to spend more money than you can afford.
Chances that you will manage to live only from gambling are very difficult. Even with the best and safest strategy, you can never expect that it can be a steady source of income. Consider it only as a way to entertain and win some money if you are lucky enough.